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We analyze the household savings problem in a general setting where returns on assets, non-financial income and impatience are all state dependent and fluctuate over time. All three processes can be serially correlated and mutually…
We show that a simple and intuitive three-parameter equation fits remarkably well the evolution of the gross domestic product (GDP) in current and constant dollars of many countries during times of recession and recovery. We then argue that…
This study explores the dynamic relationship between corruption and economic growth through an approach based on a system of stochastic equations. In the context of globalization and economic interdependencies, corruption not only affects…
Recent strides in economic complexity have shown that the future economic development of nations can be predicted with a single "economic fitness" variable, which captures countries' competitiveness in international trade. The predictions…
A new model that combines economic growth rate fluctuations at the microscopic and macroscopic level is presented. At the microscopic level, firms are growing at different rates while also being exposed to idiosyncratic shocks at the firm…
The expression "wage transition" refers to the fact that over the past two or three decades in all developed economies wage increases have levelled off. There has been a widening divergence and decoupling between wages on the one hand and…
We consider the sectoral composition of a country's GDP, i.e. the partitioning into agrarian, industrial, and service sectors. Exploring a simple system of differential equations we characterize the transfer of GDP shares between the…
This paper presents a model that studies the impact of credit expansions arising from increases in collateral values or lower interest rate policies on long-run productivity and economic growth in a two-sector endogenous growth economy,…
The analysis of the demographic transition of the past century and a half, using both empirical data and mathematical models, has rendered a wealth of well-established facts, including the dramatic increases in life expectancy. Despite…
This study re-examines the impact of natural disasters on economic growth in the perspective of developed and developing countries. Based on panel data consisting of developing and developed countries over the period 1990-2019 and using…
Despite decades of climate policy and rapid improvements in energy efficiency, global CO2 emissions continue to rise, suggesting the presence of structural drivers that offset efficiency gains. Here we identify financial leverage as a key…
A two-component model for the evolution of real GDP per capita in the USA is presented and tested. The first component of the GDP growth rate represents an economic trend and is inversely proportional to the attained level of real GDP per…
In economic literature, economic complexity is typically approximated on the basis of an economy's gross export structure. However, in times of ever increasingly integrated global value chains, gross exports may convey an inaccurate image…
In recent decades, trade between nations has constituted an important component of global Gross Domestic Product (GDP), with official estimates showing that it likely accounted for a quarter of total global production. While evidence of…
A transformation network describes how one set of resources can be transformed into another via technological processes. Transformation networks in economics are useful because they can highlight areas for future innovations, both in terms…
Labor productivity in developed countries is analyzed and modeled. Modeling is based on our previous finding that the rate of labor force participation is a unique function of GDP per capita. Therefore, labor productivity is fully…
An information entropy statistical methodology was used to evaluate the growth of the UK economy over the period 2000 to 2019, with an emphasis on the impact of labour productivity on gross domestic product (GDP) per capita and the average…
Technological change is essential to balance economic growth and environmental sustainability. This study documents energy-saving technological change to understand the trends and differences therein in OECD countries. We estimate…
We collect and analyze the data for working time, life expectancy, and the pair output and infrastructure of industrializing nations. During S-functional recovery from disaster the pair's time shifts yield 25 years for the infrastructure's…
This paper investigates the statistical properties of within-country GDP and industrial production (IP) growth rate distributions. Many empirical contributions have recently pointed out that cross-section growth rates of firms, industries…