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Journal Article
Why did productivity fall so much during the Great Depression?
Ohanian, Lee E. (2002-04)
This study assesses five common explanations for the large decline in U.S. total factor productivity (TFP) during the Great Depression: changes in capacity utilization, factor input quality, and production composition; labor hoarding; and increasing returns to scale. The study finds that these factors explain less than one-third of the 18 percent TFP decline between 1929 and 1933. The rest of the decline remains unexplained. The study offers a potential explanation: declines in organization capital, the knowledge firms use to organize production, caused by breakdowns in relationships between ...
Quarterly Review , Volume 26 , Issue Spr

Journal Article
Back to the future with Keynes
Ohanian, Lee E. (2008-07)
This article analyzes Keynes's "Economic Possibilities for our Grandchildren"- an essay presenting Keynes's views about economic growth into the 21st century - from the perspective of modern growth theory. I find that the implicit theoretical framework used by Keynes to form his expectations about the 21st-century world economy is remarkably close to modern growth models, featuring a stable steady-state growth path driven by technological progress. On the other hand, Keynes's forecast of employment in the 21st century is far off the mark, reflecting a mistaken view that the income ...
Quarterly Review , Issue Jul , Pages 10-16

Journal Article
Help for the regional economic forecaster: vector autoregression
Anderson, Paul A. (1979-07)
Quarterly Review , Volume 3 , Issue Sum

Journal Article
Do sterilized interventions affect exchange rates?
Weber, Warren E. (1986-07)
Quarterly Review , Volume 10 , Issue Sum , Pages 14-23

Journal Article
On the needed quantity of government debt
Prescott, Edward C.; Birkeland, Kathryn (2007-11)
People are enjoying longer retirement periods, and population growth is slowing and, in some countries, falling. In this article, we determine the implications of these demographic changes for the needed amount of government debt. If tax rates and the transfer share of gross national income (GNI) are both high, the needed debt is near zero. With such a system, however, huge deadweight losses are incurred as a result of the high tax rate on labor income. With a savings system, a large government debt to annual GNI ratio is needed. In a country with early retirement and no population growth, ...
Quarterly Review , Volume 31 , Issue Nov , Pages 2-15

Journal Article
Banking instability and regulation in the U.S. free banking era
Weber, Warren E.; Rolnick, Arthur J. (1985-07)
Quarterly Review , Volume 9 , Issue Sum

Journal Article
Bank regulation: strengthening Friedman's case for reform
Rolnick, Arthur J. (1977-07)
Quarterly Review , Volume 1 , Issue Sum

Journal Article
A reply to Darby
Sargent, Thomas J.; Miller, Preston J. (1984-04)
Quarterly Review , Volume 8 , Issue Spr

Journal Article
The labor market in real business cycle theory
Wright, Randall; Hansen, Gary D. (1992-04)
The standard real business cycle model fails to adequately account for two facts found in the U.S. data: the fact that hours worked fluctuate considerably more than productivity and the fact that the correlation between hours worked and productivity is close to zero. In this paper, in a unified framework, the authors describe and analyze four extensions of the standard model, by introducing nonseparable leisure, indivisible labor, government spending, and household production.
Quarterly Review , Volume 16 , Issue Spr , Pages 2-12

Journal Article
Narrow banking meets the Diamond-Dybvig model
Wallace, Neil (1996-01)
A version of the Diamond-Dybvig model of banking is used to evaluate the narrow banking proposal, the idea that banks should be required to back demand deposits entirely by safe short-term assets. It is shown that the mere existence of an amount of safe short-term assets outside the banking system that exceeds banking system liabilities does not make the proposal either innocuous or desirable. In fact, despite such existence, using narrow banking to cope with banking system illiquidity eliminates the role of the banking system.
Quarterly Review , Volume 20 , Issue Win , Pages 3-13

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