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Interpreting the 'One Big Wave' in US Long-Term Productivity Growth
Gordon, Robert J - C.E.P.R. Discussion Papers - 2000
This paper assesses the ‘one big wave’ in multi-factor productivity (MFP) growth for the United States since 1870. The … mysterious doubling in the ratio of output to capital input when the postwar era is compared with 1870-1929. Measurement … the measurement of capital. A new MFP series taking account of all these adjustments grows more slowly throughout, and the …
Persistent link: https://www.econbiz.de/10005124204
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Elasticity Optimism
Imbs, Jean; Mejean, Isabelle - C.E.P.R. Discussion Papers - 2009
Estimates of the elasticity of substitution between domestic and foreign varieties are small in macroeconomic data, and substantially larger in disaggregated studies. This may be an artifact of heterogeneity. We use disaggregated multilateral trade data to structurally identify elasticities of...
Persistent link: https://www.econbiz.de/10005123775
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Consumption, Product Growth and the Interest Rate
Attanasio, Orazio; Weber, Guglielmo - C.E.P.R. Discussion Papers - 1990
In this paper we present empirical evidence of the importance of aggregation bias in Euler equations for consumption … data). Even when these sources of aggregation bias are corrected for, however, the estimates of the elasticity of … intertemporal substitution obtained from aggregate consumption growth depend on expected productivity and income growth. This …
Persistent link: https://www.econbiz.de/10005067527
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PPP Strikes Back: Aggregation and the Real Exchange Rate
Imbs, Jean; Mumtaz, Haroon; Ravn, Morten O; Rey, Hélène - C.E.P.R. Discussion Papers - 2003
We show the importance of a dynamic aggregation bias in accounting for the PPP puzzle. We prove that established time …
Persistent link: https://www.econbiz.de/10005497901
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Hysteresis in Exports
Giovannetti, Giorgia; Samiei, Hossein - C.E.P.R. Discussion Papers - 1996
This paper presents an empirical examination of the importance of hysteresis in international trade. An econometric model of export determination is developed where the presence of sunk costs causes discontinuous behaviour and hysteresis so that an individual exporter’s decision to stay in or...
Persistent link: https://www.econbiz.de/10005497929
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Efficiency and Equity: Is There a Trade-off?
Correia, Isabel - C.E.P.R. Discussion Papers - 1995
when we can separate the effect on efficiency from the effect on distribution, that is when Gorman aggregation applies, the …
Persistent link: https://www.econbiz.de/10005504425
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Ruling out Indeterminacy: the Role of Heterogeneity
Herrendorf, Berthold; Valentinyi, Akos; Waldmann, Robert - C.E.P.R. Discussion Papers - 1998
Models with externalities have become increasingly popular for studying both long-term growth and business-cycle fluctuations. Externalities can lead to indeterminacy, allowing self-fulfilling expectations to determine the equilibrium. This paper argues that the importance of indeterminacy might...
Persistent link: https://www.econbiz.de/10005504588
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Labor-Market Heterogeneity, Aggregation, and the Lucas Critique
Chang, Yongsung; Schorfheide, Frank - C.E.P.R. Discussion Papers - 2010
asset markets and indivisible labor supply. Imperfect aggregation manifests itself through preference shocks in the …
Persistent link: https://www.econbiz.de/10008684682
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Aggregation and Labor Supply Elasticities
Kneip, Alois; Merz, Monika; Storjohann, Lidia - C.E.P.R. Discussion Papers - 2013
This paper develops a statistical aggregation procedure for the Frisch elasticity of labor supply. It allows for worker …
Persistent link: https://www.econbiz.de/10011084720
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New Estimates of British Unemployment, 1870-1913
Boyer, George; Hatton, Timothy J. - C.E.P.R. Discussion Papers - 2001
Existing estimates of the annual unemployment rate from 1870 to 1913 were constructed by the Board of Trade, initially in 1888, and updated thereafter. This is still the series which is widely used and cited. It is based on records of the number unemployed in various trade unions and it has a...
Persistent link: https://www.econbiz.de/10005666759