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作者：BARRO, RJ; LEE, JW
作者单位：Korea University
摘要：Many theories of economic growth stress the role of human capital in the form of education, but empirical studies have been hampered by inadequate data. We describe a data set on educational attainment for 129 countries over five-year periods from 1960 to 1985. Census/survey figures fill over 40% of the cells, and the remainder are estimated from school-enrollment data by a perpetual-inventory method. The data refer to male and female attainment of the adult population at four levels: no schoo...
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作者：HORNSTEIN, A
摘要：The neoclassical growth model is extended to incorporate monopolistic competition and increasing returns to scale. Implications for the measurement of productivity change through the Solow residual are studied. It is found that for this extension productivity fluctuations continue to account for a substantial fraction of output volatility. The model cannot account for volatility of employment.
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作者：FUKUDA, S
摘要：This paper analyzes the dynamic properties of the monetary economy when money held during the period induces some utility. It is shown that the price level and real money balances may have chaotic dynamic paths even if the utility function is separable in real money balances and consumption. A crucial point is that a constraint on the utility of money yields the wealth effect that inflation will reduce the real value of assets. Hence, as in the overlapping generations model, the conflict betwe...
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作者：HO, WM
摘要：This paper presents a two-country, two-good, two-currency model to study the role of liquidity effects in exchange rate determination and the international transmission of economic fluctuations. The model provides an exchange rate equation which is different from the simple purchasing-power-parity law of exchange rate determination. Both monetary injections and real disturbances can lead to exchange rate fluctuations and comovements of interest rates, prices, and output of the two economies. W...
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作者：HUH, CG
摘要：A dynamic general equilibrium economy in which output is exogenous with respect to money is calibrated and simulated following a procedure commonly used in the real business cycle literature. It is then confronted with key comovement patterns of output and nominal variables in post-war U.S. time series data. The model economy performs well in matching second-moment patterns involving output, money, and price. The model economy - with its embedded 'reverse causation' from output to money - also...
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作者：RISSMAN, ER
摘要：Nominal wages grew faster over the seventies than predicted from standard Phillips curve analyses. This paper argues that sectoral disturbances cause higher unemployment but do not lead to higher nominal wage growth. Upward wage pressures in some industries are tempered by downward adjustments in others. Only that portion of unemployment that is net of the effects of compositional shifts in the structure of labor demand influence nominal wage growth. Once unemployment has been purged of the ef...
