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The year 2022 marks the significance of the Regional Comprehensive Economic Partnership (RCEP) as the agreement enters into force after nearly one decade of negotiations. While the pandemic exposed the vulnerability of the tourism industry to the changing market reality, it also created an impetus for Asia-Pacific regionalism. The RCEP marks the first time a monumental trade agreement is ratified virtually, and member states will be the primary beneficiary given the correct response and strategy. Thus, the Asia-Pacific is set to become one of the fastest-growing regions in the coming decade as countries agree to enhance trade and investment. Our study examines the potential economic implications of the RCEP on tourism. We offer four interrelated proposals rooted in the tenets of tourism-led growth. Tourism researchers are encouraged to refine the propositions. [ABSTRACT FROM AUTHOR]

Increasing returns to scale is essential to both spatial economics and macroeconomic growth. Spatial externalities imply external local increasing returns that generate an uneven spatial distribution of economic activity. While non-rival knowledge also implies increasing returns – in order to endogenise growth – this is not a spatial micro-foundation. Spatial theories of growth must be carefully specified to avoid unintended conclusions about the spatial economy and scale effects. This is demonstrated with a spatial endogenous growth model without scale effects that includes a spatial mechanism that facilitates agglomeration economies for innovation. In this class of models that combine spatial mechanisms with endogenous growth without scale effects, local increasing returns to scale imply that productivity, growth and interest rates are functions of the economy's spatial distribution, but not its scale. [ABSTRACT FROM AUTHOR]

Russia’s Arctic policy focuses on making large-scale progress in the Arctic’s social and economic domains, including the development of local natural resources and the Northern Sea Route and the establishment of high-tech centers that can create global value chains. One of the primary challenges and threats to the sustainable development of the Russian Arctic regions is the mismatch between regional higher education systems and the needs of the economy. The risks are significantly exacerbated by the global economic transformation and the advent of the Fourth Industrial Revolution. Therefore, when considering the prospects for the innovation-driven development of the Arctic’s economy, a critical issue is the accumulation of highly educated human capital, where higher education plays a key role. The article explores the issues surrounding the formation and accumulation of human capital from the perspective of regional economic growth. The goal of this work is to empirically test the theory of increasing returns on investments in education. The key premise is that human capital accumulation has constant returns and can therefore grow indefinitely. This made it possible to put forward the hypothesis that the better the population’s access to higher education, the bigger the human capital and, accordingly, the higher the growth of gross output per capita. An empirical assessment was conducted to check the test model of the influence of university enrollment rates on economic growth. The results indicated a high coefficient of determination from the regression of the time series of the studied indicators. Also, the model showed the presence of conditional convergence, which means that a decrease in university enrollment rates is compensated for by an increase in the return on human capital due to an increase in the quality of education.

This paper contributes to theoretical endogenous growth literature, establishing the role of efficiency of public infrastructure use by private/public production sectors and composition of public infrastructure (i.e. proportion of public infrastructure directed towards productivity-enhancing purposes) in growth-process. For a small open economy with private/public production sectors, at free trade, increases in efficiency of public infrastructure use by private/public production-sector increase balanced growth rate, ratios of economy-wide aggregate-level of (i) private to public capital and (ii) employment to public – capital, under restrictions on efficiency – composition mix of public infrastructure and the free trade price, given other model-parameters; i.e. effect of efficiency-increase depends on public infrastructure composition. Thus, assessment of macroeconomic implications of employment should consider efficiency and composition of public infrastructure. [ABSTRACT FROM AUTHOR]

In some classes of macroeconomic models with financial frictions, an adverse financial shock successfully explains a decrease in real activity but simultaneously induces a stock price boom. The latter theoretical result is not consistent with data from actual financial crises. This study aims to provide a theoretical explanation for both prolonged recessions and stock price declines. I develop a simple macroeconomic model featuring a banking sector, financial frictions, and R&D-based endogenous growth. Both the analytical and numerical investigations show that endogenous R&D investment and a shock hindering banks' financial intermediary function can be key to generating both a prolonged recession and a drop in firms' stock prices. [ABSTRACT FROM AUTHOR]

