• Publications
  • Influence
The Relation between Price and Marginal Cost in U.S. Industry: A Contradiction
  • S. Norrbin
  • Economics
  • Journal of Political Economy
  • 1 December 1993
In a recent article in this Journal, Hall (1988) examined productivity shocks at the industry level, derived from constant returns to scale production functions in which firms were assumed to beExpand
  • 416
  • 83
The role of international factors in the business cycle: A multi-country study
Abstract Empirical research has been conducted on the various theories of the business cycle over many countries. However, very little research has attempted to undertake a multi-country disaggregateExpand
  • 88
  • 6
An inquiry into the sources of macroeconomic fluctuations
Abstract This paper attempts to decompose the sources of fluctuations in quarterly employment by industry and region into: (1) an aggregate (national) shock, (2) region-specific shocks, (3)Expand
  • 73
  • 3
"Measuring the Economic Benefits of America's Everglades Restoration"
  • 23
  • 2
International Portfolio Investment
This chapter applies some basic ideas of modern finance to understand and analyze the incentives for international investment. It first looks at portfolio diversification, a motive that leads to theExpand
  • 6
  • 2
The Importance of Sectoral and Aggregate Shocks in Business Cycles
The theoretical literature on business cycles proposes numerous causes for their occurrence. This paper attempts to measure the relative importance of aggregate, whether real or nominal, and sectoralExpand
  • 13
  • 2
An Encompassing Test of Real Interest Rate Equalization
Much confusion about the real interest rate connection amongst different countries may result from a narrow approach to analyzing the data. Using an encompassing methodology that accommodates manyExpand
  • 14
  • 1
Is the real interest rate parity condition affected by the method of calculating real interest rates?
Although the real interest rate parity (RIRP) hypothesis has been extensively tested, there are no conclusive findings. We argue that the mixed findings are a result of the different methods used toExpand
  • 8
  • 1
Sources of output fluctuations in the United States during the inter-war and post-war years
Abstract This paper attempts to decompose the sources of fluctuations in industry output into: (1) an aggregate (national) shock, (2) industry group specific shocks, and (3) idiosyncratic factors.Expand
  • 20
  • 1
Disaggregate stochastic trends in industrial production
Abstract Several industries appear cointegrated at a highly disaggregated level, but the cointegration is not sufficient to reduce the system to a single common trend. Instead the results indicateExpand
  • 8
  • 1