Does a permanent rise in temperature decrease the level or growth rate of GDP in affected countries? Differing answers to this question lead prominent estimates of climate damages to diverge by an order of magnitude. This paper combines indirect evidence on economic growth with new empirical...

This paper presents empirical evidence against the standard dichotomy in macroeconomics that separates growth from the volatility of economic fluctuations. In a sample of 92 countries as well as a sample of OECD countries, we find that countries with higher volatility have lower growth. The...

This paper studies the impact of oil shocks on the U.S. economy--and on the motor vehicle industry in particular--and re-examines whether the relationship has changed over time. We find remarkable stability in the response of aggregate real variables to oil shocks once we account for the extra...

Frontmatter -- Contents -- Introduction / Hulten, Charles R. / Ramey, Valerie A. -- I. The Macroeconomic Link between Education and Real GDP Growth -- 1. Educational Attainment and the Revival of US Economic Growth / Jorgenson, Dale W. / Ho, Mun S. / Samuels, Jon D. -- 2. The Outlook for US...