In this paper, we develop a framework to analyze stochastic dynamic optimization problems in discrete time. We obtain new results about the existence and uniqueness of solutions to the Bellman equation through a notion of Banach contractions that generalizes known results for Banach and local contractions. We apply the results obtained to an endogenous growth model and compare our approach with other well‐known methods, such as the weighted contraction method, countable local contractions, and the Q‐transform. [ABSTRACT FROM AUTHOR]

This research identifies the critical challenges surrounding agricultural value chains and their role in fostering sustainable industrial development in Sub-Saharan Africa (SSA) between 1990 and 2022, utilizing the Panel Least Squares (PLS) technique. The paper reports that agricultural value added (p < 0.01), farm machinery (p < 0.05), human capital (p < 0.01), and access to electricity (p < 0.01) exhibited a positive and significant influence on industrial sector output. Conversely, agricultural raw materials exports (p < 0.01) had a negative and significant impact on industrial sector output (p < 0.01). In conclusion, the study underscores the critical role of agricultural value chains in fueling sustainable industrial development in SSA and recommends that policymakers formulate plans to leverage agricultural value chains as catalysts for enduring economic growth and development. [ABSTRACT FROM AUTHOR]

The effect of university-industry collaboration is extensively studied at the firm and regional levels. Although collaboration is considered a source of competitive advantage for universities and industry, no studies are conducted internationally. However, many studies recommended that university-industry collaboration can affect economic growth, but the effect of university-industry R&D collaboration still needs to be tested in the international context. The triple helix concept suggests collaboration impacts economic growth, but its mechanism has yet to be explained extensively. This study aimed to investigate the causal effect of the university-industry R&D collaboration on economic growth through capital formation and human capital, which are variables of the endogenous growth model. Baron and Kenny's approach with fixed effect regression is applied. The result suggests that the university-industry R&D collaboration significantly and positively affects economic growth through capital formation. There is no such indirect effect in high and upper-middle-income countries separately. For 124 country panel data, we found a significant indirect impact of the university-industry R&D collaboration on log of real GDP per capita. [ABSTRACT FROM AUTHOR]

This paper argues that the joint relation between long-term orientation, environmental quality and innovation plays a key role in explaining the economic and the environmental dimension of sustainability. In our model multiple equilibria of economic development and environmental quality can arise due to a trade-off between the demand for innovation that promotes sustainability, and the ephemeral pleasure from polluting manufacturing that impedes it. Additional to traditional policies such as aid and technology transfers, policies that target behavioral changes through environmental protection may provide a double-dividend of economic and environmental sustainability through an environment-patience-innovation channel. [ABSTRACT FROM AUTHOR]

We consider a growing economy which is subject to recurring, random, uninsurable, and potentially large and long-lasting climate shocks leading to destruction of infrastructure, land degradation, collapse of ecosystems or similar loss of productive capacity. The associated damages and the hazard rate are endogenously driven by the stock of greenhouse gases. We highlight the important role of the relative risk aversion and provide analytical solutions for the optimal climate policy, the growth rate and the saving propensity of the economy. We stress the importance of jointly determining these variables, especially if the objective is to formulate meaningful policy prescriptions. If, for example, the growth rate or the saving rate are assumed to be exogenous, and thus independent of the characteristics of climate shocks and economic fundamentals, then future economic developments in the face of climate change and, consequently, the future mitigation efforts will deviate from the optimal paths. In a quantitative assessment we show that with log-utility and under favorable technological and climatic conditions the abatement expenditure represents only 0.5% of output, equivalent to $37 per ton carbon. Under less favorable conditions, coupled with a relative risk aversion which exceeds unity, the abatement propensity increases to 2.9%, equivalent to $212 per ton carbon, and it jumps to a striking 16% in the pessimistic scenario involving severe shocks and low efficiency of abatement technology. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to determine the influence of Foreign Direct Investments (FDI) on economic growth in Sub-Saharan Africa (SSA). It examines the endogenous growth theory and the Environmental Kuznets Curve (EKC) theory, and how they relate to the regional data. Method: Using panel quantile autoregression models, this study explores the relationship between FDI inflows into SSA with energy consumption, carbon emissions, and economic growth. The study is based on data from 1975 to 2018. Result: The study findings conclusively demonstrate that foreign direct investment has a significant impact on the economic growth of the SSA region. Furthermore, the study reveals that energy consumption and carbon emissions in the SSA have consistently increased throughout the study period, with foreign direct investment being identified as the primary driver of this trend. These findings are consistent with the Environmental Kuznets Curve (EKC) hypothesis, as well as the endogenous growth theory, which suggests that FDI operations can have negative consequences on the host environment. Practical Implications for Economic Growth and Development: The study suggests that Sub-Saharan Africa should manage FDI carefully to balance economic growth with environmental sustainability by promoting green investments and creating an investment-friendly environment.

