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The Steady-State Growth Theorem : A Comment on Uzawa (1961)

Jones, Charles I. - 2004

This brief note revisits the proof of the Steady-State Growth Theorem, first provided by Uzawa (1961). We provide a clear statement of the theorem and a new version of Uzawa's proof that makes the intuition underlying the result more apparent

Persistent link: https://www.econbiz.de/10012467766

Solow vs. Solow : Machine Prices and Development

Jovanovic, Boyan - 1997

Machines are more expensive in poor countries, and the relation is pronounced. It is hard for a Solow (1956) type of model to explain the relation between machine prices and GDP given that in most countries equipment investment is under 10% of GDP. A stronger relation emerges in a Solow (1959)...

Persistent link: https://www.econbiz.de/10012472957

The Productivity Slowdown and the Declining Labor Share : A Neoclassical Exploration

Grossman, Gene M. - 2017

We explore the possibility that a global productivity slowdown is responsible for the widespread decline in the labor share of national income. In a neoclassical growth model with endogenous human capital accumulation a la Ben Porath (1967) and capital-skill complementarity a la Grossman et al....

Persistent link: https://www.econbiz.de/10012453858

Reducing Petroleum Consumption from Transportation

Knittel, Christopher R. - 2012

examines the main channels through which reductions in U.S. oil consumption might take place: (a) increased fuel economy of … engine, and (d) reduced vehicles miles travelled. I then discuss how the policies for reducing petroleum consumption used in … consumption would have the largest impact on economic efficiency …

Persistent link: https://www.econbiz.de/10012460933

Government Debt and Capital Accumulation in an Era of Low Interest Rates

Mankiw, Nicholas Gregory - National Bureau of Economic Research - 2022

, reducing labor productivity, real wages, and consumption …

Persistent link: https://www.econbiz.de/10013210052

Deindustrialization and Industry Polarization

Sposi, Michael; Yi, Kei-mu; Zhang, Jing - National Bureau of Economic Research - 2021

We add to recent evidence on deindustrialization and document a new pattern: increasing industry polarization over time. We assess whether these patterns can be explained by a dynamic open economy model of structural change in which the two primary driving forces are sector-biased productivity...

Persistent link: https://www.econbiz.de/10012696392

Utilization-Adjusted TFP Across Countries : Measurement and Implications for International Comovement

Huo, Zhen - 2020

This paper develops estimates of TFP growth adjusted for movements in unobserved factor utilization for a panel of 29 countries and up to 37 years. When factor utilization changes are unobserved, the commonly used Solow residual mismeasures actual changes in TFP. We use a general equilibrium...

Persistent link: https://www.econbiz.de/10012479327

The Baker Hypothesis

Chari, Anusha - 2020

In 1985, James A. Baker III's "Program for Sustained Growth" proposed a set of economic policy reforms including, inflation stabilization, trade liberalization, greater openness to foreign investment, and privatization, that he believed would lead to faster growth in countries then known as the...

Persistent link: https://www.econbiz.de/10012481256

Endogenous Education and Long-Run Factor Shares

Grossman, Gene M. - 2020

We study the determinants of factor shares in a neoclassical environment with capital- skill complementarity and endogenous education. When more physical capital raises the marginal product of skills relative to that of raw labor, an increase in a broad measure of embodied human capital raises...

Persistent link: https://www.econbiz.de/10012481988

Why Have Business Cycle Fluctuations Become Less Volatile?

Arias, Andres - 2006

This paper shows that a standard Real Business Cycle model driven by productivity shocks can successfully account for the 50 percent decline in cyclical volatility of output and its components, and labor input that has occurred since 1983. The model is successful because the volatility of...

Persistent link: https://www.econbiz.de/10012466590

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