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Journal Article
Will Poor Countries Catch Up?
Journal Article
Long Run
Journal Article
Was China Behind a Manufacturing Decline?
Journal Article
No More Free Lunch
Article about the Supplemental Nutrition Assistance Program (SNAP)
Journal Article
Helicopter Money
Journal Article
Idiosyncratic Sectoral Growth, Balanced Growth, and Sectoral Linkages
We study the growth properties of an economy where different sectors are linked by way of intermediates and potentially grow at different rates. We characterize the economy's equilibrium balanced growth path, and derive an analytical expression that summarizes how TFP growth in a given sector affects value added growth in every other sector and, therefore, aggregate GDP growth. We show in a special case that a version of Hulten's (1978) theorem, whereby the effects of changes in sector-specific productivity on GDP are entirely captured by that sector's share in GDP, also holds in growth rates ...
Journal Article
How Much Do State Business Taxes Matter?
States hope to attract businesses by cutting their taxes, but it?s not clear how well it works
Journal Article
What Happens When Bubbles Pop?
At the Richmond Fed highlighted research: "Asset Bubbles and Global Imbalances." Toan Phan and Daisuke Ikeda. American Economic Journal: Macroeconomics, forthcoming.