 | Robert M Beren Professor of Economics, Harvard University Verified email at harvard.edu Cited by 35861 |
NG Mankiw, D Romer… - The quarterly journal of …, 1992 - qje.oxfordjournals.org
Abstract This paper examines whether the Solow growth model is consistent with the
international variation in the standard of living. It shows that an augmented Solow model that
includes accumulation of human as well as physical capital provides an excellent ...
With its clear and engaging writing style, PRINCIPLES OF ECONOMICS, Sixth Edition,
continues to be one of the most popular books on economics available today. Mankiw
emphasizes material that you are likely to find interesting about the economy (particularly ...
The study of aggregate consumption behavior was profoundly altered by the rational
expectations revolution in macroeconomics. The first example in Robert Lucas's (1976)
influential critique of econometric policy evaluation involved consumption. Lucas argued ...
NG Mankiw… - The Quarterly Journal of Economics, 2002 - qje.oxfordjournals.org
Abstract This paper examines a model of dynamic price adjustment based on the
assumption that information disseminates slowly throughout the population. Compared with
the commonly used sticky-price model, this sticky-information model displays three related ...
GA Akerlof, WT Dickens, GL Perry, RJ Gordon… - Brookings papers on …, 1996 - JSTOR
THE CONCEPT of a natural unemployment rate has been central to most modern models of
inflation and stabilization. According to these models, inflation will accelerate or decelerate
depending on whether unemployment is below or above the natural rate, while any ...
NG Mankiw - The Quarterly Journal of Economics, 1985 - JSTOR
The conflict between modern neoclassical and traditional Keynesian theories of the
business cycle centers upon the pricing mechanism.'In neoclassical models, prices are fully
flexible. They represent the continuous optimization of economic agents and the ...
The empirical evidence reveals conditional convergence in the sense that economies grow
faster per capita if they start further below their steady-state positions. For a homogeneous
group of economies-like the US states, regions of western European countries, and the ...
NG Mankiw… - Journal of Financial Economics, 1991 - Elsevier
Abstract Only one-fourth of US families own stock. This paper examines whether the
consumption of stockholders differs from the consumption of nonstockholders and, if so,
whether these differences help explain the empirical failures of the consumption-based ...
NG Mankiw, ES Phelps… - Brookings papers on economic activity, 1995 - JSTOR
AVERAGE INCOMES in the world's richest countries are more than ten times as high as in
the world's poorest countries. It is apparent to anyone who travels the world that these large
differences in income lead to large differences in the quality of life. Less apparent are the ...
JY Campbell… - The Quarterly Journal of …, 1987 - qje.oxfordjournals.org
Abstract According to the conventional view of the business cycle, fluctuations in output
represent temporary deviations from trend. The purpose of this paper is to question this
conventional view. If fluctuations in output are dominated by temporary deviations from the ...
NG Mankiw… - The RAND Journal of Economics, 1986 - JSTOR
Previous articles have noted the possibility of socially inefficient levels of entry in markets in
which firms must incur fixed set-up costs upon entry. This article identifies the fundamental
and intuitive forces that lie behind these entry biases. If an entrant causes incumbent firms ...
NG Mankiw… - Regional Science and Urban Economics, 1989 - Elsevier
Abstract This paper examines the impact of major demographic changes on the housing
market in the United States. The entry of the Baby Boom generation into its house-buying
years is found to be the major cause of the increase in real housing prices in the 1970s. ...
This paper reexamines the consistency of the permanent income hypothesis with aggregate,
post-war, United States data. The permanent income hypothesis is nested within a more
general model in which a fraction of income accrues to individuals who consume their ...
GA Akerlof, PM Romer, RE Hall… - Brookings papers on …, 1993 - JSTOR
DURING THE 1980s, a number of unusual financial crises occurred. In Chile, for example,
the financial sector collapsed, leaving the government with responsibility for extensive
foreign debts. In the United States, large numbers of government-insured savings and ...
This paper discusses the short-run tradeoff between inflation and unemployment. Although
this tradeoff remains a necessary building block of business cycle theory, economists have
yet to provide a completely satisfactory explanation for it. According to the consensus view ...
AB Abel,
NG Mankiw… - The Review of …, 1989 - restud.oxfordjournals.org
Abstract The issue of dynamic efficiency is central to analyses of capital accumulation and
economic growth. Yet the question of what characteristics should be examined to determine
whether actual economies are dynamically efficient is unresolved. This paper develops a ...
L Ball… - 1994 - nber.org
This paper considers a possible explanation for asymmetric adjustment of nominal prices.
We present a menu-cost model in which positive trend inflation causes firms' relative prices
to decline automatically between price adjustments. In this environment, shocks that raise ...
