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Creator: Nelson, Clarence W. (Clarence Walford), 1924- Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 000 Descrizione:
This paper was published with no issue number.
Parola chiave: 9th District, Lumber, Logging, and Black Hills Soggetto: Q56 - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth, Q21 - Renewable Resources and Conservation: Demand and Supply; Prices, and Q23 - Renewable Resources and Conservation: Forestry
Creator: Lin, Lizbie Gee-Sun Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 000 Descrizione:
This paper was published with no issue number.
Simultaneously published as part of the Ninth District Economic Information Series.
Parola chiave: Technical colleges, Community colleges, Students, and Colleges and universities Soggetto: R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes, H52 - National Government Expenditures and Education, and I22 - Educational Finance; Financial Aid
Creator: Beaudry, Paul. and Portier, Franck. Series: Great depressions of the twentieth century Abstract:
In this paper we make the following three claims. (1), in contradiction with the conventional view according to which the French depression was very different to that observed in the US, we argue that there are more similarities than differences between the French and U.S. experiences and therefore a common explanation should be sought. (2), poor growth in technological opportunities appear neither necessary nor sufficient to account for the French depression. (3), changes in institutional and market regulation appear necessary to account for the overall changes observed over the period. Moreover, we show that the size of these institutional changes may by themselves be enough to quantatively explain the French depression. However, at this time, we have no theory to explain the size or the timing of these changes.
Parola chiave: France, Market regulation, Stagnation, and Depression Soggetto: N14 - Macroeconomics and monetary economics ; Growth and fluctuations - Europe : 1913- and E32 - Prices, business fluctuations, and cycles - Business fluctuations ; Cycles
Creator: İmrohoroglu, Selahattin. Series: Macroeconomics with heterogenous agents, incomplete markets, liquidity constraints, and transaction costs Abstract:
This paper investigates the optimal tax structure in an overlapping generations model in which individuals face idiosyncratic income risk, borrowing constraints and lifetime uncertainty. The calibrated model economy produces some quantitative results that differ significantly from the findings of the previous research. The main finding in this imperfect insurance setup is that moving away from capital income taxation toward higher labor income taxation yields a (steady-state) welfare benefit of 1% of aggregate consumption compared with the 6% figure Lucas (1990) finds in an infinite-horizon, complete markets model. This is because replacing the tax on capital income with a higher tax on labor income redistributes resources away from the young working years during which borrowing constraints are more likely to bind. Furthermore, when the individuals have access to a private annuity market to insure against uncertain lifetimes, it becomes optimal to tax capital. When a consumption tax is made available, it is optimal to switch to consumption taxation. The welfare benefit from implementing this optimal plan is on the order of 1.5-3.2% of GNP.
Soggetto: H21 - Taxation, subsidies and revenue - Efficiency ; Optimal taxation and D52 - General equilibrium and disequilibrium - Incomplete markets
Creator: Rivera-Batiz, Luis. and Romer, Paul Michael, 1955- Series: Modeling North American economic integration Abstract:
In a world with two similar, developed economies, economic integration can cause a permanent increase in the worldwide rate of growth. Starting from a position of isolations, closer integration can be achieved by increasing trade in goods or by increasing flows of ideas. We consider two models with different specifications of the research and development sector that is the source of growth. Either form of integration can increase the long-run rate of growth if it encourages the worldwide exploitation of increasing returns to scale in the research and development sector.
Soggetto: F43 - Economic Growth of Open Economies, O41 - One, Two, and Multisector Growth Models, and F15 - Economic Integration
Creator: Caselli, Francesco, 1966- and Coleman, Wilbur John. Series: Productivity and the industrial revolution Abstract:
The process by which per capita income in the South converged to northern levels is intimately related to the structural transformation of the U.S. economy. We find that empirically most of the southern gains are attributable to the nation-wide convergence of agricultural wages to non-agricultural wages, and the faster rate of transition of the Southern labor force from agricultural to non-agricultural jobs. Similar results describe the Mid-West's catch up to the North-East (but not the relative experience of the West). To explain these observations, we construct a model in which the South (Mid-West) has a comparative advantage in producing unskilled-labor intensive agricultural goods. Thus, it starts with a disproportionate share of the unskilled labor force and lower per capita incomes. Over time, declining education/training costs induce an increasing proportion of the labor force to move out of the (unskilled) agricultural sector and into the (skilled) non-agricultural sector. The decline in the agricultural labor force leads to an increase in relative agricultural wages. Both effects benefit the South (Mid-West) disproportionately since it has more agricultural workers. The model successfully matches the quantitative features of the U.S. structural transformation and regional convergence, as well as several other stylized facts on U.S. economic growth in the last century. The model does not rely on frictions on factor mobility, since in our empirical work we find this channel to be less important than the compositional effects the model emphasizes.
Parola chiave: Skill acquisition, Regional economies, Agricultural and non-agricultural workers, Structural transformation, and Regional convergence Soggetto: O14 - Economic development - Industrialization ; Manufacturing and service industries ; Choice of technology, O41 - One, Two, and Multisector Growth Models, and O18 - Economic development - Regional, urban, and rural analyses
Creator: Galor, Oded, 1953- and Weil, David N. Series: Productivity and the industrial revolution Abstract:
This paper develops a unified model of growth, population, and technological progress that is consistent with long-term historical evidence. The economy endogenously evolves through three phases. In the Malthusian regime, population growth is positively related to the level of income per capita. Technological progress is slow and is matched by proportional increases in population, so that output per capita is stable around a constant level. In the post-Malthusian regime, the growth rates of technology and total output increase. Population growth absorbs much of the growth of output, but income per capita does rise slowly. The economy endogenously undergoes a demographic transition in which the traditionally positive relationship between income per capita and population growth is reversed. In the Modern Growth regime, population growth is moderate or even negative, and income per capita rises rapidly. Two forces drive the transitions between regimes: First, technological progress is driven both by increases in the size of the population and by increases in the average level of education. Second, technological progress creates a state of disequilibrium, which raises the return to human capital and induces parents to substitute child quality for quantity.
Parola chiave: Technological change, Malthusian, Growth, Development, Demographics, Demographic transition, Fertility, and Population Soggetto: O11 - Economic development - Macroeconomic analyses of economic development, J13 - Demographic economics - Fertility ; Family planning ; Child care ; Children ; Youth, O40 - Economic growth and aggregate productivity - General, and O33 - Technological change ; Research and development - Technological change : Choices and consequences ; Diffusion processes