According to endogenous growth theory, permanent changes in certain policy variables have permanent effects on the rate of economic growth. Empirically, however, U. S. growth rates exhibit no large persistent changes. Therefore, the determinants of long-run growth highlighted by a specific growth

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An endogenous growth model with multiple assets is developed. Agents who face random future liquidity needs accumulate capital and a liquid, but unproductive asset. The effects of introducing financial intermediation into this environment are considered. Conditions are pro-vided under which

Abstract: This paper presents a simple R&D-driven endogenous growth model to shed light on some puzzling economic trends. The model can account for why patent statistics have been roughly constant even though R&D employment has risen sharply over the last 30 years. The model also

In what circumstances, if any, do economic growth and environ-mental quality go hand in hand? Policy Resea hWordng Papers dissennate the findings of work in progrMss and enourage the exchange of ideas amongBanl staff and alohes intesested in deveopmentissues.mThesepapers. distcibuted by te Resemh

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We consider an overlapping generations model with uncertain lifetime and endogenous growth. Individuals have tochoose the length of time devoted to schooling before starting to work. We show that it depends positively on life expectancy but that the positive effect of a longer life on growth could

Abstract: Fifteen years have passed since Paul Romer published his seminal paper that launched the field of endogenous growth. Today seems like an appropriate time to reflect back on this field and assess its contribution. My own assessment is that this line of research has not proven useful