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Consumer bankruptcies rose sharply over the last 20 years in the U.S. economy. During the same period, there was impressive technological progress in the information sector (the IT revolution). At the same time, pricing of unsecured debt changed dramatically. The dispersion of interest rates...
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"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 …
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"This paper shows that economic fluctuations can be largely demand-driven. In particular, the stylized open-economy business cycle regularities documented by Feldstein and Horioka (1980) and Backus, Kehoe and Kydland (JPE 1992) can be explained by the standard general equilibrium theory if...
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.S., such as the productivity slowdown, increased labor force participation by women, and the "new economy" of the 1990s. We …
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