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The measurement of durable goods prices
American business has recently been under fire, charged with inflated pricing and an inability to compete in the international marketplace. However, the evidence presented in this volume shows thatExpand
Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds
This paper raises basic questions about the process of economic growth. It questions the assumption, nearly universal since Solow's seminal contributions of the 1950s, that economic growth is aExpand
Foundations of the Goldilocks Economy: Supply Shocks and the Time-Varying NAIRU
THE AMERICAN ECONOMY of the mid-1990s has been a source of envy for the world and of puzzlement for macroeconomists. The civilian unemployment rate has remained below 5 percent for one year and belowExpand
Consumer Prices, the Consumer Price Index, and the Cost of Living
After presenting major findings and recommendations, the CPI Commission reiterates the estimate of a 1.1 percentage point per annum upward bias. It rejects the contention that the BLS already makesExpand
The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War
In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, home appliances, motorExpand
Appendix B: Historical Data
Has the “New Economy” Rendered the Productivity Slowdown Obsolete?
When the period since 1995:4 is compared to 1950-72 and 1972-95, growth in output per hour in the most recent (third) period has recovered more than two-thirds of the productivity growth slowdownExpand
The Demise of U.S. Economic Growth: Restatement, Rebuttal, and Reflections
The United States achieved a 2.0 percent average annual growth rate of real GDP per capita between 1891 and 2007. This paper predicts that growth in the 25 to 40 years after 2007 will be much slower,Expand
Staggered Wage Setting in a Macro Model
Few economists now question the validity of the Friedman-Phelps accelerationist hypothesis that the Phillips curve is vertical in the long run-at least as a first-order approximation. Indeed. theExpand
The History of the Phillips Curve: Consensus and Bifurcation
While the early history of the Phillips curve up to 1975 is well known, less well understood is the post-1975 fork in the road. The left fork developed a theory of policy responses to supply shocksExpand