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Journal Article
Technology and growth: an overview
Little, Jane Sneddon; Fuhrer, Jeffrey C. (1996-11)
During the 1990s, the Federal Reserve has pursued its twin goals of price stability and steady employment with considerable success. But despite--or perhaps because of--this success, concerns about the pace of economic and productivity growth have attracted renewed attention. Many observers ruefully note that the average pace of GDP growth has remained below rates achieved in the 1960s and that a period of rapid investment in computers and other capital equipment has had disappointingly little impact on the productivity numbers. Most of the industrial world has experienced a similar decline ...
New England Economic Review , Issue Nov , Pages 3-25

Discussion Paper
The replacement problem
Yorukoglu, Mehmet; Greenwood, Jeremy; Cooley, Thomas F. (1994)
We construct a vintage capital model of economic growth in which the decision to replace old technologies with new ones is modeled explicitly. Depreciation in this environment is an economic, not a physical concept. We describe the balanced growth paths and the transitional dynamics of this economy. We illustrate the importance of vintage capital by analyzing the response of the economy to fiscal policies designed to stimulate investment in new technologies.
Discussion Paper / Institute for Empirical Macroeconomics , Paper 95

Journal Article
Investment ratios and economic growth rates
Cheng, Hang-Sheng (1974-04)
Economic Review , Issue Spr , Pages 9-20

Conference Paper
Technology and growth: conference proceedings
Little, Jane Sneddon; Fuhrer, Jeffrey C. (1996-06)
Conference Series ; [Proceedings] , Volume 40 , Issue Jun

Journal Article
Pegging and stabilization policy in developing countries
Moreno, Ramon (2001)
I review the case for pegging the exchange rate by surveying the recent theoretical literature on the choice of exchange rate regimes. This literature suggests that by enhancing the transparency or controllability of monetary policy, pegging may be more effective in lowering inflation expectations than other targets (such as money growth). However, under certain conditions a peg may be vulnerable to shifts in expectations. A peg also may require greater fiscal restraint by limiting the availability of inflation tax revenue; however, given certain economic distortions, policymakers may find ...
Economic Review

Journal Article
Pitching for the minor leagues
Wirtz, Ronald A. (2001-03)
Fedgazette , Volume 13 , Issue Mar , Pages 2-3

Working Paper
What do cross-sectional growth regressions tell us about convergence?
Swaine, Daniel G. (1998)
This paper tests the dynamic implications of beta-convergence with time-series data from 48 contiguous U.S. states. The motivation for this paper rests with the interpretation of results from cross-sectional growth regressions. These results show that poor regions experience faster per-capita income growth than rich regions. This is interpreted as evidence of convergence. However, convergence is a dynamic adjustment process with testable implications in time-series data, while the literature employs cross-sectional data to estimate this dynamic concept. A set of strong assumptions must be ...
Working Papers , Paper 98-4

Journal Article
Economic development in rural Wisconsin: developing a 21st century response to compete in today’s global marketplace
Kuehl, Steven (2012-11)
In October 2011, the Federal Reserve Bank of Chicago?s Community Development and Policy Studies division co-sponsored a two-day conference that explored and discussed policies that speed, strengthen, and enhance economic development in Wisconsin?s rural areas to increase their competitiveness in today?s global economy. This article summarizes key points from presentations and discussions at the symposium. ; Over 150 participants, representing community banks in the Seventh Federal Reserve District, economic development/finance agencies, small business owners, researchers, and policymakers, ...
Profitwise , Issue Nov

Journal Article
Congestion at airports: the economics of airport expansions
Cohen, Jeffrey P.; Coughlin, Cletus C. (2003-05)
Congestion and subsequent delays have been prevalent in many U.S. airports in recent years. A common response to congestion, championed by many community leaders, is to expand capacity by constructing new runways and terminals. Airport expansions are costly, complex, and controversial. We begin by using basic economic theory to analyze congestion at those airports that are part of an air transportation system. Next, we describe how benefit-cost analysis is used to assess the desirability of airport expansions. Many of the key points are illustrated in the context of Lambert?St. Louis ...
Review , Volume 85 , Issue May , Pages 9-26

Working Paper
Trade, growth and capital: a case study of Jamaica
Gyles, Michelle T.; Allen, Donald S. (1995)
This is the first of two articles on the dynamics of the Jamaican economy over the last two and a half decades. It compares the overall macroeconomy of Jamaica in the areas of output, fiscal and monetary policy, capital formation and trade to that of Singapore and South Korea. The conclusion from the aggregate data is that government spending in the second half of the 1970?s and the first half of the 1980?s may have had a significant role in the inflationary episodes and reduced capital formation during this period. The second article will delve deeper into the details of the fiscal and ...
Working Papers , Paper 1995-012

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