Enrique Mendoza and two anonymous referees for helpful comments, and to Karen Myers for processing this manuscript. Responsibility for any errors is mine. The views expressed are those of the author and do not necessarily represent those of the Federal Reserve Bank of Richmond or the Federal Reserve System. Abstract For the United States economy… (More)
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T he early 1970s witnessed dramatic change in per-capita output and labor-productivity growth rates in the United States. These growth rates averaged 2.2 percent and 2.0 percent, respectively, for the 1950–1969 period compared to 1.3 percent and 0.8 percent for the 1970–1989 period. Aschauer (1989) advances the idea that an important explanatory factor in… (More)
C apacity utilization in U.S. industry features prominently in discussions of inflation. This prominence derives from the widely held viewpoint that " high " rates of capacity utilization are tantamount to resource-shortage conditions or " bottlenecks " that inevitably erupt into price inflation. For instance, an article in Citicorp's Economic Week (January… (More)
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A new approach to the analysis of the effects of monetary policy on economic activity is developing. Its pioneers are Benhabib and Farmer (1992) and Beaudry and Devereux (1993, 1995). The combined assumptions of increasing returns to scale (IRS) in production and sticky prices identify this approach. 1 The goal is to rationalize slow price adjustment in… (More)
We present a measurement of the spin-dependent cross sections for the 3He over -->(e over -->,e')X reaction in the quasielastic and resonance regions at a four-momentum transfer 0.1< or =Q2< or =0.9 GeV2. The spin-structure functions have been extracted and used to evaluate the nuclear Burkhardt-Cottingham and extended Gerasimov-Drell-Hearn sum rules for… (More)
We report measurements of cross sections for the reaction p(e,e ′ K +)Y, for both the Λ and Σ 0 hyperon states, at an invariant mass of W =1.84 GeV and four-momentum transfers 0.5 < Q 2 < 2 (GeV/c) 2. Data were taken for three values of virtual photon polarization ǫ, allowing the decomposition of the cross sections into longitudinal and transverse… (More)
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T he relationship between capacity utilization and inflation is quite variable. Figure 1 shows the time paths of utilization and inflation for the United States over the period 1953:1 to 1995:4. Two features characterize this relationship. First, inflation and utilization often move in opposite directions. The most dramatic episodes of negative comovement… (More)