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Political Competition and Economic Performance : Theory and Evidence from the United States

Besley, Timothy; Persson, Torsten; Sturm, Daniel - 2021

One of the most cherished propositions in economics is that market competition by and large raises consumer welfare. But whether political competition has similarly virtuous consequences is far less discussed. This paper formulates a model to explain why political competition may enhance...

Persistent link: https://www.econbiz.de/10013227235

Banks, Free Banks, and U.S. Economic Growth

Jaremski, Matthew - 2012

The "Federalist financial revolution" may have jump-started the U.S. economy into modern growth, but the Free Banking System (1837-1862) did not play a direct role in sustaining it. Despite lowering entry barriers and extending banking into developing regions, we find in county-level data that...

Persistent link: https://www.econbiz.de/10013107211

A New Interpretation of Productivity Growth Dynamics in the Pre-Pandemic and Pandemic Era U.S. Economy, 1950-2022

Gordon, Robert J.; Sayed, Hassan - 2022

The dismal decade of 2010-19 recorded the slowest productivity growth of any decade in U.S. history, only 1.1 percent per year in the business sector. Yet the pandemic appears to have created a resurgence in productivity growth with a 4.1 percent rate achieved in the four quarters of 2020. This...

Persistent link: https://www.econbiz.de/10014080444

Does the Environment Still Matter? Daily Temperature and Income in the United States

Deryugina, Tatyana - 2014

It is widely hypothesized that incomes in wealthy countries are insulated from environmental conditions because individuals have the resources needed to adapt to their environment. We test this idea in the wealthiest economy in human history. Using within-county variation in weather, we estimate...

Persistent link: https://www.econbiz.de/10013040229

Sample-Selection Bias and Height Trends in the Nineteenth-Century United States

Zimran, Ariell - 2018

After adjusting for sample-selection bias, I find a net decline in average stature of 0.64 inches in the birth cohorts of 1832--1860 in the US. This result supports the veracity of the Antebellum Puzzle—a deterioration of health during early modern economic growth in the US. However, this...

Persistent link: https://www.econbiz.de/10012914715

The Short-Run and Long-Run Effects of Resources on Economic Outcomes : Evidence from the United States 1936-2015

Clay, Karen - 2018

This paper draws on a new state-level panel dataset and a model of domestic Dutch disease to examine the short-run and long-run effects of oil & natural gas, coal, and agricultural land endowments on state economies during 1936-2015. Using a flexible shift-share estimation approach, where the...

Persistent link: https://www.econbiz.de/10012916891

Institutions and Technological Innovation During the Early Economic Growth : Evidence from the Great Inventors of the United States, 1790-1930

Khan, B. Zorina; Sokoloff, Kenneth L. - 2021

Employing a sample of renowned U.S. inventors that combines biographical detail with information on the patents they received over their careers, we highlight the impact of early U.S. patent institutions in providing broad access to economic opportunity and in encouraging trade in new...

Persistent link: https://www.econbiz.de/10013222992

Debt and Economic Activity in the United States

Friedman, Benjamin M. - 2021

This paper documents a long-standing stability in the relationship between outstanding debt and economic activity in the United States, and explores the implications for capital formation of several hypotheses that could explain this observed phenomenon. The aggregate of outstanding credit...

Persistent link: https://www.econbiz.de/10013224883

Sectoral Growth Across U.S. States : Factor Content, Linkages, and Trade

Richardson, John David; Smith, Pamela J. D. - 2021

Employing a 'factor-content' model that relates sectoral growth to regional factor endowments, we find that 1) U.S. state factor endowments are reasonably strong correlates of cross-state sectoral growth in value-added, with patterns that accord well with intuition; 2) that inter-sectoral...

Persistent link: https://www.econbiz.de/10013225136

Japanese and U.S. Exports and Investment as Conduits of Growth

Eaton, Jonathan; Tamura, Akiko - 2021

around the world. Consistent with the theory we find that the importance of DFI relative to exports grows with population …, although, contrary to our theory, the elasticity of DFI, as well as exports, with respect to population is less than one. We … find that distance tends to inhibit DFI much less than it inhibits exports, as our theory predicts. We find some tendency …

Persistent link: https://www.econbiz.de/10013225821