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In recent decades the American economy has experienced the worst peace-time inflation in its history and the highest …
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extended past 2007. For the longer stretch of history back to 1891, the paper provides numerous corrections to the growth of … rapid MFP growth in U. S. history occurred in 1928-50, a phenomenon that I have previously dubbed the "one big wave." The …
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This paper develops a new analysis of the U. S. economy in the 1920s that is illuminated by contrasts with the 1990s, and it also re-examines the causes of the Great Depression. In both the 1920s and the 1990s the acceleration of productivity growth linked to the delayed effects of previously...
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