China is currently entering a stage of high-quality development, with urban development and governance facing systematic reconstruction of internal and external conditions, showing clear differences and the complex superposition of multi-stage development. The steady progress of urbanization has facilitated significant changes in the population structure of Chinese cities. It is expected that the population and industries will further converge to urban agglomerations and big cities, indicating basic multicenter and network patterns. Therefore, analyzing the negative population growth risks of urban agglomerations at different development stages is crucial. This study examined the cities of 19 urban agglomerations in China by adopting the data of the seventh population census, employing the optimized fuzzy logic method, building a complex network of population flow with ArcGIS and MATLAB platforms, and using the intensity of population flow and the registered population fertility rate to represent exogenous and endogenous growth, respectively. The negative population growth evaluation index system was constructed with five indicators: child ratio, aging rate, average family size, population density, and sex ratio. The risk index of negative population growth was measured using the fuzzy logic method, and the growth mechanism of negative population growth risk in urban agglomerations in China was analyzed using the spatial measurement method. (1) The negative population growth risk of growing urban agglomerations was influenced by both exogenous and endogenous growth, with exogenous growth having a greater impact. (2) The dynamic mechanism of negative population growth risk in large urban agglomerations is exogenous growth, whereas that of nurturing urban agglomerations is endogenous growth. (3) According to the risk of negative population growth in China's urban agglomerations and its influencing factors, negative population growth in 19 urban agglomerations can be divided into eight types. 1) The state of population growth of expanding urban agglomerations can be divided into two types, with the middle reaches of the Yangtze River and Chengdu-Chongqing urban agglomerations as one type; the capital city has a low risk of negative population growth, while other cities have a high risk of negative population growth. The Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei city clusters are the same, with the capital and other cities having a relatively low risk of negative population growth. 2) The status of large urban agglomerations can be divided into two types: Shandong Peninsula, Central Plains, Guanzhong Plain, and Beibu Gulf urban agglomerations. The capital city has a low risk of negative population growth, whereas other cities have a high risk of negative population growth. The risk of negative population growth in capital cities and other cities is relatively low. 3) The state of population growth of cultivated urban agglomerations can be divided into four types: the Harbin and Changsha urban agglomerations and the central and southern Liaoning urban agglomerations, which have a high risk of negative population growth. Meanwhile, the northern slope of the Tianshan Mountain City cluster and the Hubao Eyu City cluster have low risk of negative population growth. The risk of negative population growth is low in the provincial capital city and high in the other cities, while endogenous growth is positive in the provincial capital city and negative in the other cities. In the Jinzhong City, Central Guizhou City, and Central Yunnan City groups, the risk of negative population growth is low in provincial cities and high in other cities. Endogenous growth shows that the capital city and other cities have positive growth. In conclusion, this study posits that upgrading urban agglomerations should consider the spatial balance of population distribution, large urban agglomerations should fulfill their role in "blocking the flow" of big cities, and nurturing urban agglomerations should "consolidate human capital." This study presents a comprehensive and in-depth analysis of the negative population growth risk and its impact mechanisms in different development stages of urban agglomerations. This can provide a decision-making reference for the formulation of scientific and reasonable population and economic policies in various urban agglomerations and plays a significant role for maintaining a long-term stable population, economy, and social growth in the region.

