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Showing results 1 to 10 of approximately 73.
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Journal Article
A new architecture?
Journal Article
Taylor-type rules and total factor productivity
This paper examines the impact of a persistent shock to the growth rate of total factor productivity in a New Keynesian model in which the central bank does not observe the shock. The authors then investigate the performance of alternative policy rules in such an incomplete information environment. While some rules perform better than others, the authors demonstrate that inflation is more stable after a persistent productivity shock when monetary policy targets the output growth rate (not the output gap) or the price-level path (not the inflation rate). Both the output growth and price-level ...
Journal Article
Barnyard boon or bust? the National Animal Identification System (NAIS)
The goal of the National Animal Identification System is to trace the origin of a diseased animal within 48 hours. But would an optional, voluntary system accomplish this goal without unduly hurting small farmers?
Working Paper
What happens when the technology growth trend changes?: transition dynamics, capital growth and the \"new economy\"
The rapid increase in U.S. economic growth during the late 1990s inspired speculation that an acceleration in the rate of technological progress had given rise to an increase in potential output growth. This paper considers the transition dynamics associated with such a change using a general equilibrium framework that incorporates stochastic growth trends. The model suggests that transition dynamics associated with a shift in the technological growth trend can have important implications for macroeconomic growth patterns, particularly when technological change is investment-specific. ...
Journal Article
Currency boards: monetary magic?
Journal Article
Labor's share
Journal Article
There are two sides to every (employment redistribution) story!
Working Paper
R&D spending and cyclical fluctuations: putting the \"technology\" in technology shocks
We examine the dynamic properties of an endogenous growth model with an explicit R&D sector in order to evaluate its ability to propagate temporary disturbances into persistent fluctuations in macroeconomic variables. We demonstrate that a large proportion of the variability and persistence of measured Solow residuals can be thought of as reflecting the endogenous accumulation and adaptation of technical knowledge rather than simply exogenous processes. By explicitly modeling R&D, we use a framework in which it is possible to explicitly consider the role of technology in "technology shocks."
Journal Article
Considering the capital account
Journal Article
Deficits, debt, and trust funds