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Robots : Curse or Blessing? A Basic Framework
Sachs, Jeffrey D. - 2015
rise in robotic productivity is more likely to lower the welfare of young workers and future generations when the saving … more important complement to labor. In some parameterizations the relationship of utility to robotic productivity follows a … redistribute income across generations can ensure that a rise in robotic productivity benefits all generations …
Persistent link: https://www.econbiz.de/10012457575
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Spendthrift in America? On Two Decades of Decline in the U.S. Saving Rate
Parker, Jonathan A. - 1999
During the past two decades, the personal saving rate in the United States has fallen from eight percent to below zero. This paper demonstrates that this change represents a major shift in the allocation of newly produced goods. The share of GDP that households consume rose by 6 percentage...
Persistent link: https://www.econbiz.de/10012471552
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Endogenous Discounting, the World Saving Glut and the U.S. Current Account
Choi, Horag - 2007
We study the evolution of the U.S. current account in a two-country dynamic stochastic endowment model in which a single non-state contingent bond is the only internationally traded asset. The paper focuses on the world `saving glut' as the primary cause of continual deterioration in the current...
Persistent link: https://www.econbiz.de/10012465076
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Financial constraints and innovation : Why poor countries don't catch up
Gorodnichenko, Yuriy - 2010
This paper examines micro-level channels of how financial development can affect macroeconomic outcomes like the level of income and export intensity. We investigate theoretically and empirically how financial constraints affect a firm's innovation and export activities, using unique firm survey...
Persistent link: https://www.econbiz.de/10012462858
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Transition Dynamics in Vintage Capital Models : Explaining the Postwar Catch-Up of Germany and Japan
Gilchrist, Simon - 2004
, including persistently high but declining rates of labor and total-factor productivity growth, a U-shaped response of the …
Persistent link: https://www.econbiz.de/10012467958
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Technological Diffusion, Conditional Convergence, and Economic Growth
Bloom, David E. - 2002
leaders. We find strong evidence of technological diffusion but not full convergence; differences in total factor productivity …
Persistent link: https://www.econbiz.de/10012470002
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Have Productivity Levels Converged? Productivity Growth, Convergence, and Welfare in the Very Long Run
De Long, J. Bradford - 1987
Economists believe that because technology is a public good national productivity levels should "converge." William … finds that the productivity levels of sixteen such nations have converged since 1870. But convergence in Baumol's sample is …
Persistent link: https://www.econbiz.de/10012476649
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Resolving the Global Imbalance : The Dollar and the U.S. Saving Rate
Feldstein, Martin S. - 2008
The large trade and current account deficits of the United States cannot continue indefinitely because doing so would constitute a permanent gift to the U.S. economy. The process that will cause this gift to shrink and that will eventually cause it to reverse is a fall in the dollar. The dollar...
Persistent link: https://www.econbiz.de/10012464697
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Saving Puzzles and Saving Policies in the United States
Lusardi, Annamaria - 2001
In the past two decades the widely reported personal saving rate in the United States has dropped from double digits to below zero. First, we attempt to account for the decline in the National Income and Product Accounts (NIPA) saving rate. The macroeconomic literature suggests that about half...
Persistent link: https://www.econbiz.de/10012470487
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Why Have Private Saving Rates in the United States and Canada Diverged?
Carroll, Chris - 1987
One of the central questions in macroeconomics for many years has been whether government policy can affect private saving rates, and if so to what extent and through what channels. The question has remained controversial because, as with other macroeconomic questions, experiments to check...
Persistent link: https://www.econbiz.de/10012476749