Soviet growth over 1960-89 was the worst in the world after we control for investment and human capital; the relative performance worsens over time. The declining Soviet growth rate over 1950-87 is explained by the declining marginal product of capital; the rate of TFP growth is roughly constant...

This paper examines the case for rules rather than discretion in the conduct of monetary policy, from both historical and analytic perspectives. The paper starts with the rules of the game under the gold standard. These rules were ill-defined and not adhered to; active discretionary policy was...

Ziel dieses Buches ist die Erklärung , wie man die moderne Makroökonomik für das Verständnis wichtiger wirtschaftlicher Streitfragen verwenden und wie man Leser helfen kann, selbst makroökonomische Probleme zu analysieren. Die achte Auflage wurde gegenüber der sechsten deutschen Auflage...