The fiscal theory of the price level (FTPL) has attracted much attention but disagreement remains concerning its defining characteristics. Some writers have emphasized implications regarding interest-rate pegging and determinacy of RE solutions, whereas others have stressed its capacity to...

Inaccurate measures of the aggregate price level may distort short-run policy decisions and may produce misleading comparisons of productivity growth across decades and among nations. This paper serves a dual purpose of reviewing compactly the vast American literature on price and output...

We define foundational competitiveness as the expected level of output per working-age individual that is supported by the overall quality of a country as a place to do business. The focus on output per potential worker, a broader measure of national productivity than output per current worker,...

What explains the success of Mauritius, a top performer among African countries? It has mostly followed growth-enhancing policies, which can in turn be attributed to sound institutions. But from where did the institutions come? Mauritius chose well around the time of independence in 1968, for...

PPP-based national accounts have become an important part of the database for macroeconomists, development economists, and economic historians. Frequently used global data come from the Penn World Table (PWT) and the World Bank's World Development Indicators; a substantial fraction of the world...

Researchers, commentators, and politicians have devoted steadily more attention to infrastructure in response to claims that inadequate accumulation of public capital has contributed to substandard U.S. economic growth. Despite this, the link between infrastructure and productivity growth...

We review the evidence that artificial intelligence (AI) is having a large effect on the economy. Across a variety of statistics--including robotics shipments, AI startups, and patent counts--there is evidence of a large increase in AI-related activity. We also review recent research in this...