The welfare gain to consumers from the introduction of personal computers is estimated here. A simple model of consumer demand is formulated that uses a slightly modi ed version of standard preferences. The modi cation permits marginal utility, and hence total utility, to be nite when the...

We identify the cyclical turning points of 74 U.S. manufacturing industries and uncover new empirical regularities: (i) Cyclical phase shifts are highly concentrated around the aggregate turning points; (ii) In contrast to the conventional notion of a ‘sudden stop and slow recovery,’ troughs...