A modified version of Lucas endogenous growth model is development, incorporating the Idea that recessions have a positive effect on productivity increase. This model predicts that autonomous changes in real wages have a positive and permanent effect on GDP. A structural vector-autoregression...

This paper uses the fact that there are different accesses to financial markets in Brazilian counties to test the hypothesis that finance development has a positive impact on GDP growth, through some cross section regressions with data for them. The advantage of such tests with respect to those...

This paper presents an endogenous growth model where, in line with the recent em- pirical evidence, the telecommunications industry (telecom) is an engine of growth. In such a framework, this paper analyzes the channels through which telecom con- tributes to economic growth and focuses on market...

This paper proves the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents and elastic labor supply. The method of proof relies on some recent results concerning the existence of Lagrange multipliers in infinite dimensional spaces and their...

Die Rohstoffpreise klettern auf immer neue Höhen, aber dennoch hört man aus den rohstoffexportierenden Ländern – vor allem Afrikas – wenig von wirtschaftlicher Prosperität. Im Gegenteil: Es herrschen extreme Armut, hohe Arbeitslosigkeit, Gewalt, Korruption und Misswirtschaft. Der Beitrag...

China has becoming in 2006 the world’s largest emitter of greenhouse gases (GHG), responsible for one-fifth of world’s emissions from power generation. And further strong growth in this sector is to be expected. To provide these additional power generation capacities substantial investments...

A model with two different production sectors and endogenous growth based on the accumulation of sector-specific human capital due to learning-by-doing is presented. Accumulation of experience is measured by means of sectoral production output aggregated over time. Growth is controlled by a...

We construct and estimate a unifi…ed model combining three of the main sources of cross-country income disparities: differences in factor endowments, barriers to technology adoption and the inappropriateness of frontier technologies to local conditions. The key components are different types of...

To foster innovation and growth should basic research be publicly or privately funded? This paper studies the impact of the gradual shift in the U.S. patent system towards the patentability and commercialization of the basic R&D undertaken by universities. We see this movement as making...

This paper considers a growth model with migrants who do not own capital. The income of domestic residents and their welfare increase with the number of migrants. Then, a public good is introduced. Migrants do not contribute to its financing but induce congestion effects and decrease the quality...