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Interpreting the 'One Big Wave' in US Long-Term Productivity Growth
Gordon, Robert J - C.E.P.R. Discussion Papers - 2000
mysterious doubling in the ratio of output to capital input when the postwar era is compared with 1870-1929. Measurement … the measurement of capital. A new MFP series taking account of all these adjustments grows more slowly throughout, and the …
Persistent link: https://www.econbiz.de/10005124204
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The Mirage of Convergence: Why Poor Countries May Only Seem to Be Closing the Income Gap
Filer, Randall K; Hajkova, Dana; Hanousek, Jan - C.E.P.R. Discussion Papers - 2004
Replication of two recent studies of growth determinants shows that results are sensitive to the choice of data from which growth rates are calculated, especially with respect to whether economic convergence has occurred. Previous warnings against using data that has been adjusted to increase...
Persistent link: https://www.econbiz.de/10005656283
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On the Measurement of Trade Costs: Direct vs. Indirect Approaches to Quantifying Standards and Technical Regulations
Chen, Natalie; Novy, Dennis - C.E.P.R. Discussion Papers - 2012
In this article, we review the literature on the measurement of trade costs in international trade with a special …
Persistent link: https://www.econbiz.de/10011083427
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New Estimates of British Unemployment, 1870-1913
Boyer, George; Hatton, Timothy J. - C.E.P.R. Discussion Papers - 2001
Existing estimates of the annual unemployment rate from 1870 to 1913 were constructed by the Board of Trade, initially in 1888, and updated thereafter. This is still the series which is widely used and cited. It is based on records of the number unemployed in various trade unions and it has a...
Persistent link: https://www.econbiz.de/10005666759
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Unemployment and Inflation in Ireland: 1926-2012
Gerlach, Stefan; Lydon, Reamonn; Stuart, Rebecca - C.E.P.R. Discussion Papers - 2015
We study the determination of Irish inflation between 1926 and 2012. The difference between unemployment and the NAIRU … is a significant determinant of inflation in a simple backward-looking Phillips Curve that incorporates import prices …
Persistent link: https://www.econbiz.de/10011272719
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Animal Spirits, Persistent Unemployment and the Belief Function
Farmer, Roger E A - C.E.P.R. Discussion Papers - 2010
This paper presents a theory of the monetary transmission mechanism in a monetary version of Farmer’s (2009) model in which there are multiple equilibrium unemployment rates. The model has two equations in common with the new-Keynesian model; the optimizing IS curve and the policy rule. It...
Persistent link: https://www.econbiz.de/10008692320
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The Evolution of Aggregate Stock Ownership---A Unified Explanation
Rydqvist, Kristian; Spizman, Joshua; Strebulaev, Ilya - C.E.P.R. Discussion Papers - 2009
Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with...
Persistent link: https://www.econbiz.de/10004969127
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Short-Term Inflation Projections: a Bayesian Vector Autoregressive approach
Giannone, Domenico; Lenza, Michele; Momferatou, Daphne; … - C.E.P.R. Discussion Papers - 2010
accurate forecasts. We use the model to study the pass-through of an oil shock and to study the evolution of inflation during …
Persistent link: https://www.econbiz.de/10008468558
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When the North Last Headed South: Revisiting the 1930s
Reinhart, Carmen M.; Reinhart, Vincent - C.E.P.R. Discussion Papers - 2010
The U.S recession of 2007 to 2009 is unique in the post-World-War-II experience by the broad company it kept. Activity contracted around the world, with the advanced countries of the North experiencing declines in spending normally the purview of the developing economies of the South. The last...
Persistent link: https://www.econbiz.de/10008468628
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Growth in a Time of Debt
Reinhart, Carmen M.; Rogoff, Kenneth - C.E.P.R. Discussion Papers - 2010
We study economic growth and inflation at different levels of government and external debt. Our analysis is based on … roughly cut in half. Third, there is no apparent contemporaneous link between inflation and public debt levels for the … advanced countries as a group (some countries, such as the United States, have experienced higher inflation when debt/GDP is …
Persistent link: https://www.econbiz.de/10008468655