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Working Paper
From Population Growth to TFP Growth
Inokuma, Hiroshi; Sanchez, Juan M.
(2023-03-27)
Using a firm-dynamics model that has been extended to include endogenous growth, we examine how population growth influences total factor productivity (TFP) growth. The most important theoretical result is that the shape of a business's productivity life-cycle profile determines the direction of the impact of population growth on TFP growth. Following that, the model is calibrated for Japan and the United States. The main finding of examining balanced growth paths (BGPs) with various rates of population growth is that the effect on TFP growth is sizable. Japan's expected decline in population ...
Working Papers
, Paper 2023-006
Working Paper
Innovation, Diffusion, and Trade: Theory and Measurement
Santacreu, Ana Maria
(2014-05-01)
I develop a multicountry-model in which economic growth is driven mainly by domestic innovation and the adoption of foreign technologies embodied in traded intermediate goods. Fitting the model to data on innovation, output per capita, and trade in varieties for the period 1996-2007, I estimate the costs of both domestic innovation and adopting foreign innovations, and then decompose the sources of economic growth around the world. I find that the adoption channel has been especially important in developing countries, and accounts for about 65% of their ?embodied? growth. Developed countries ...
Working Papers
, Paper 2014-42
Journal Article
From Gaps to Growth: Equity as a Path to Prosperity
Daly, Mary C.
(2021-10-04)
The pandemic has shined a vivid light on the deep roots of economic inequity, showing that the rules are not the same for everyone. Persistent, unfair gaps in opportunity and well-being across different groups in our society limit people’s potential. Eliminating these inequities could substantially boost GDP and increase the economy’s long-run rate of growth, leading to greater prosperity for all.
FRBSF Economic Letter
, Volume 2021
, Issue 26
, Pages 01-07
Speech
The Intrinsic Value of Inclusive Growth
Harker, Patrick T.
(2017-06-09)
Philadelphia Fed President Patrick Harker outlined the goals of the Bank?s Economic Growth & Mobility Project during his keynote address to the Pennsylvania Economic Association?s annual meeting in Reading, PA. ?Inclusive growth is good for the overall economy,? he said
Speech
, Paper 134
Discussion Paper
Can China Catch Up with Greece?
Clark, Hunter L.; Higgins, Matthew
(2023-10-19)
China’s leader Xi Jinping recently laid out the goal of reaching the per capita income of “a mid-level developed country by 2035.” Is this goal likely to be achieved? Not in our view. Continued rapid growth faces mounting headwinds from population aging and from diminishing returns to China’s investment-centered growth model. Additional impediments to growth appear to be building, including a turn toward increased state management of the economy, the crystallization of legacy credit issues in real estate and other sectors, and limits on access to key foreign technologies. Even ...
Liberty Street Economics
, Paper 20231019
Working Paper
Understanding Climate Damages: Consumption versus Investment
Gibson, Matthew; Fried, Stephie; Casey, Gregory
(2022-10-04)
Existing climate-economy models use aggregate damage functions to model the effects of climate change. This approach assumes climate change has equal impacts on the productivity of firms that produce consumption and investment goods or services. We show the split between damage to consumption and investment productivity matters for the dynamic consequences of climate change. Drawing on the structural transformation literature, we develop a framework that incorporates heterogeneous climate damages. When investment is more vulnerable to climate, we find short-run consumption losses will be ...
Working Paper Series
, Paper 2022-21
Working Paper
An Assignment Model of Knowledge Diffusion and Income Inequality
Luttmer, Erzo G. J.
(2014-09-16)
Randomness in individual discovery tends to spread out productivities in a population, while learning from others keeps productivities together. In combination, these two mechanisms for knowledge accumulation give rise to long-term growth and persistent income inequality. This paper considers a world in which those with more useful knowledge can teach those with less useful knowledge, with competitive markets assigning students to teachers. In equilibrium, students who are able to learn quickly are assigned to teachers with the most productive knowledge. The long-run growth rate of this ...
Working Papers
, Paper 715
Speech
Monetary Policy: Progress Is Not Victory
Daly, Mary C.
(2023-10-05)
Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, The Economic Club of New York, New York, NY, October 5, 2023, 12 PM EDT
Speech
Journal Article
How Does Finance Fuel Growth?
Haltom, Renee Courtois
(2017-01)
Research Spotlight of Michal Jerzmanowski. "Finance and Sources of Growth: Evidence from the U.S. States." Journal of Economic Growth, March 2017, vol. 22, no. 1, pp. 97-122.
Econ Focus
, Issue 1Q
, Pages 7-7
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