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THE ROLE OF INTANGIBLE CAPITAL IN THE TRANSFORMATION AND GROWTH OF THE CHINESE ECONOMY
TRANSFORMATION GROWTH OF THE CHINESE ECONOMY
2015/9/21
We would like to thank Bart van Ark, Harry Wu, Nancy Humphrey, and Mark Dutz, as well as the
participants in the 2011 NBER Summer Institute workshop, a 2012 workshop of The Conference Board,
and a 2...
The Political Economy of Discretionary Spending: Evidence from the American Recovery and Reinvestment Act
Political Economy American Recovery
2015/9/21
We study the spatial allocation of expenditures in the American
Recovery and Reinvestment Act (ARRA), one of the largest discretionary
funding bills in the history of the United States. Contrary
to...
Whether and how Occupy
Wall Street (OWS) persists
are wide open questions.
Nonetheless, it has given
the income distribution
its “moment in the sun.” In a lip comment in
2008, I suggested to a L...
INNOVATION, INTANGIBLES AND ECONOMIC GROWTH: TOWARDS A COMPREHENSIVE ACCOUNTING OF THE KNOWLEDGE ECONOMY
INTANGIBLES ECONOMIC GROWTH:
2015/9/21
We live in an era of rapid, almost dizzying, innovation in products and processes. These
innovations have improved consumer welfare through the introduction of new goods and
services, improvements...
Fiscal Rules From A Political Economy Perspective
Fiscal Rules Political Economy Perspective
2015/9/18
Persistent deficits, implying secular growth of debt, have led many to argue that fiscal rules may play an important role in helping reduce or eliminate deficits and help control the growth of governm...
Conditionality and Ownership in IMF Lending:A Political Economy Approach
IMF Foreign Aid Conditionality Ownership
2015/9/18
The relation between IMF conditionality and country ownership of assistance programs is considered from a political economy perspective, focusing on the question of why conditionality is needed if it ...
In developing countries, health care is often publicly provided and subsidized
by the government. This is sometimes used as an instrument to redistribute
income and to assure that the poor receive a...
Macroeconomic Tradeoffs in an International Economy with Rational Expectations
Macroeconomic Tradeoffs Rational Expectations
2015/8/5
Macroeconomic Tradeoffs in an International Economy with Rational Expectations.
Convergence in Family Law: Mirrors, Transplants and Political Economy
Mirrors Transplants Political Economy
2015/8/4
Pressure for convergence of family laws appears to be intensifying. An impetus for greater uniformity in this sphere is apparent as part of the general project of European unification. The Council of ...
Commentary: Macroeconomic Implications of the New Economy
Macroeconomic Implications the New Economy
2015/8/3
Jorgenson-Stiroh, and Martin Baily himself at the Council of
Economic Advisers. The survey demonstrates clearly that the resurgence
in productivity growth since 1996 was due, to a large extent, to
...
It is an honor to be invited to give the Inaugural Mayekawa Lecture, and it is a special
pleasure to return to Tokyo and the Bank of Japan (BOJ) to do so. I would like to
begin the lecture by taking...
The State of the Economy and Principles for Fiscal Stimulus
Fiscal Stimulus industrial production
2015/8/3
The financial crisis evidenced in Figure 1 can be traced to unusually low interest
rates in the early part of this decade which let to the housing boom and bust, and then to
massive delinquencies an...
Thank you Chairman Frank, Ranking Member Bachus, and other members of the
House Committee on Financial Services for giving me the opportunity to testify on
monetary policy and the state of the econo...
Coincidence,data compression,and Mach’s concept of “economy of thought”
Coincidence data compression Mach’s concept economy of thought
2015/7/30
A case is made that Mach’s principle of “economy of thought”, and therefore usefulness, is related to the compressibility of data, but that a mathematical expression may compress data for reasons that...
Why Does the Economy Fall to Pieces after a Financial Crisis?
Economy Fall Financial Crisis
2015/7/20
Existing macroeconomic models account successfully for the immediate effects of a financial crisis on output and employment. I will lay out a simple macro model that captures the most important featur...