We reexamine the expectations theory of the term structure using data at the short end of the
maturity spectrum. We find that prior to the founding ofthe Federal Reserve System in 1915,
the spread between long rates and short rates has substantial predictive power for the ...
Modern neoclassical theories of the business cycle posit that aggregate fluctuations in
consumption and employment are the consequence of dynamic optimizing behavior by
economic agents who face no quantity constraint. In this paper, we estimate an explicit ...
These two volumes bring together a set of important essays that represent a" new
Keynesian" perspective in economics today. This recent work shows how the Keynesian
approach to economic fluctuations can be supported by rigorous microeconomic models ...
JY Campbell… - European Economic Review, 1991 - Elsevier
In previous work we have argued that aggregate, post-war. United States data on
consumption and income are well described by a model in which a fraction of income
accrues to individuals who consume their current income rather than their permanent ...
This paper is a critique of the latest new classical theory of economic fluctuations. According
to this theory, the business cycle is the natural and efficient response of the economy to
exogenous changes in the available production technology. This paper discusses several ...
L Ball… - The Quarterly Journal of Economics, 1995 - qje.oxfordjournals.org
Abstract This paper proposes a theory of supply shocks, or shifts in the short-run Phillips
curve, based on relative-price changes and frictions in nominal price adjustment. When
price adjustment is costly, firms adjust to large shocks but not to small shocks, and so ...
ABSTRACT This paper presents a non-technical discussion of some of the important
developments in macroeconomics over the past twenty years. It considers three broad
catagories of research. First, it discusses how the notion of rational expectations has ...
L Ball… - 2002 - nber.org
This paper discusses the NAIRU--the non-accelerating inflation rate of unemployment. It first
considers the role of the NAIRU concept in business cycle theory, arguing that this concept
is implicit in any model in which monetary policy influences both inflation and ...
NG Mankiw - Journal of Financial Economics, 1986 - Elsevier
Abstract This paper examines an economy in which aggregate shocks are not dispersed
equally throughout the population. Instead, while these shocks affect all individuals ex ante,
they are concentrated among a few ex post. The equity premium in general depends on ...
At least since Milton Friedman's renowned presidential address to the American Economic
Association in 1968, expected inflation has played a central role in the analysis of monetary
policy and the business cycle. How much expectations matter, whether they are adaptive ...
Abstract This chapter surveys the literature on the macroeconomic effects of government
debt. It begins by discussing the data on debt and deficits, including the historical time
series, measurement issues, and projections of future fiscal policy. The chapter then ...
This paper examines popular advice on portfolio allocation among cash, bonds, and stocks.
It documents that this advice is inconsistent with the mutual-fund separation theorem, which
states that all investors should hold the same composition of risky assets. In contrast to the ...
NG Mankiw - Journal of Monetary Economics, 1987 - Elsevier
Abstract This paper presents and tests a positive theory of monetary and fiscal policy. The
government chooses the rates of taxation and inflation to minimize the present value of the
social cost of raising revenue given exogenous expenditure and an intertemporal budget ...
JB De Long, LH Summers, NG Mankiw… - Brookings Papers on …, 1988 - JSTOR
THE NATURAL RATE HYPOTHESIS, with its corollary that demand management policies
cannot affect an economy's long-run average level of unemployment or output, has come to
be widely accepted even by Keynesian economists. This view is enshrined in standard ...
The macroeconomic analysis of fiscal policy is usually based on one of two canonical
models--the Barro-Ramsey model of infinitely-lived families or the Diamond-Samuelson
model of overlapping generations. This paper argues that neither model is satisfactory ...
NG Mankiw - The Quarterly Journal of Economics, 1986 - qje.oxfordjournals.org
Abstract This paper examines the allocation of credit in a market in which borrowers have
greater information concerning their own riskiness than do lenders. It illustrates that (1) the
allocation of credit is inefficient and at times can be improved by government intervention, ...
Abstract We examine the small sample properties of tests of rational expectations models.
We show using Monte Carlo experiments that the asymptotic distribution of test statistics can
be extremely misleading when the time series examined are highly autoregressive. In ...
Fluctuations in real GNP have traditionally been viewed as transitory deviations from a
deterministic time trend. The purpose of this paper is to review some of the recent
developments that have led to a new view of output fluctuations and then to provide some ...
L Ball, NG Mankiw… - Brookings papers on economic activity, 1999 - JSTOR
WHAT DETERMINES the unemployment rate? In answering this question, mainstream
economics draws a sharp distinction between the short run and the long run. According to
the conventional view, short-run movements in unemployment are strongly influenced by ...
