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Causes of the Great Recession of 2007-9: The Financial Crisis is the Symptom not the Disease!
Jagannathan, Ravi; Kapoor, Mudit; Schaumburg, Ernst - National Bureau of Economic Research (NBER) - 2009
Globalization has made it possible for labor in developing countries to augment labor in the developed world, without having to relocate, in ways not thought possible only a few decades ago. We argue that this large increase in the developed world's effective labor supply, triggered by...
Persistent link: https://www.econbiz.de/10008610972
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Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds
Gordon, Robert J. - National Bureau of Economic Research (NBER) - 2012
consumer and government debt. A provocative "exercise in subtraction" suggests that future growth in consumption per capita for …
Persistent link: https://www.econbiz.de/10010950998
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On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment
Durdu, C. Bora; Mendoza, Enrique G.; Terrones, Marco E. - National Bureau of Economic Research (NBER) - 2012
-correction reaction function approach--which tests for a negative long-run relationship between net exports (NX) and net foreign assets … (NFA) as a sufficiency condition for the intertemporal budget constraint to hold--to a dynamic panel framework. Pooled Mean … Group and Mean Group error-correction estimation yield evidence of a statistically significant, negative response of NX to …
Persistent link: https://www.econbiz.de/10010951023
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How Fast are Semiconductor Prices Falling?
Oliner, Stephen D.; Sichel, Daniel; Byrne, David M. - National Bureau of Economic Research (NBER) - 2015
The Producer Price Index (PPI) for the United States suggests that semiconductor prices have barely been falling in recent years, a dramatic contrast from the rapid declines reported from the mid-1980s to the early 2000s. This slowdown in the rate of decline is puzzling in light of evidence that...
Persistent link: https://www.econbiz.de/10011252655
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Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis
Faruqee, Hamid; Laxton, Douglas; Pesenti, Paolo A.; … - National Bureau of Economic Research (NBER) - 2006
In the evolving debate and analysis of global imbalances, a commonly overlooked issue pertains to rising protectionism. This paper attempts to fill that gap, examining the macroeconomic implications of trade policy changes through the lens of a dynamic general equilibrium model of the world...
Persistent link: https://www.econbiz.de/10005085213
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Capital Taxation and Ownership when Markets are Incomplete
Farhi, Emmanuel - National Bureau of Economic Research (NBER) - 2007
proportional taxes on labor and capital. I first consider the case that the only asset the government can trade is a real risk … the government and private agents. However, this benefit must be weighted again the distortionary cost of capital taxation … baseline case provides an excellent benchmark. I next allow the government to hold a non trivial position in capital. Capital …
Persistent link: https://www.econbiz.de/10005829854
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Social Security Investment in Equities I: Linear Case
Diamond, Peter A.; Geanakoplos, Jean - National Bureau of Economic Research (NBER) - 1999
Social Security trust fund portfolio diversification to include some equities reduces the equity premium by raising the safe real interest rate. This requires changes in taxes. Under the hypothesis of constant marginal returns to risky investments, trust fund diversification lowers the price of...
Persistent link: https://www.econbiz.de/10005778954
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Oil Price Movements and the Global Economy: A Model-Based Assessment
Laxton, Douglas; Pesenti, Paolo A.; Elekdag, Selim; … - National Bureau of Economic Research (NBER) - 2008
We develop a five-region version (Canada, a group of oil exporting countries, the United States, emerging Asia and Japan plus the euro area) of the Global Economy Model (GEM) encompassing production and trade of crude oil, and use it to study the international transmission mechanism of shocks...
Persistent link: https://www.econbiz.de/10005088848
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Temporary Investment Tax Incentives: Theory with Evidence from Bonus Depreciation
House, Christopher; Shapiro, Matthew D. - National Bureau of Economic Research (NBER) - 2006
Investment decisions are inherently forward-looking. The payoff of acquiring capital goods, particularly long-lived capital goods, is governed almost exclusively by events in the far future. Because the timing of the investment itself does not affect future payoffs, there are strong incentives...
Persistent link: https://www.econbiz.de/10005049820
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Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing
Faruqee, Hamid; Laxton, Douglas; Pesenti, Paolo A.; … - National Bureau of Economic Research (NBER) - 2005
This paper re-examines the implications, risks, and attendant policies surrounding global rebalancing of current accounts through the lens of a dynamic, multi-region model of the global economy. In the baseline scenario, world macroeconomic imbalances of the early 2000s can be attributed to a...
Persistent link: https://www.econbiz.de/10005050416