This paper investigates the theoretical foundation for developing renewable geothermal resources locally. For this reason, we pay attention to the role of communities in geothermal development. We derive it from the integral characteristics of geothermal energy next to the shift in the energy transition policies to focus on managing green resources locally. This study presents arguments for a framework that approaches geothermal resources as an endogenous factor of community development. To analyse it, we create a model that explains the local economic characteristics of geothermal exploitation beyond its geological conditions. It aims to conceptualise a community-based geothermal development standard referring to the endogeneity principle. Geothermal energy is given attention since the characteristics of this resource determine its use locally. This induces the internalisation of labour and technology in the local economic system, a specific condition for local geothermal projects where a community remains a prime beneficiary. We argue that the role of communities in geothermal exploitation is pivotal in the process of green growth for further expansion of geothermal energy use. [ABSTRACT FROM AUTHOR]

We study an endogenous growth model with publicly funded human capital accumulation and with public debt, where we allow for heterogeneous households. One household acquires human capital while the other remains low-skilled. Aggregate production is a function of physical capital and of high-skilled and low-skilled labor. The government can run into debt, but, sticks to the inter-temporal budget constraint. We analyze the steady state and we investigate effects of fiscal policy on long-run growth and on the distribution of welfare. Further, we analyze effects of switching from a balanced government budget to permanent public deficits taking into account transition dynamics. [ABSTRACT FROM AUTHOR]

China is currently entering a stage of high-quality development, with urban development and governance facing systematic reconstruction of internal and external conditions, showing clear differences and the complex superposition of multi-stage development. The steady progress of urbanization has facilitated significant changes in the population structure of Chinese cities. It is expected that the population and industries will further converge to urban agglomerations and big cities, indicating basic multicenter and network patterns. Therefore, analyzing the negative population growth risks of urban agglomerations at different development stages is crucial. This study examined the cities of 19 urban agglomerations in China by adopting the data of the seventh population census, employing the optimized fuzzy logic method, building a complex network of population flow with ArcGIS and MATLAB platforms, and using the intensity of population flow and the registered population fertility rate to represent exogenous and endogenous growth, respectively. The negative population growth evaluation index system was constructed with five indicators: child ratio, aging rate, average family size, population density, and sex ratio. The risk index of negative population growth was measured using the fuzzy logic method, and the growth mechanism of negative population growth risk in urban agglomerations in China was analyzed using the spatial measurement method. (1) The negative population growth risk of growing urban agglomerations was influenced by both exogenous and endogenous growth, with exogenous growth having a greater impact. (2) The dynamic mechanism of negative population growth risk in large urban agglomerations is exogenous growth, whereas that of nurturing urban agglomerations is endogenous growth. (3) According to the risk of negative population growth in China's urban agglomerations and its influencing factors, negative population growth in 19 urban agglomerations can be divided into eight types. 1) The state of population growth of expanding urban agglomerations can be divided into two types, with the middle reaches of the Yangtze River and Chengdu-Chongqing urban agglomerations as one type; the capital city has a low risk of negative population growth, while other cities have a high risk of negative population growth. The Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei city clusters are the same, with the capital and other cities having a relatively low risk of negative population growth. 2) The status of large urban agglomerations can be divided into two types: Shandong Peninsula, Central Plains, Guanzhong Plain, and Beibu Gulf urban agglomerations. The capital city has a low risk of negative population growth, whereas other cities have a high risk of negative population growth. The risk of negative population growth in capital cities and other cities is relatively low. 3) The state of population growth of cultivated urban agglomerations can be divided into four types: the Harbin and Changsha urban agglomerations and the central and southern Liaoning urban agglomerations, which have a high risk of negative population growth. Meanwhile, the northern slope of the Tianshan Mountain City cluster and the Hubao Eyu City cluster have low risk of negative population growth. The risk of negative population growth is low in the provincial capital city and high in the other cities, while endogenous growth is positive in the provincial capital city and negative in the other cities. In the Jinzhong City, Central Guizhou City, and Central Yunnan City groups, the risk of negative population growth is low in provincial cities and high in other cities. Endogenous growth shows that the capital city and other cities have positive growth. In conclusion, this study posits that upgrading urban agglomerations should consider the spatial balance of population distribution, large urban agglomerations should fulfill their role in "blocking the flow" of big cities, and nurturing urban agglomerations should "consolidate human capital." This study presents a comprehensive and in-depth analysis of the negative population growth risk and its impact mechanisms in different development stages of urban agglomerations. This can provide a decision-making reference for the formulation of scientific and reasonable population and economic policies in various urban agglomerations and plays a significant role for maintaining a long-term stable population, economy, and social growth in the region. [ABSTRACT FROM AUTHOR]

