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This paper analyzes the channels through which financial crises exert long-term negative effects on output. Recent models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a gap between pre-crisis trend and actual GDP. This...
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variables. We find, using over 100 years of U.S. data, that in the long run the effect of inflation on investment and output is … positive (a "Tobin type effect") and the investment rate, and hence the real interest rate, are not independent of inflation …
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accounting school appears due to limitations existing in the measures in efficiency units of the quality of the real investment …, because of the investment is not really comparable along the time. The analysis is based in to adjust the quality or … productivity of the investment goods constructing hedonic prices indices. This school is represented among others by Hulten (1992 …
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