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Keywords:Productivity 

Working Paper
Stochastic capital depreciation and the comovement of hours and productivity

An unresolved question concerning stochastic depreciation shocks is whether they have to be unrealistically large to have any useful role in a dynamic general equilibrium model economy, as Ambler and Paquet (1994) first suggested. We first consider implied depreciation rates from sectoral data from the Bureau of Economic Analysis. These depreciation rates vary across time solely due to compositional changes within each sector. Hence, they tend to understate the range of fluctuation that would hold if the economic shelf life of capital varied endogenously as in Cooley, Greenwood and Yorukoglu ...
Working Papers , Paper 2002-003

Journal Article
Have computers made us more productive? A puzzle

You say you want an information revolution? Well, it came and changed the world. So where's the explosion in productivity?
The Regional Economist , Issue Oct , Pages 10-11

Journal Article
Productivity and the post-1990 U.S. economy

In this paper, the authors show that ignoring corporate intangible investments gives a distorted picture of the post-1990 U.S. economy. In particular, ignoring intangible investments in the late 1990s leads one to conclude that productivity growth was modest, corporate profits were low, and corporate investment was at moderate levels. In fact, the late 1990s was a boom period for productivity growth, corporate profits, and corporate investment.
Review , Volume 87 , Issue Jul , Pages 537-550

Working Paper
The case against patents

The case against patents can be summarized briefly: there is no empirical evidence that they serve to increase innovation and productivity. There is strong evidence, instead, that patents have many negative consequences.
Working Papers , Paper 2012-035

Working Paper
Models of firm heterogeneity and growth

Although employment at individual firms tends to be highly non-stationary, the employment size distribution of all firms in the United States appears to be stationary. It closely resembles a Pareto distribution. There is a lot of entry and exit, mostly of small firms. This paper surveys general equilibrium models that can be used to interpret these facts and explores the role of innovation by new and incumbent firms in determining aggregate growth. The existence of a balanced growth path with a stationary employment size distribution depends crucially on assumptions made about the cost of ...
Working Papers , Paper 678

Speech
Economic overview: Queens and the region

Remarks at Queens Chamber of Commerce and Queens Economic Development Corporation, Flushing, New York City.
Speech , Paper 47

Working Paper
Firm Entry and Exit and Aggregate Growth

Applying the Foster, Haltiwanger, and Krizan (FHK) (2001) decomposition to plant-level manufacturing data from Chile and Korea, we find that the entry and exit of plants account for a larger fraction of aggregate productivity growth during periods of fast GDP growth. Studies of other countries confirm this empirical relationship. To analyze this relationship, we develop a simple model of firm entry and exit based on Hopenhayn (1992) in which there are analytical expressions for the FHK decomposition. When we introduce reforms that reduce entry costs or reduce barriers to technology adoption ...
Working Papers , Paper 201903R

Journal Article
Factor utilization and margins for adjusting output: evidence from manufacturing plants

This paper describes patterns of factor utilization and output adjustment at the plant level for a wide range of manufacturing industries. We explain why manufacturing plants may differ quite a bit in how they accomplish output adjustments, depending on shutdown cost aspects of technology. Assembly-type operations with low shutdown costs would primarily vary the work period of the plant, whereas continuous processing plants with large shutdown costs would adjust instantaneous flow rates of production. For larger output increases, a lengthening of the work period by assemblers would entail ...
Economic Review

Working Paper
ICT Services and their Prices: What do they tell us about Productivity and Technology?

This paper reassesses the link between ICT prices, technology, and productivity. To understand how the ICT sector could come to the rescue of a whole economy, we extend a multi-sector model due to Oulton (2012) to include ICT services (e.g., cloud services) and use it to calibrate the steady-state contribution of the ICT sector to growth in aggregate U.S. labor productivity. Because ICT technologies diffuse through the economy increasingly via purchases of cloud and data analytic services that are not fully accounted for in the standard narrative on ICT's contribution to economic growth, the ...
Finance and Economics Discussion Series , Paper 2017-015

Conference Paper
Human capital and economic growth

Proceedings - Economic Policy Symposium - Jackson Hole

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