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Revisiting U. S. Productivity Growth over the Past Century with a View of the Future

Gordon, Robert J. - National Bureau of Economic Research (NBER) - 2010

This paper provides three perspectives on long-run growth rates of labor productivity (LP) and of multi …-factor productivity (MFP) for the U. S. economy. It extracts statistical growth trends for labor productivity from quarterly data for the … in early 1962 down to 1.25 percent in late 1979 and recovered to 2.45 percent in 2002. Our results on productivity trends …

Persistent link: https://www.econbiz.de/10008615772

Did Housing Policies Cause the Postwar Boom in Homeownership?

Garriga, Carlos; Chambers, Matthew; Schlagenhauf, Donald E. - National Bureau of Economic Research (NBER) - 2013

After the collapse of housing markets during the Great Depression, the U.S. government played a large role in shaping the future of housing finance and policy. Soon thereafter, housing markets witnessed the largest boom in recent history. The objective in this paper is to quantify the...

Persistent link: https://www.econbiz.de/10010969329

The Anatomy of a Residential Mortgage Crisis: A Look Back to the 1930s

Snowden, Kenneth A. - National Bureau of Economic Research (NBER) - 2010

Looking back to the 1930s provides the opportunity to examine one severe mortgage crisis as we live through another. This paper examines the development of the residential mortgage market during the 1920s, the institutional disruptions that occurred in the 1930s and the policy response of...

Persistent link: https://www.econbiz.de/10008548788

Financial Policies and the Financial Crisis: How Important Was the Systemic Credit Contraction for Industrial Corporations?

Kahle, Kathleen M.; Stulz, René M. - National Bureau of Economic Research (NBER) - 2010

Although firm financial policies were affected by a credit contraction during the recent financial crisis, the impact of increased uncertainty and decreased growth opportunities was stronger than that of the credit contraction per se. From the start of the financial crisis (third quarter of...

Persistent link: https://www.econbiz.de/10008533390

Trade, Exchange Rate Regimes and Output Co-Movement: Evidence from the Great Depression

Meissner, Christopher M.; Mathy, Gabriel P. - National Bureau of Economic Research (NBER) - 2011

allowed for the global transmission of a deflationary shock in 1929 that culminated in the Great Depression. It is puzzling …

Persistent link: https://www.econbiz.de/10008919733

Capital Reallocation and Aggregate Productivity

Cooper, Russell W.; Schott, Immo - National Bureau of Economic Research (NBER) - 2013

This paper studies the productivity implications of the cyclical reallocation of capital. Frictions in the reallocation … reallocation and thus in productivity. These frictions also impact the capital accumulation decision. The effects are … plant-level productivity. Instead of relying on approximative solution techniques we show analytically that a higher …

Persistent link: https://www.econbiz.de/10011124366

Sources of Firm Life-Cycle Dynamics: Differentiating Size vs. Age Effects

Kueng, Lorenz; Yang, Mu-Jeung; Hong, Bryan - National Bureau of Economic Research (NBER) - 2014

What determines firm growth over the life-cycle? Exploiting unique firm panel data on internal organization, balance sheets and innovation, representative of the entire Canadian economy, we study recent theories that examine life-cycle patterns for firm growth. These theories include...

Persistent link: https://www.econbiz.de/10010951103

Cyclical Productivity with Unobserved Input Variation

Basu, Susanto; Kimball, Miles Spencer - National Bureau of Economic Research (NBER) - 1997

In this paper, we derive and estimate relationships governing variable utilization of capital and labor for a firm solving a dynamic cost-minimization problem. Our method allows for (i) imperfect competition, (ii) increasing returns to scale, (iii) unobserved changes in utilization, (iv)...

Persistent link: https://www.econbiz.de/10005714045

Does Expansionary Monetary Policy Cause Asset Price Booms; Some Historical and Empirical Evidence

Bordo, Michael David; Landon-Lane, John - National Bureau of Economic Research (NBER) - 2013

In this paper we investigate the relationship between loose monetary policy, low inflation, and easy bank credit with asset price booms. Using a panel of up to 18 OECD countries from 1920 to 2011 we estimate the impact that loose monetary policy, low inflation, and bank credit has on house,...

Persistent link: https://www.econbiz.de/10011133515

Debt Overhangs: Past and Present

Reinhart, Carmen; Rogoff, Kenneth S; Reinhart, Vincent R. - National Bureau of Economic Research (NBER) - 2012

We identify the major public debt overhang episodes in the advanced economies since the early 1800s, characterized by public debt to GDP levels exceeding 90% for at least five years. Consistent with Reinhart and Rogoff (2010) and other more recent research, we find that public debt overhang...

Persistent link: https://www.econbiz.de/10011227915