Refereed Publications
2025
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Felipe, J., Pérez‐Montiel, J, & Ozcelebi, O. (2025). Do Changes in the Real Exchange Rate Affect the Trade Balance? Evidence from European Countries. Open Economies Review. https://doi.org/10.1007/s11079-025-09807-7
- Felipe, J., McCombie, J., & Mehta, A. (2025). Is anything left of the debate about the sources of growth in East Asia 30 years later? A critical survey. Journal of Evolutionary Economics. https://doi.org/10.1007/s00191-025-00894-w
2024
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“Why the Feldstein -Horioka "Puzzle" remains unsolved” (with Scott Fullwiler and Al-Habbyel Yusoph). Bulletin of Economic Research, 76(4): 1094-1121.
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“Education and the Evolution of Comparative Advantage” (with Hongyuan Jin and Aashish Mehta). Structural Change and Economic Dynamics, Vol.70: 530-543.
2021
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- “The ADB COVID-19 Policy Database: A Guide to Understanding Changes in Sectoral Balances and Private Sector Financial Positions in 2020” (with Scott Fullwiler and Al-Habbyel Yusoph). Asian Development Review, Vol.38, No.2: 1-29.
- “Is Employment Globalizing?” (with Liming Chen, Andrew J.Y. Kam, and Aashish Mehta). Structural Change and Economic Dynamics, Vol.56: 74-92.
- "How ‘Monetization’ Really Works — Examples from Three Asian Nations’ Responses to Covid-19” (with Scott Fullwiler). Review of Political Economy. DOI: 10.1080/09538259.2021.1908777.
2020
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- “ADB COVID-19 Policy Database: A Guide” (with Scott Fullwiler). Asian Development Review, Vol.37, No.2: 1-20.
- “What do tests of the relationship between employment and technical progress hide?” (with Gemma Estrada, Donna Faye Bajaro, and John McCombie). PSL Quarterly Review, 73 (295): 367-392.
- “Why do Filipinos desire to work more hours?” (with Yasuyuki Sawada, Gemma Estrada, and Donna Faye Bajaro). Asian-Pacific Economic Literature, Vol. 34, Issue 2: 106-134.
- “The illusions of calculating total factor productivity and testing growth models: from Cobb-Douglas to Solow and Romer?” (with JSL McCombie). Journal of Post Keynesian Economics, Vol.43, Issue 20: 470-513.
- “What Happened to the World’s Potential Growth after the 2008-2009 Global Financial Crisis?” (with Gemma Estrada). Journal of the Japanese and International Economies, Vol.56: 1-13.
- “The PRC’s long-run growth through the lens of the export-led growth model” (with Matteo Lanzafame). Journal of Comparative Economics, Vol.48: 163-181.
2019
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- “Is Indonesia’s growth rate balance-of-payments-constrained? A time-varying estimation approach” (with Matteo Lanzafame and Gemma Estrada). Review of Keynesian Economics. Vo. 7 No. 4 (October): 535-553.
- “Manufacturing Matters… but it’s the Jobs that Count” (with Aashish Mehta and Changyong Rhee). 2019. Cambridge Journal of Economics.
2016
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2014
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- “Unit Labor Costs in the eurozone: the competitiveness debate again” (with Utsav Kumar). Review of Keynesian Economics, Vol.2, No.4 (Winter): 490-507.
- “The Aggregate Production Function: ‘Not Even Wrong’ ” (with JSL McCombie). Review of Political Economy, Vol.26, No.1 (January): 60-84.
- “How rich countries became rich and why poor countries remain poor: It’s the economic structure…duh!” (with Utsav Kumar and Arnelyn Abdon). Japan and the World Economy, Vol.29, No.1 (January): 46-58.
- “As you Sow so shall you reap: from capabilities to opportunities” (with Utsav Kumar and Arnelyn Abdon). Oxford Development Studies, Vol.42, No.4 (December): 488-515.
2013
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- “Exports, Capabilities, and Industrial Policy in India” (with Utsav Kumar and Arnelyn Abdon). Journal of Comparative Economics, Vol. 41, Issue 3 (August): 939-956.
- “Why has China succeeded? And why it will continue to do so” (with Utsav Kumar, Norio Usui and Arnelyn Abdon). Cambridge Journal of Economics, Vol. 37, Issue 4 (July): 791-818.
- “Where Have All The Educated Workers Gone? Services and Wage Inequality in Three Asian Economies” (with Aashish Mehta, Pilipinas Quising and Shiela Camingue). Metroeconomica, Vol. 64, No. 3 (April): 466-497.
2012
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- “Agglomeration Economies, Regional Growth, and the Aggregate Production Function: A Caveat Emptor for Regional Scientists” (with JSL McCombie). Spatial Economic Analysis, Vol. 7, No. 4 (December): 461-481.
- “The Role of Trade Facilitation in Central Asia: A Gravity Model” (with Utsav Kumar). Eastern European Economics, Vol. 50, No. 4 (July-August): 5-20.
