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  • Influence
Why Do Some Countries Produce so Much More Output Per Worker than Others?
Output per worker varies enormously across countries. Why? On an accounting basis, our analysis shows that differences in physical capital and educational attainment can only partially explain the
Employment Fluctuations with Equilibrium Wage Stickiness
Following a recession, the aggregate labor market is slack-employment remains below normal and recruiting efforts of employers, as measured by help-wanted advertising and vacancies, are low. A model
Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence
  • R. Hall
  • Economics
    Journal of Political Economy
  • 1 December 1978
Optimization of the part of consumers is shown to imply that the marginal utility of consumption evolves according to a random walk with trend. To a reasonable approximation, consumption itself
Productivity and the Density of Economic Activity
Two different models - one based on local geographical externalities and the other on the variety of only locally available intermediate services - are shown to give rise to a simple, estimable
The Relation between Price and Marginal Cost in U.S. Industry
  • R. Hall
  • Economics
    Journal of Political Economy
  • 1 October 1988
An examination of data on output and labor input reveals that some U.S. industries have marginal cost well below price. The conclusion rests on the finding that cyclical variations in labor input are
The Limited Influence of Unemployment on the Wage Bargain
When a job-seeker and an employer meet, find a prospective surplus, and bargain over the wage, conditions in the outside labor market, including especially unemployment, may be irrelevant. The
The Value of Life and the Rise in Health Spending
Health care extends life. Over the past half century, Americans spent a rising share of total economic resources on health and enjoyed substantially longer lives as a result. Debate on health policy
By How Much Does GDP Rise If the Government Buys More Output?
During World War II and the Korean War, real GDP grew by about half the increase in government purchases. With allowance for other factors holding back GDP growth during those wars, the multiplier
Job Loss, Job Finding, and Unemployment in the U.S. Economy over the Past Fifty Years
  • R. Hall
  • Economics
    NBER Macroeconomics Annual
  • 1 January 2005
New data compel a new view of events in the labor market during a recession. Unemployment rises almost entirely because jobs become harder to find. Recessions involve little increase in the flow of