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Contents Abstract 928 Keywords 928 1. Introduction 929 2. Stylized facts o f aggregate activity 931 2.1. Measuring business cycles with the HP filter 932 2.2. Some stylized facts of US business cycles 934 2.3. Some stylized facts of economic growth 941 2.4. Implications of stylized facts 941 3. The basic neoclassical m o d e l 942 3.1. The structure 942(More)
This paper studies the role played by distribution costs in shaping the behavior of the real exchange rate during exchange-rate-based stabilizations. We document that distribution costs are very large for the average consumer good: they represent more than 40 percent of the retail price in the US and roughly 60 percent of the retail price in Argentina.(More)
The baby boom and subsequent baby bust in the United States resulted in dramatic shifts in the age composition of the American population. Japan, Germany, and other industrialized countries have experienced similarly dramatic demographic change during the postwar period, although the details regarding timing and nature differ from place to place. In this(More)
We describe the application of a microarray platform, which combines information from exon body and splice-junction probes, to perform a quantitative analysis of tissue-specific alternative splicing (AS) for thousands of exons in mammalian cells. Through this system, we have analyzed global features of AS in major mouse tissues. The results provide numerous(More)
Lawrence J. Christiano is a professor of economics at Northwestern University, a consultant to the Federal Reserve Bank of Chicago, and a research associate at the National Bureau of Economic Research. Terry J. Fitzgerald is an economist at the Federal Reserve Bank of Cleveland. The title of this article is modified from Kocherlakota’s (1996) article. The(More)
We present a class of convex endogenous growth models and analyze their performance in terms of both growth and business cycle criteria. The models we study have close analogs in the real business cycle literature. We interpret the exogenous growth rate of productivity as an endogenous growth rate of human capital. This perspective allows us to compare the(More)
Using ideas from the endogenous growth literature, we present a model of the endogenous determination of productivity growth based on individual worker decisions about human capital investments. We calibrate a version of the model to match long term growth facts from the US and study the business cycle frequency properties of this model. This approach(More)
Job polarization refers to the recent shrinking concentration of employment in occupations in the middle of the skill distribution. Jobless recoveries refers to the slow rebound in aggregate employment following recent recessions, despite recoveries in aggregate output. We show how these two phenomena are related. First, essentially all employment loss in(More)
Is there a trade-off between fluctuations and growth? The empirical evidence is mixed, with some studies finding a positive relationship, while others find a negative one. Our objectives in this paper are to understand how fundamental uncertainty can affect the long run growth rate, and to identify those factors that are important in determining the nature(More)