This essay offers reflective learning on how researchers in the Western science tradition connect to bodies of knowledge created and held outside that tradition. It begins with endogenous growth theory, which explains the unique role of knowledge as an input into economic production. The essay describes how Western science addresses the problem of validating and accessing knowledge, by hosting an expanding corpus of peer-reviewed publications. This academic knowledge does not contain all current knowledge. The essay therefore draws on the authors' experience in four large research programmes to consider business knowledge and mātauranga Māori. It reflects on agency, tikanga [right behaviour], global conversations about Indigenous knowledge, and decolonising research. The essay finishes with models of knowledge engagement in the interface between western Science and mātauranga Māori that support the mana and integrity of diverse knowledge streams. [ABSTRACT FROM AUTHOR]

Open innovation ecosystems play an important role in corporate and product innovation and contribute to the success of economic development at the municipal level, yet there is little research on the factors driving innovative behavior within a municipal innovation ecosystem (MIE). This study explores how the interpersonal and intrapersonal resources of the individuals involved contribute to innovative behavior within a city's innovation ecosystem. This study applies a mixed-method approach to build a novel framework to examine innovative behavior in the Mobile, Alabama, municipality. A moderated mediation model is tested using PLS-SEM. The qualitative findings presented in this study uncover new constructs useful for assessing innovation at the individual level in a municipality. Scale development steps are employed to validate these new constructs. The SEM results suggest that personal resources and social interactions impact innovative behavior in an MIE. [ABSTRACT FROM AUTHOR]

In this paper, we study the effects of macroeconomic uncertainty shocks on the US economy in the long-run using an IV-SVAR methodology for the period 1960–2019. Following Piffer and Podstawski (Econ J 128(616):3266–3284, 2018), we use variation in gold prices as an instrument to identify the uncertainty shocks. We find that potential output decreases persistently in response to an uncertainty shock. Furthermore, our study shows that decline in the R &D investments and business dynamism are the two key transmission channels of the uncertainty shocks that generate long lasting effects on the economy. [ABSTRACT FROM AUTHOR]

This study develops a new dynamic general equilibrium model to explore the role of people's love of novelty as a cultural preference in innovation and innovation-based growth. The model considers (a) an infinitely lived representative consumer who has standard love-of-variety preferences for differentiated products and additional love-of-novelty preferences for new products and (b) technological progress driven by two costly and time-consuming innovation activities, new product development and existing product development. We demonstrate that consumers' love of novelty is a source of innovation-based growth, wherein economies with a moderate love of novelty can achieve innovation and long-run growth through endogenous cycles between periods in which new product development is active and those in which existing product development is active. However, if love of novelty preference is too weak or too strong, the economy is caught in an underdevelopment trap with less innovation and no long-run growth. We also provide some suggestive empirical evidence that supports our theoretical predictions. [ABSTRACT FROM AUTHOR]

