Remarks at United States Military Academy at West Point, West Point, New York.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at Panel Discussion at 2012 U.S. Monetary Policy Forum, New York City.

Remarks at the New Jersey Bankers Association Economic Forum, Iselin, New Jersey.

Remarks at the 2011 Bretton Woods Committee International Council Meeting, Washington, D.C.>

The key feature of endogenous growth models is that they imply that permanent changes in government policy can have permanent effects on growth rates. In this paper, we develop and implement an empirical framework to test this implication. In a regression of growth rates on current and lagged...