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Unmeasured Investment and the Puzzling U.S. Boom in the 1990s

McGrattan, Ellen R. - 2015

1990s, provided that variations in population growth, depreciation rates, total factor productivity, and taxes are …. We use the theory to compare current accounting measures for labor productivity and investment with the corresponding … understate the boom in productivity and investment …

Persistent link: https://www.econbiz.de/10012750319

Malthus to Solow

Hansen, Gary D.; Prescott, Edward C. - 2021

sustained growth. This transition is inevitable given positive rates of total factor productivity growth. We use a standard …

Persistent link: https://www.econbiz.de/10013236690

The Depressing Effect of Agricultural Institutions on the Prewar Japanese Economy

Hayashi, Fumio; Prescott, Edward C. - 2021

The question we address in this paper is why the Japanese miracle didn't take place until after World War II. For much of the pre-WWII period, Japan's real GNP per worker was not much more than a third of that of the U.S., with falling capital intensity. We argue that its major cause is a...

Persistent link: https://www.econbiz.de/10013252329