A satisfactory account of the postwar growth experience of the United States should be able to come to terms with the following three facts: -Since the early 1970's there has been a slump in the advance of productivity. -The price of new equipment has fallen steadily over the postwar period....

A multi-sector growth model is developed where public spending affects output in one of two ways. First, the government taxes income to fund capital expenditures. Second, public capital is used in the production of both final goods and intermediate private capital goods. Inclusion of an...

How much technological progress has there been in structures? An attempt is made to measure this using panel data on the age and rents of buildings. The data are interpreted with the help of a vintage capital model where buildings are replaced with some chosen periodicity. The results indicate...