Open AccessBook
Nber Macroeconomics Annual
Stanley Fischer,Olivier Blanchard,Julio J. Rotemberg,Ben S. Bernanke,Kenneth Rogoff,Mark Gertler,Daron Acemoglu,Michael Woodford,Jonathan A. Parker,Martin Eichenbaum,Erik Hurst +10 more
- 01 Jan 1986
585
TL;DR: The 20th edition of the NBER Macroeconomics Annual as mentioned in this paper treated many questions at the cutting edge of macroeconomics that are central to current policy debates, including an analysis of the differential between American and European unemployment rates, with the authors of the paper taking issue with Edward Prescott's view that higher European tax rates are responsible.
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Abstract: This 20th edition of the NBER Macroeconomics Annual treats many questions at the cutting edge of macroeconomics that are central to current policy debates. The papers and discussions include an analysis of the differential between American and European unemployment rates, with the authors of the paper taking issue with Edward Prescott's view that higher European tax rates are responsible; a provocative account of the relationship between fluctuations in the hiring rate of new workers and the U.S. unemployment rate; an analysis of the 20-year decline in aggregate volatility (and the rise in firm volatility); a model that compares the effectiveness of monetary policy that targets inflation rates to one that targets simple wage inflation; a roadmap to using Bayesian approaches in solving empirical puzzles; and a microeconomic model that shows the desirability of maintaining a stable inflation rate even in isolated situations that would seem to call for a more flexible policy toward inflation.
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Citations
What Determines Productivity? Lessons from the Dramatic Recovery of the U.S. and Canadian Iron Ore Industries Following Their Early 1980s Crisis
TL;DR: Work practice changes reduced overstaffing and hence increased labor productivity in the U.S. and Canada in the early 1980s, as a result of unprecedented developments in the world steel market, Brazilian producers were offering to deliver iron ore to Chicago at prices substantially below prices of local iron ore.
Cohesiveness, productivity, and wage dispersion
TL;DR: The authors predicts that workers at cohesive firms will have higher marginal products than will similar workers at other firms; thus, policies to encourage the growth of cohesive firms and increase national output will increase the national output.
Some consequences of credit rationing in an endogenous growth model
TL;DR: In this article, an endogenous growth model is developed where all investment is financed via credit extension, and the equilibrium levels of credit rationing and real growth rates are jointly determined, in the context of several changes in the environment can have unusual consequences.
309
Rising occupational and industry mobility in the united states: 1968–97*
TL;DR: In this article, the authors document and analyze the high level and substantial increase in worker mobility in the United States over the 1968-97 period at various levels of occupational and industry aggregation, and emphasize the importance of their findings for understanding a number of issues such as the changes in wage inequality, aggregate productivity, job stability, and life-cycle earnings profiles.
Walrasian Economics in Retrospect
Samuel Bowles,Herbert Gintis +1 more
TL;DR: Two basic tenets of the Walrasian model, behavior based on self-interested exogenous preferences and complete and costless contracting have recently come under critical scrutiny as discussed by the authors, and it follows that economics must become more behavioral and more institutional.
References
Understanding the Effects of Government Spending on Consumption
TL;DR: In this paper, the authors extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers and show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government spending.
Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve
TL;DR: This paper examined a model of dynamic price adjustment based on the assumption that information disseminates slowly throughout the population and found that the change in inflation is positively correlated with the level of economic activity.
Finance and Development: A Tale of Two Sectors †
TL;DR: This article developed a model co-determining aggregate total factor productivity (TFP), sectoral TFP, and scales across industrial sectors and found that financial frictions disproportionately affect TFP in tradable sectors where production requires larger costs.
What Does the Yield Curve Tell us about GDP Growth
TL;DR: In this paper, the authors build a dynamic model for GDP growth and yields that completely characterizes expectations of GDP, and confirm this finding by forecasting GDP out-of-sample.
988
Purchasing Power Parity and the Real Exchange Rate
Lucio Sarno,Mark P. Taylor +1 more
TL;DR: The authors assess the progress made by the profession in understanding real exchange rate behavior through a selective and critical, but nonetheless expository, review of the literature and conclude that purchasing power parity might be viewed as a valid long-run international parity condition when applied to bilateral exchange rates obtaining among major industrialized countries, and that mean reversion in real exchange rates displays significant nonlinearities.
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