Aggregate returns to scale embodied technology change: theory and measurement using stock market data
Article Abstract:
A new general equilibrium growth accounting framework that features increasing returns to scale, imperfect competition and incorporates technological revolutions into the description of technical progress is developed. A framework is jointly used to estimate the overall embodied TFP change during 1953-1995 and the aggregate output elasticity.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2004
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The macroeconomic consequences of terrorism
Article Abstract:
This study uses data for four decades and from 177 countries to brig out basic facts of terror impact on the economy. The negative effect on growth is slight for OECD countries, but overall, it is less compared to the effect of external wars and internal conflicts. The study concludes that governments can use public policy to reduce risks.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 2004
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