predictions of interest rates based on a general equilibrium theory are partially consistent with US data"--Federal Reserve Bank …

"In this paper, we construct a simple model based on heterogeneity in workers' productivity and homogeneity in their … competitive, and firms can perfectly observe workers' productivity and effort. In our model, it is optimal for low-skilled workers … working for the same hours as high-skilled workers at competitive wages based on productivity. Thus our model offers an …

"The acceleration of productivity growth during the latter half of the 1990s was both the defining economic event of … between incoming aggregate data, which initially suggested little productivity gain, and anecdotal firm-level evidence which … Chairman, argued that revolutionary increases in productivity were occurring and the Committee should not prematurely forgo …