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This paper analyzes the productivity in the US rail industry for the period 1980 - 2006. I propose a value … productivity gains can be attributed to returns to scale and the reshuffling of resources to more efficient firms. However …, productivity slows down for the period 1995 - 2000 after important concentrations. I also look at the correlations between firm …
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This paper offers an alternative explanation for the behavior of postwar US inflation by measuring a novel source of monetary policy time-inconsistency due to Cukierman (2002). In the presence of asymmetric preferences, the monetary authorities end up generating a systematic inflation bias...
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