Showing 1 - 10 of 3,734
This paper investigates whether U.S. government spending multipliers differ according to two potentially important features of the economy: (1) the amount of slack and (2) whether interest rates are near the zero lower bound. We shed light on these questions by analyzing new quarterly historical...
Persistent link: https://www.econbiz.de/10013043271
We argue that falling farm product prices, incomes, and spending may explain 10-30 percent of the 1930 U.S. output decline. Crop prices collapsed, reducing farmers' incomes. And across U.S. states and Ohio counties, auto sales fell most in crop-growing areas. The large spending response may be...
Persistent link: https://www.econbiz.de/10014090935
The NBER's pre-WWI chronology of annual peaks and troughs has the remarkable implication that the U.S. economy spent nearly every other year in recession, although previous research has argued that the post-Civil War dates are flawed. This paper extends that research by redating annual peaks and...
Persistent link: https://www.econbiz.de/10013310169
We study the impact of intersectoral and interregional trade linkages in propagating disaggregated productivity changes … of measured TFP, GDP, and employment to regional and sectoral productivity changes. We find that the elasticities vary …
Persistent link: https://www.econbiz.de/10013053162
prices and total factor productivity (TFP) with the aim of highlighting data patterns that are useful for evaluating business … run movements in total factor productivity and (ii) such stock prices innovations do not affect U.S. sectoral TFPs …
Persistent link: https://www.econbiz.de/10013225845
I provide a quantitative interpretation of financial intermediation in the U.S. over the past 130 years. Measuring separately the cost of intermediation and the production of financial services, I find that: (i) the quantity of intermediation varies a lot over time; (ii) intermediation is...
Persistent link: https://www.econbiz.de/10013066115
This study uses state-level variation in labor productivity levels at twenty-year intervals between 1880 and 1980 to … differences in state productivity levels: states with navigable waterways, a large minerals endowment, and no slaves in 1860, on … average, had higher labor productivity levels throughout the sample period. However, we find little support for two other …
Persistent link: https://www.econbiz.de/10013231856
Measures of productivity growth typically include in the Productivity "residual" the impacts of subequilibrium from … productivity growth can be attributed to production characteristics other than technical change, particularly scale economies …
Persistent link: https://www.econbiz.de/10013213436
In this paper we calculate and analyze the automobile industries cost and productivity experience during the 1970 's in … factor productivity (TFP) gross. This is achieved through a novel application of the Viner-Wng envelope theorem, which allows … correct for this source of productivity change would have led to a 31% under estimate of long-run TFP growth in Canada arid a …
Persistent link: https://www.econbiz.de/10012755399
purpose of this work is to explore the evolution of gains in agricultural productivity in the two countries during the post …
Persistent link: https://www.econbiz.de/10013231004