Showing 1 - 10 of 97
, the change in welfare is summarized by (the present value of) the Solow productivity residual and by the growth rate of … the capital stock per capita. We also show that productivity and the capital stock suffice to calculate differences in …
Persistent link: https://www.econbiz.de/10010552494
Over the past two decades, technological progress in the United States has been biased towards skilled labor. What does this imply for business cycles? We construct a quarterly skill premium from the CPS and use it to identify skill-biased technology shocks in a VAR with long-run restrictions....
Persistent link: https://www.econbiz.de/10004969342
We use CEX repeated cross-section data on consumption and income, to evaluate the nature of increased income inequality in the 1980s and 90s. We decompose unexpected changes in family income into transitory and permanent, and idiosyncratic and aggregate components, and estimate the contribution...
Persistent link: https://www.econbiz.de/10005772245
-to-one to changes in labor productivity. We conclude that there is little evidence for wage stickiness in the data. We also show …, however, that a little wage rigidity goes a long way in amplifying the response of job creation to productivity shocks. …
Persistent link: https://www.econbiz.de/10005772474
This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller...
Persistent link: https://www.econbiz.de/10005708001
possibility of "cascade effects" whereby productivity shocks to a sector propagate not only to its immediate downstream customers …
Persistent link: https://www.econbiz.de/10009351454
The Industrial Revolution was characterized by technological progress and an increasing capital intensity. Why did real wages stagnate or fall in the beginning? I answer this question by modeling the Industrial Revolution as the introduction of a relatively more capital intensive production...
Persistent link: https://www.econbiz.de/10005772247
A number of health economics works require patient cost estimates as a basic information input. However the accuracy of cost estimates remains in general unspecified. We propose to investigate how the allocation of indirect costs or overheads can affect the estimation of patient costs in order...
Persistent link: https://www.econbiz.de/10005772059
We propose a stylized model of a problem-solving organization whose internal communication structure is given by a fixed network. Problems arrive randomly anywhere in this network and must find their way to their respective “specialized solvers” by relying on local information alone. The...
Persistent link: https://www.econbiz.de/10005772236
I discuss the identifiability of a structural New Keynesian Phillips curve when it is embedded in a small scale dynamic stochastic general equilibrium model. Identification problems emerge because not all the structural parameters are recoverable from the semi-structural ones and because the...
Persistent link: https://www.econbiz.de/10004980302