- “Using capabilities to project growth 2010-2030” (with Utsav Kumar and Arnelyn Abdon). Journal of the Japanese and International Economies, Vol. 26, Issue 1 (March): 153-166.
- “Product Complexity and Economic Development” (with Arnelyn Abdon, Marife Bacate and Utsav Kumar). Structural Change and Economic Dynamics, Vol. 23, Issue 1 (March): 36-68.
- “On Herbert Simon’s Criticisms of the Cobb-Douglas and the CES Production Functions” (with JSL McCombie). Journal of Post Keynesian Economics, Winter 2011-12, Vol. 34, No. 2: 275-293.
2011
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- “Some Caveats Modeling Technical Progress and Investment: The Case of China” (with JSL McCombie). Journal of International Commerce, Economics and Policy, Vol. 2, No. 2 (December): 305-324.
- “Rethinking the Growth Diagnostics Approach: Questions from the practitioners” (with Norio Usui and Arnelyn Abdon). Journal of International Commerce, Economics and Policy, Vol. 2, No. 2 (December): 251-276.
- “Overeducation in Developing Economies: How can we test for it, and what does it mean?” (with Aashish Mehta, Pilipinas Quising and Shiela Camingue). Economics of Education Review, Vol. 30, Issue 6 (December): 1334-1347.
- “Exploring the Philippine Economic Landscape and Structural Change Using Input-Output Framework” (with Nedelyn Magtibay-Ramos and Gemma Estrada). International Journal of Development Issues, Vol. 10, No. 1 (April): 34-59.
2010
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- “Is Pakistan’s Growth Rate Balance-of-Payments constrained? Policies and Implications for Development and Growth” (with JSL McCombie and Kaukab Naqvi). Oxford Development Studies, Vol. 38, No. 4 (December): 477-496.
- “What is Wrong with Aggregate Production Functions. On Temple’s ‘Aggregate Production Functions and Growth Economics’ ” (with JSL McCombie). International Review of Applied Economics, Vol. 24, No. 6 (November): 665-684.
2009
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- “Sectoral Engines of Growth in Developing Asia: Stylized Facts and Implications” (with Miguel-León-Ledesma, Matteo Lanzafame and Gemma Estrada). Malaysian Journal of Economic Studies, Vol. 46, No. 2 (December): 107-133.
- “Does Pakistan need to adopt inflation targeting? Some Questions.” State Bank of Pakistan Research Bulletin, Vol. 5, No. 1 (May): 113-162.
- “Are estimates of labor demand functions mere statistical artefacts?” (with JSL McCombie). International Review of Applied Economics, Vol. 23, No. 2 (March): 147-168.
2008
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- “Economic Growth, Externalities and Increasing Returns to Scale: What the Data Cannot Show” (with JSL McCombie). Economia e Sociedade, Vol. 17, Special Number (December): 657-677.
- “What Policymakers should know about Total Factor Productivity.” Malaysian Journal of Economic Studies, Vol. 45, No. 1 (June): 1-19.
- “The Diverging Patterns of Profitability, Investment and Growth of China and India, 1980-2003” (with Editha Laviña and Emma Xiaoqin Fan). World Development, Vol. 36, No. 5 (May): 741-774.
- “Correcting for Biases when estimating production functions: An Illusion of the laws of algebra?” (with Rana Hasan and JSL McCombie). Cambridge Journal of Economics, Vol. 32, No. 3 (May): 441-459.
- “An Input-Output Analysis of the Philippine BPO Industry” (with Nedelyn Magtibay-Ramos and Gemma Estrada). Asian-Pacific Economic Literature, Vol. 22, Issue 1 (May): 41-56.
- “Benchmarking Developing Asia’s Manufacturing Sector” (with Gemma Estrada). International Journal of Development Issues, Vol. 7, No. 2: 97-119.
- “Production Function” (with Aashish Mehta). In International Encyclopedia of the Social Sciences, 2nd edition: 508-512.
- “Aggregation (Production)” (with Franklin M. Fisher). In The New Palgrave Dictionary of Economics (eds. Steven N. Durlauf and Lawrence Blume ), Second Edition. Palgrave Macmillan.
2007
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- “On the Rental Price of Capital and the Profit Rate. The Perils and Pitfalls of Total Factor Productivity Growth” (with JSL McCombie). Review of Political Economy, Vol. 19, No. 3 (July): 317-345.
- “Is a Theory of Total Factor Productivity really needed?” (with JSL McCombie). Metroeconomica, Vol. 58, No. 1 (February): 195-229.
- “A cautionary note on the interpretation of unit labor costs as an indicator of competitiveness, with reference to the Philippines.” Philippine Journal of Development, No. 63, Vol. XXXIV, No. 2: 1-23.
2006
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- “The Tyranny of the Identity: Growth Accounting Revisited” (with JSL McCombie). International Review of Applied Economics, Vol. 20, No. 3 (July): 283-299.
