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  • Robert G King, Charles I Plosser, +12 authors Gustavo Gonzaga
  • 1991
Are business cycles mainly the result of permanent shocks to productivity? This paper uses a long-run restriction implied by a large class of real-business-cycle models-identifying permanent productivity shocks as shocks to the common stochastic trend in output, consumption, and investment-to provide new evidence on this question. Econometric tests indicate(More)
Bayesian consumers infer that hidden add-on prices (e.g., the cost of ink for a printer) are likely to be high prices. If consumers are Bayesian, firms will not shroud information in equilibrium. However, shrouding may occur in an economy with some myopic (or unaware) consumers. Such shrouding creates an inefficiency , which firms may have an incentive to(More)
We present an equilibrium theory of the organization of work in an economy where knowledge is an essential input in production and agents are heterogeneous in skill. Agents organize production by matching with others in knowledge hierarchies designed to use and communicate their knowledge efficiently. Relative to autarky, organization leads to larger(More)
IN SEPTEMBER AND OCTOBER 1998, the personal saving rate as measured in the national income and product accounts (NIPAs) dipped below zero for the first time since the Great Depression. For the entire year, personal saving totaled just 0.5 percent of personal disposable income, the lowest rate since 1933. And in the advance estimate for the first quarter of(More)
Author disambiguation is the problem of determining whether records in a publications database refer to the same person. A common supervised machine learning approach is to build a classifier to predict whether a pair of records is coreferent, followed by a clustering step to enforce transitivity. However, this approach ignores powerful evidence obtainable(More)
A fundamental challenge in Internet computing (IC) is to efficiently schedule computations having complex inter job dependencies, given the unpredictability of remote machines, in availability and time of access. The recent IC scheduling theory focuses on these sources of unpredictability by crafting schedules that maximize the number of executable jobs at(More)
Although food premises are regularly inspected, little information is available on the effect of inspections on compliance records, particularly with respect to the impact of the frequency of inspection on compliance. The following presents the outcome of a study designed to assess the impact of increased inspection frequency on compliance measures in(More)
The convergence of molecular biology and miniaturized instrumentation has accelerated development of biosensors with the specifications necessary to support pathogen reduction and quality programs in the food supply. Advances in optoelectronics, thin layer deposition, and microfabrication have provided many options for achieving microbiological detection(More)