This paper assesses how the influx of skilled and unskilled refugees affects the technological-knowledge-bias and, consequently, the skill premium in host communities, looking in particular at the case of Poland following the war in Ukraine. We use a dynamic endogenous R&D general equilibrium model, in which labour endowments are related to the direction (or bias) of technological knowledge, which in turn drives the dynamics of key economic variables. With price channel dominance, the shock of the war causes an increase in the technological-knowledge-bias and thus the skills premium, given the increased supply of unskilled labour. Fiscal policy, driven by country governments and materialized through direct and indirect subsidies to R&D activity, has stronger effects on the growth rate when applied to unskilled workers. Monetary policy, driven by the central bank through a decline in the nominal interest rate, influences R&D activity through liquidity constraints and is limited by the zero nominal interest rate. To promote competitiveness and growth, a fiscal policy that subsidizes unskilled workers must be promoted. [ABSTRACT FROM AUTHOR]

This study assesses the effect of human capital expansion on China's export product quality. It employs the difference‐in‐differences (DID) framework based on a quasi‐natural experiment investigating the 1999 higher education enrollment expansion as the exogenous policy shock. The empirical results confirm that human capital expansion appreciably improved the quality of China's export products. Human capital expansion promoted the transformation and upgrading of old products and the development of new products in term of intensive margin; it strengthened the endowment advantages of incumbent high‐quality export enterprises while preventing low‐quality enterprises from entering the market through price competition on the extensive margin. This prevented quality decline. Further, the study reveals that the improvement effect driven by human capital came from both innovation‐induced and managerial efficiency improvement channels and was more prominent for large or foreign‐funded enterprises in the eastern region. Our findings highlight the role of human capital in China's remarkable export performance from an endogenous growth perspective. [ABSTRACT FROM AUTHOR]

This paper revisits the theoretical framework of endogenous economic growth by considering models where human capital accumulation is at the center of the growth process. Our work is in line with Lucas (2015), who calls for not giving “too large a role to exogenous technological change” (p. 86) while advocating that “the contribution of human capital accumulation to economic growth deserves a production function of its own” (p. 87). The main finding of our research provides the long-term behavior of economies, where our main results locate and extend these discussions to infinite-horizon models in several ways. Correction Notice Correction to Tran, N. T. and Thai, H. H. (2023). Human capital as the source of economic growth. Dalat University Journal of Science, 13(4S), 30–41. As initially published, this article contained an error in the author list. In the corrected version of the article, Thai Ha Huy [University of Évry (University of Paris-Saclay), Évry, France] has been removed from the author list as the authorship of the article belongs solely to Tran Nhat Thien [The Faculty of Economics and Business Administration, Dalat University, Lam Dong, Vietnam]. The author list of this article has been corrected at the request of the Editor-in-Chief because the author list was originally incorrect. In November 2023, the Dalat University Journal of Science (DLU-JOS) became aware that the author/contributor list presented in the article was incorrect. The error was reported to the DLU-JOS by the two authors themselves. One of the authors was not aware that his name had been included in the author list of the article, and both authors agreed to request that the article be retracted. In accordance with the international guidelines established by the Committee on Publication Ethics, of which the DLU-JOS is a member, we have determined that these are not grounds for retraction. We have determined that the authorship of the article was disputed but that no reason exists to doubt the validity or reliability of the findings. Therefore, a correction to the author list should sufficiently address the concerns raised by the two authors. To ensure transparency and the accuracy of the scholarly record, we have decided to issue a formal correction to the author/contributor list of the article with the belief that the two authors have provided appropriate proof that such a correction is justified. The authors have agreed to this formal correction notice. The DLU-JOS regrets this incident and extends its apologies to its readers.

