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The End of the Great Depression 1939-41: Policy Contributions and Fiscal Multipliers

Gordon, Robert J.; Krenn, Robert - National Bureau of Economic Research (NBER) - 2010

This paper is about the size of fiscal multipliers and the sources of recovery from the Great Depression. Its baseline result is that 89.1 percent of the 1939:Q1-1941:Q4 recovery can be attributed to fiscal policy innovations, 34.1 percent to monetary policy innovations and the remaining -23.2...

Persistent link: https://www.econbiz.de/10008646478

The Return to Capital in China

Bai, Chong-En; Hsieh, Chang-Tai; Qian, Yingyi - National Bureau of Economic Research (NBER) - 2006

capital in China must be quite low. Using the data from China's national accounts, we estimate the rate of return to capital … in China. We find that the aggregate rate of return to capital averaged 25% during 1978-1993, fell during 1993-1998, and … has become flat at roughly 20% since 1998. This evidence suggests that the aggregate return to capital in China does not …

Persistent link: https://www.econbiz.de/10005084802

Intangible Capital and Economic Growth

Sichel, Daniel; Corrado, Carol A.; Hulten, Charles R. - National Bureau of Economic Research (NBER) - 2006

2003), and that this leads to the exclusion of more than $3 trillion of business intangible capital stock. To assess the … importance of this omission, we add capital to the standard sources-of-growth framework used by the BLS, and find that the … rate of change of output per worker increases more rapidly when intangibles are counted as capital, and capital deepening …

Persistent link: https://www.econbiz.de/10005036821

Revisiting U. S. Productivity Growth over the Past Century with a View of the Future

Gordon, Robert J. - National Bureau of Economic Research (NBER) - 2010

labor quality and to capital quantity and quality, leading to significant rearrangements of the growth pattern of MFP …

Persistent link: https://www.econbiz.de/10008615772

Inefficient Investment Waves

He, Zhiguo; Kondor, Péter - National Bureau of Economic Research (NBER) - 2012

We develop a dynamic model of trading and investment with limited aggregate resources to study investment cycles. Unverifiable idiosyncratic investment opportunities imply market prices to play a role of rent distribution, distorting private investment incentives from a social point of view....

Persistent link: https://www.econbiz.de/10010951203

Macroeconomic Crises since 1870

Barro, Robert J.; Ursúa, José F. - National Bureau of Economic Research (NBER) - 2008

We build on the Maddison GDP data to assemble international time series from before 1914 on real per capita personal consumer expenditure, C. We also improve the GDP data in many cases. The C variable comes closer than GDP to the consumption concept that enters into usual asset-pricing...

Persistent link: https://www.econbiz.de/10005830221

The Value of Luminosity Data as a Proxy for Economic Statistics

Nordhaus, William D.; Chen, Xi - National Bureau of Economic Research (NBER) - 2010

One of the pervasive issues in social and environmental research has been to improve the quality of socioeconomic data in developing countries. Because of the shortcoming of standard data sources, the present study examines luminosity (measures of nighttime lights) as a proxy for standard...

Persistent link: https://www.econbiz.de/10008533392

Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome

Caballero, Ricardo J - National Bureau of Economic Research (NBER) - 2010

In this paper I argue that the current core of macroeconomics--by which I mainly mean the so-called dynamic stochastic general equilibrium approach--has become so mesmerized with its own internal logic that it has begun to confuse the precision it has achieved about its own world with the...

Persistent link: https://www.econbiz.de/10008682663

Growth Accounting with Misallocation: Or, Doing Less with More in Singapore

Fernald, John; Neiman, Brent - National Bureau of Economic Research (NBER) - 2010

We derive aggregate growth-accounting implications for a two-sector economy with heterogeneous capital subsidies and …

Persistent link: https://www.econbiz.de/10008622327

GDP, Technical Change, and the Measurement of Net Income: the Weitzman Model Revisited

Hulten, Charles R.; Schreyer, Paul - National Bureau of Economic Research (NBER) - 2010

We show how technical change, measured as a shift in the GDP function, is combined with net income to track welfare change. This provides a bridge between the productivity literature and the welfare-related literature that tends to reason in terms of net product functions: although the relevant...

Persistent link: https://www.econbiz.de/10008631070