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Household Debt and Business Cycles Worldwide
Mian, Atif R. - 2015
unemployment, and negative growth forecasting errors in a panel of 30 countries from 1960 to 2012. Consistent with the “credit …
Persistent link: https://www.econbiz.de/10013014671
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Separating the Business Cycle from Other Economic Fluctuations
Hall, Robert E. - 2009
neutral levels of key variables-potential GDP, the natural rate of unemployment, and the equilibrium real interest rate, need … actual data to find them. Further, low-frequency movements of unemployment suggest a failure of the basic idea that … low-frequency movements of unemployment. I conclude that monetary policymakers should not try to discern neutral values of …
Persistent link: https://www.econbiz.de/10012767517
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Has Creative Destruction Become More Destructive?
Komlos, John - 2014
Schumpeter's concept of creative destruction as the engine of capitalist development is well-known. However, that the destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP and on welfare is hardly acknowledged, with the...
Persistent link: https://www.econbiz.de/10013048999
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Asymmetric Crime Cycles
Bali, Turan G.; Mocan, Naci H. - 2021
unemployment rate, to decreases (increases) in per capita real GDP and to decreases (increases) in the police force. The same … result is obtained between unemployment and property crime in annual state-level panel data. These results suggest that it …
Persistent link: https://www.econbiz.de/10013246677
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A Linder Hypothesis for Foreign Direct Investment
Fajgelbaum, Pablo D. - 2014
We study patterns of FDI in a multi-country world economy. We develop a model featuring non-homothetic preferences for quality and monopolistic competition in which specialization is purely demand-driven and the decision to serve foreign countries via exports or FDI depends on a...
Persistent link: https://www.econbiz.de/10013067204
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How Do Hours Worked Vary with Income? Cross-Country Evidence and Implications
Bick, Alexander - 2016
This paper builds a new internationally comparable database of hours worked to measure how hours vary with income across and within countries. We document that average hours worked per adult are substantially higher in low-income countries than in high-income countries. The pattern of decreasing...
Persistent link: https://www.econbiz.de/10013001220
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Inequality of Fear and Self-Quarantine : Is There a Trade-Off between GDP and Public Health?
Aum, Sangmin - 2020
We construct a quantitative model of an economy hit by an epidemic. People differ by age and skill, and choose occupations and whether to commute to work or work from home, to maximize their income and minimize their fear of infection. Occupations differ by wage, infection risk, and the...
Persistent link: https://www.econbiz.de/10012835106
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Per Capita Income and the Demand for Skills
Caron, Justin - 2017
Almost all of the literature about the growth of income inequality and the relationship between skilled and unskilled wages approaches the issue from the production side of general equilibrium (skill-biased technical change, international trade). Here, we add a role for income-dependent demand...
Persistent link: https://www.econbiz.de/10012954914
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Underestimating the Real Growth of GDP, Personal Income and Productivity
Feldstein, Martin S. - 2017
The problems involved in estimating real output that I discuss in this paper cause the official government statistics to underestimate of the rates of growth of real GDP, real personal income, and productivity. That underestimation is important not just to economists trying to understand where...
Persistent link: https://www.econbiz.de/10012959380
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Does Globalization Make the World More Unequal?
Lindert, Peter H.; Williamson, Jeffrey G. - 2021
The world economy has become more unequal over the last two centuries. Since within- country inequality exhibits no ubiquitous trend, it follows that virtually all of the observed rise in world income inequality has been driven by widening gaps between nations, while almost none of it has driven...
Persistent link: https://www.econbiz.de/10013221931