We develop a model of endogenous growth with automation to study the impact of industrial robots on growth and labour income. We incorporate human capital accumulation into that framework to examine the role of human capital in sustaining growth without displacing low-skilled labour. While automation replaces low-skilled labour with industrial robots in conducting routine tasks, horizontal innovation creates new varieties in which low-skilled labour has an employment advantage. Labour-augmenting technology takes place to improve productivity of low-skilled labour. As such, those latter types of innovation help counterbalance the adverse effect of automation on low-skilled labour. Human capital, the essential production factor that takes part in every economic activity, including conducting non-routine tasks, accumulates over time through education and training. We show that there exists a long-run equilibrium at which either robots or low-skilled workers are employed, together with human capital, to produce varieties. In the fully endogenous model, final output grows at the rate of human capital accumulation. An improvement in the quality of education and training leads to an acceleration of both automation and variety expansion, but not human capital growth. Our numerical exercise indicates that a permanent increase in automation entails a permanent impact on the range of automated varieties, long-run output level and human capital wage. The shock lowers long-run growth and low-skilled workers' wage and their effective income share. However, it has no effect on the effective income share of human capital. [ABSTRACT FROM AUTHOR]

This paper investigates the theoretical foundation for developing renewable geothermal resources locally. For this reason, we pay attention to the role of communities in geothermal development. We derive it from the integral characteristics of geothermal energy next to the shift in the energy transition policies to focus on managing green resources locally. This study presents arguments for a framework that approaches geothermal resources as an endogenous factor of community development. To analyse it, we create a model that explains the local economic characteristics of geothermal exploitation beyond its geological conditions. It aims to conceptualise a community-based geothermal development standard referring to the endogeneity principle. Geothermal energy is given attention since the characteristics of this resource determine its use locally. This induces the internalisation of labour and technology in the local economic system, a specific condition for local geothermal projects where a community remains a prime beneficiary. We argue that the role of communities in geothermal exploitation is pivotal in the process of green growth for further expansion of geothermal energy use.

We report sustained uplift throughout Volcan Sangay's most recent period of eruption (2019–22), moderated only by transient excursions during some of its largest explosions. Volcan Sangay (Amazonia, Ecuador), has been erupting since 2019, impacting both local communities and distant cities with ash fall and lahars. We analyzed ascending and descending Sentinel-1 radar imagery, constructing a robust network of interferograms spanning this eruptive period to measure relative ground displacements across the volcano. Our time series reveals a consistent uplift pattern (∼68 mm/yr) on the western and northern flanks of the volcano, which we attribute to volume increases in a body of magma located within the volcano's edifice beneath its western flank. This source appears to be vertically extensive, and is best fit by a quadrangular magma pathway, dipping towards the west and increasing in volume by 1.1 × 106 m3 between 2019 and 2022. We additionally identify non-magmatic deformation, including subsidence of fresh deposits and downslope displacement (∼50 mm/year) in the southeastern sector of the volcano. Co-eruptive uplift at Sangay is a rare observation of endogenous growth during an eruption and indicates that stratovolcano edifice stability is sensitive to both magma flux into the edifice and shallow controls on eruption rate. • Sangay uplifted steadily between 2019 and 2022, with major explosions accompanied by transient subsidence. • An area of ∼5 km2 of fresh deposits on the eastern flank is moving downslope at a rate of ∼50 mm/yr. • Co-eruptive uplift 2019–2022 is consistent with volume increase of 1.1 × 106 m3 in a curved pathway through the edifice. • The ratio of estimated intruded volumes to erupted volumes in 2019–2022 was 0.5–10%. [ABSTRACT FROM AUTHOR]

Endogenous growth models exhibit long-run risks, which are considered a potential explanation of the equity premium puzzle. Unlike previous literature, we use a closed-form solution of a simplified model to make the following contributions. First, we derive a set of conditions for a positive and large equity premium. Second, we match a key driver of endogenous growth, the R&D spending-to-GDP ratio. Third, we include a novel discussion on the role of patent obsolescence. Given that the literature concerns the accuracy of loglinear-lognormal solutions, we solve our model numerically with third-order perturbation. We find additional risk correction due to higher-order terms. • We study asset prices in a simplified endogenous growth model. • The closed-form solution shows the conditions for a positive and high equity premium. • We calibrate the model to match R&D spending-to-GDP ratio in US data. • A small rise in R&D spending per GDP has large effects on growth and risk premia. • Patent obsolescence raises precautionary savings and keep risk-free rate low. [ABSTRACT FROM AUTHOR]