This paper clarifies the links between employment, productivity and output growth and traces prospects for the Romanian economy. Because it always remains true, the fundamental identity which relates employment to output and labor productivity is the starting point for this paper. We present...

Data on the weekly operating time of capital improve the measurement of effective capital input in production. The production function of the French business sector is found to be consistent with a Cobb-Douglas technology under constant returns to scale. Total factor productivity growth,...

Following the shocks of the COVID-19 pandemic, the economy may be significantly changed relative to the pre-pandemic world. One critical shift induced by the COVID- 19 pandemic is a need for physical distance (at least 6 feet apart) between workers and customers. In this study, we examine the...

Following the shocks of the COVID-19 pandemic, the economy may be significantly changed relative to the pre-pandemic world. One critical shift induced by the COVID-19 pandemic is a need for physical distance (at least 6 feet apart) between workers and customers. In this study, we examine the...

This paper derives series for capital utilisation, labour effort and total factor productivity (TFP) from a general equilibrium model with variable factor utilisation and labour adjustment costs. Impulse responses from the model show that firms initially respond to unanticipated shocks by...

Following the shocks of the COVID-19 pandemic, the economy may be significantly changed relative to the pre-pandemic world. One critical shift induced by the COVID- 19 pandemic is a need for physical distance (at least 6 feet apart) between workers and customers. In this study, we examine the...

This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...

This paper analyses the Canadian economy for the post 1960 period. It uses an accounting procedure developed in Chari, Kehoe, and McGrattan (2006). The procedure identifies accounting factors that help align the predictions of the neoclassical growth model with macroeconomic variables observed...

A positive joint two-sector productivity shock causes Rybczynski (1955) and Stolper and Samuelson (1941) effects that release leisure time and initially raises the relative price of human capital investment so as to favor it over goods production. This enables a basic RBC model, modified by...

An identical two-sector productivity shock causes Rybczynski (1955) and Stolper and Samuelson (1941) effects that release leisure time and initially raise the relative price of human capital investment so as to favor it over goods production. Modified by having the household sector produce human...