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Consumers' expected income growth declined significantly during the Great Recession. It was the most severe drop ever … observed in these data, and expectations have not yet fully recovered. Furthermore, this article shows that expected income … growth is a strong predictor of actual future income and consumption growth …
Persistent link: https://www.econbiz.de/10013060018
capita income to fall far behind the world leader. Once industrialization begins, this trend is reversed. The extent to which … improvements in agricultural productivity (due to, say, a Green Revolution) will experience a rapid increase in its income relative …
Persistent link: https://www.econbiz.de/10014068114
This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...
Persistent link: https://www.econbiz.de/10013110732
-country income distribution. Using a newly constructed dataset of climatic temperatures stretching over three centuries (18th, 19th … is introduced, the effect of 20th century climatic temperature on current income is either weakly positive or … insignificant. Our findings are robust to various sub-samples, additional geographic controls, and alternative income measures. The …
Persistent link: https://www.econbiz.de/10014200862
Many scholars have argued that once "basic needs" have been met, higher income is no longer associated with higher in … about well-being, we find no support for this claim. The relationship between well-being and income is roughly linear …
Persistent link: https://www.econbiz.de/10009736745
Many scholars have argued that once “basic needs” have been met, higher income is no longer associated with higher in … about well-being, we find no support for this claim. The relationship between well-being and income is roughly linear …
Persistent link: https://www.econbiz.de/10013315787
Why do advanced economies fall into prolonged periods of economic stagnation, particularly in the aftermath of credit booms? We present a model of persistent aggregate demand shortage based on strong liquidity preferences of households, in which we incorporate financial imperfections to study...
Persistent link: https://www.econbiz.de/10012966912
Section 2 of the Sherman Act bans monopolization of any part of interstate commerce. This essay draws on macroeconomic theory and the New Deal experience with partial repeal of the antitrust laws and cartelization of labor to examine the relationship between macroeconomic stability and the...
Persistent link: https://www.econbiz.de/10014168446
We explore the inventive activity and recombinant ideas in the field of economic growth research by analyzing the Journal of Economic Literature (JEL) classification codes assigned to articles published in the Journal of Economic Growth. The average number of JEL codes, authors, keywords, pages...
Persistent link: https://www.econbiz.de/10013291867
The worst global downturn since the Great Depression has caused ballooning budget deficits in most nations, as tax revenues collapse and governments bail out financial institutions and attempt countercyclical fiscal policy. With notable exceptions, most economists accept the desirability of...
Persistent link: https://www.econbiz.de/10013083044