- “Asia’s Current Account Surplus: Savings Glut or Investment Drought?” (with Kristine Kintanar and Joseph Lim). Asian Development Review, Vol. 23, No. 1 (June): 16-54.
- “Aggregate Production Functions, Neoclassical Growth Models and the Aggregation Problem” (with Franklin M. Fisher). Estudios de Economía Aplicada, Vol. 24, No. 1 (April): 127-163.
- “A Decade of Debate about the Sources of Growth in East Asia: How much do we know about why some countries grow faster than others?” Estudios de Economía Aplicada, Vol. 24, No. 1 (April): 181-220.
2005
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- “Export or Domestic-Led Growth in Asia?” (with Joseph Lim). Asian Development Review, Vol. 22, No. 2 (December): 35-75.
- “‘A THEORY OF PRODUCTION’. The Estimation of the Cobb-Douglas Function: A Retrospective View” (with F. Gerard Adams). Eastern Economic Journal, Vol. 31, No. 3 (Summer): 427-446.
- “How Sound are the Foundations of the Aggregate Production Function?” (with JSL McCombie). Eastern Economic Journal, Vol. 31, No. 3 (Summer): 467-488.
- “Why are Some Countries Richer than Others? A Sceptical View of Mankiw-Romer-Weil’s Test of the Neoclassical Growth Model” (with JSL McCombie). Metroeconomica, Vol. 56, No. 3 (July): 360-392.
- “The Employment Elasticity in Manufacturing: A Comment on Mazumdar” (with Grace C. Sipin). Cambridge Journal of Economics, Vol. 29, No. 4 (July): 659-664.
- “La Función de Producción Agregada en Retrospectiva” (with JSL McCombie). Investigación Económica, Vol. LXIV, No. 253 (Julio-Septiembre): 43-88.
2003
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- “Sustainable Development: A Comment.” Estudios de Economía Aplicada, Vol. 21, No. 3 (December): 575-581.
- “Whatever Happened to the Cambridge Capital Theory Controversies? A Comment” (with JSL McCombie). Journal of Economic Perspectives, Vol. 17, No. 4 (Fall): 229-231.
- “Some Methodological Problems with the Neoclassical Analysis of the East Asian Miracle” (with JSL McCombie). Cambridge Journal of Economics, Vol. 27, No. 5 (August): 695-721.
- “Aggregation in Production Functions: What Applied Economists Should Know” (with Franklin M. Fisher). Metroeconomica, Vol. 54, No. 2-3 (May-September): 208-262.
2002
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- “Demistifying the Principle of Comparative Advantage: Implications for Developing Countries” (with Matías Vernengo). International Journal of Political Economy, Vol. 32, No. 4 (Winter 2002-2003): 49-75.
- “Unemployment and Profitability in Spain.” Journal of Income Distribution, Vol. 11, No. 1-2 (Spring-Summer): 7-33.
- “Productivity in China before and after 1978 revisited” (with JSL McCombie). Zagreb International Review of Economics and Business, Vol. 5, No. 1 (May): 17-43.
- “A Problem with Some Recent Estimations and Interpretations of the Markup in Manufacturing Industry" (with JSL McCombie). International Review of Applied Economics, Vol. 16, No. 2 (April): 187-215.
- “Unemployment and Profitability: The Case of Spain.” In Paul Davidson (ed.), A Post Keynesian Perspective on 21st Century Economic Problems, pp.216-243. Edward Elgar: Cheltenham (UK) and Northampton (MA, USA).
2001
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- “Biased Technical Change, Growth Accounting, and the Conundrum of the East Asian Miracle”(with JSL McCombie). Journal of Comparative Economics, Vol. 29, No. 3 (September): 542-565.
- “The CES Production Function, the Accounting Identity, and Occam's Razor” (with JSL McCombie). Applied Economics, Vol. 33, No. 10 (August): 1221-1232.
- “Aggregate Production Functions and the Measurement of Infrastructure Productivity: A Reassessment.” Eastern Economic Journal, Vol. 27, No. 3 (Summer): 323-344.
- “Why Do Aggregate Production Functions Work? Fisher’s Simulations, Shaikh’s Identity, and Some New Results” (with Carsten Holz). International Review of Applied Economics, Vol. 15, No. 3 (July): 261-285.
- “Endogenous Growth, Increasing Returns, and Externalities: An Alternative Interpretation of the Evidence.” Metroeconomica, Vol. 52, No. 4 (November): 391-427
1999
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1998
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- “Does the Aggregate Production Function Imply Anything about the Laws of Production? A Comment.” Applied Economics Letters, Vol. 5, Issue 9 (September): 543-547.
- “On the Interpretation of Coefficients in Multiplicative-Logarithmic Functions: A Reconsideration.” Applied Economics Letters, Vol. 5, Issue 6 (June): 397-400.
- “The Role of the Manufacturing Sector in Southeast Asian Development: A Test of Kaldor's First Law.” Journal of Post Keynesian Economics, Vol. 20, No. 3 (Spring): 463-85.