This paper analyzes the channels through which financial crises exert long-term negative effects on output. Recent models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a gap between pre-crisis trend and actual GDP. This...

Globalization, Specialization and Innovation Dynamics.- Savings, Investment and Growth: New Approaches for Macroeconomic Modeling -- Economic Integration, Technological Progress and Growth -- Impact of the Real Exchange Rate on Trade, Structural Change and Growth -- Macroeconomic Aspects of...