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Long-Run Implications of Investment-Specific Technological Change
The role that investment-specific technological change played in generating postwar U.S. growth is investigated here. The premise is that the introduction of new, more efficient capital goods is anExpand
Financial Development, Growth, and the Distribution of Income
A paradigm is presented in which both the extent of financial intermediation and the rate of economic growth are endogenously determined. Financial intermediation promotes growth because it allows aExpand
Investment, Capacity Utilization and the Real Business Cycle
This paper adopts Keynes' view that shocks to the marginal efficiency of i nvestment are important for business fluctuations, but incorporates i t in a neoclassical framework with endogenous capacityExpand
The Role of Investment-Specific Technological Change in the Business Cycle
This is a specific investigation of the importance of technological change specific to new investment goods for postwar U.S. aggregate fluctuations. A growth model that incorporates this form ofExpand
Engines of Liberation
Electricity was born at the dawn of the last century. Households were inundated with a flood of new consumer durables. What was the impact of this consumer durable goods revolution? It is argued hereExpand
The Allocation of Capital and Time over the Business Cycle
A Beckerian model of household production is developed to study the cyclical allocation of capital and time between market and home activities. The adopted framework treats the business and householdExpand
Financial Markets in Development, and the Development of Financial Markets
What is the relationship between markets and development? It is argued that markets promote growth, and that growth in turn encourages the formation of markets. Two models with endogenous marketExpand
Marry Your Like: Assortative Mating and Income Inequality
Has there been an increase in positive assortative mating? Does assortative mating contribute to household income inequality? Data from the United States Census Bureau suggests there has been a riseExpand
The Baby Boom and Baby Bust
What caused the baby boom? And, can it be explained within the context of the secular decline in fertility that has occurred over the last 200 years? The hypothesis is that: 1. The secular decline inExpand
On the Existence of Nonoptimal Equilibria in Dynamic Stochastic Economies
Abstract The question of the existence of the stationary equilibrium for distorted versions of the standard neo-classical growth model is addressed in this paper. The conditions presentedExpand