Even minute increases in a country's growth rate can result in dramatic changes in living standards over just one generation. - The benefits of growth, however, may not be shared equally. Some may gain less than others, and a fraction of the population may actually be disadvantaged. Recent...

To examine how human capital accumulation influences both economic growth and income quality, we carefully endogenize the demand and supply of skills. We explicitly introduce the costs and externalities in education, and examine how both relate to learning-by-doing and R&D intensity. In...

This paper examines how the accumulation of human capital determines both a country's growth rate and income inequality. In contrast to previous work, we do not rely on credit market imperfections or political economy arguments. The insight of this model is that inequality is determined by the...

Financial liberalizations have become associated with capital flow reversals, where initial capital inflows at the onset are subsequently offset by capital outflows resulting in higher levels of accumulated indebtedness shows that financial liberalizations often generate subsequent financial...

Model uncertainty has become a central focus of policy discussion surrounding the determinants of economic growth. Over 140 regressors have been employed in growth empirics due to the proliferation of several new growth theories in the past two decades. Recently Bayesian model averaging (BMA)...