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Endogenous productivity and development accounting

Cross-country data reveal that the per capita incomes of the richest countries exceed those of the poorest countries by a factor of thirty-five. We formalize a model with embodied technical change in which newer, more productive vintages of capital coexist with older, less productive vintages. A reduction in the cost of investment raises both the quantity and productivity of capital simultaneously. The model induces a simple relationship between the relative price of investment goods and per capita income. Using cross-country data on the prices of investment goods, we find that the model does ...
Staff Reports , Paper 258

Conference Paper
The issues of marital stability and family composition and the income maintenance experiments

Conference Series ; [Proceedings] , Volume 30 , Pages 60-105

Working Paper
How does labor mobility affect income convergence?

The neoclassical growth model is extended to allow for mobile labor. Following a negative shock to a small economy's capital stock, capital and labor frictions effect an equilibrium transition path during which wages remain below their steady-state level. Outmigration directly contributes to faster income convergence but also creates a disincentive for gross capital formation. The net result is that across a wide range of calibrations, the speed of income convergence is relatively insensitive to the degree of labor mobility.
Research Working Paper , Paper 99-12

Working Paper
Adaptation and the Cost of Rising Temperature for the U.S. economy

How costly will rising temperature due to climate change be for the U.S. economy? Recent research has used the well-identified response of output to weather to estimate this cost. But agents may adapt to the new climate. We propose a methodology to infer adaptation technology from the heterogeneous responses of output to weather observed currently across the U.S. Our model estimates how much each region has adapted already, and can predict how much each will adapt further after climate change. The size and distribution of losses from climate change vary substantially once adaptation is taken ...
Working Paper Series , Paper WP-2020-08

Discussion Paper
Understanding why high income households save more than low income households

This paper investigates why high income households in the United States save on average more than low income households in cross-section data. The three explanations considered are (1) age differences across households, (2) temporary earnings shocks, and (3) the structure of transfer payments. We use a calibrated life-cycle model to evaluate the quantitative importance of these explanations and find that age and the structure of transfers are quantitatively important in producing the cross-section pattern of United States savings rates. Temporary shocks are of secondary importance.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 106

Journal Article
A monetary model of nominal income determination

Review , Volume 57 , Issue Jun , Pages 9-19

The supply side consequences of U.S. fiscal policy in the 1980s

Research Paper , Paper 9129

Journal Article
Some incomes are less average than others

National Economic Trends , Issue Oct

Journal Article
The changing relationship between income and crime victimization

This paper was presented at the conference "Unequal incomes, unequal outcomes? Economic inequality and measures of well-being" as part of session 3, " Education and crime in urban neighborhoods." The conference was held at the Federal Reserve Bank of New York on May 7, 1999. The author examines the changes in the relationship between income and crime victimization over time. He argues that the poor suffer disproportionately more from property crime today than they did twenty years ago, possibly because of the increased reliance on theft-prevention devices by higher income groups. The ...
Economic Policy Review , Volume 5 , Issue Sep , Pages 87-98

Journal Article
Research spotlight: Technology, unionization, and income inequality

Related links:
Econ Focus , Volume 16 , Issue 4Q , Pages 11



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