NG Mankiw - Journal of Monetary Economics, 1982 - Elsevier
Abstract Hall shows that consumption obeys an AR (1) process if the life cycle-permanent
income hypothesis is true. This paper expands Hall's framework to show that expenditure on
durable goods should be ARMA (1, 1) but not AR (1). Post-war US data rejects the ...
This paper reviews the political uproar over offshore outsourcing connected with the release
of the Economic Report of the President (ERP) in February 2004, examines the differing
ways in which economists and non-economists talk about offshore outsourcing, and ...
In this paper, we examine Ricardian equivalence of debt and tax finance in a world in which
taxes are not lump-sum but are levied on risky labor income. First, we show that the marginal
propensity to consume out of a tax cut, coupled with a future income tax increase, is ...
This paper examines the hypothesis that financial markets are myopic by studying the term
structure of interest rates. White rejecting decisively the traditional expectations hypothesis
regarding the term structure, our statistical results also lead us to conclude that long term ...
This paper studies the nature of the errors in preliminary GNP data, It first documents that
these errors are large. For example, suppose the prelimimary estimate indicates that real
GNP did not change over the recent quarter; then one can be only 80 percent confident ...
L Ball… - Carnegie-Rochester Conference Series on Public …, 1994 - Elsevier
Abstract Macroeconomists are divided on the best way to explain short-run economic
fluctuations. This paper presents the case for traditional theories based on short-run price
stickiness. It discusses the fundamental basis for believing in this class of macroeconomic ...
NG Mankiw… - Journal of Money, Credit and Banking, 1986 - JSTOR
THE SPECIFICATION OF THE MONEY DEMAND FUNCTION has important implications for
a number of macroeconomic issues. In this paper we reexamine one aspect of this
specification, namely, the choice of the scale variable in the money demand function. ...
NG Mankiw, SM Goldfeld… - Brookings Papers on Economic …, 1986 - JSTOR
THE RELATIONSHIP between long-term and short-term interest rates is crucial for
macroeconomic policy evaluation. Since the short-term interest rate is the opportunity cost of
holding money, it is widely believed that the Federal Reserve has more direct control over ...
JY Campbell… - Journal of Monetary Economics, 1989 - Elsevier
Abstract This paper presents new evidence on the persistence of fluctuations in real GNP.
We estimate two measures of persistence nonparametrically using post-war quarterly data
from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. ...
NG Mankiw, D Romer… - Journal of Finance, 1985 - JSTOR
Recent work demonstrates serious statistical problems with standard volatility tests. This
paper proposes new tests that are unbiased in small samples and that do not require
assumptions of stationarity. The new tests continue to find evidence against the model ...
GM Von Furstenberg, BN Jeon, NG Mankiw… - Brookings Papers on …, 1989 - JSTOR
SINCE THE BEGINNING of 1986, the major stock markets have become increasingly
internationalized by deregulation. By 1987 some 600 foreign stocks traded in the New York
market, and the markets in London, Frankfurt, and Tokyo had also attracted numerous ...
RE Hall… - 1994 - nber.org
There is increasing agreement among economists on two broad principles of monetary
policy. The first principle is that monetary policy should aim to stabilize some nominal
quantity. Monetarists have sought to make monetary policy stabilize the growth of the ...
The interaction between the macroeconomy and asset markets is central to a variety of
modern theories of the business cycle. Much recentwork emphasizes the joint nature of the
consumption decision and the portfolio allocation decision. In this paper, we compare two ...
NG Mankiw, DE Runkle… - Journal of Monetary Economics, 1984 - Elsevier
Abstract We develop a theoretical framework of analyzing preliminary announcements of
economic data and then apply this framework to the money stock. We find that preliminary
announcements of the money stock are best characterized as measured with classical ...
This paper is a contribution to the analysis of optimal monetary policy. It begins with a critical
assessment of the existing literature, arguing that most work is based on implausible models
of inflation-output dynamics. It then suggests that this problem may be solved with some ...
The founding of the Federal Reserve System in 1914 led to a substantial change in the
behavior of nominal interest rates. We examine the timing of this change and the speed with
which it was effected. We then use data on the term structure of interest rates to determine ...
Abstract Recent studies find that consumption is excessively sensitive to income. These
studies assume that income is stationary around a deterministic trend. The data, however,
do not reject the hypothesis that disposable personal income is a random walk with drift. If ...
This paper discusses the conduct and performance of US monetary policy during the 1990s,
comparing it to policy during the previous several decades. It reaches four broad
conclusions. First, the macroeconomic performance of the 1990s was exceptional, ...
One important channel through which real interest rates affect aggregate demand is
consumer expenditure on durable goods. This paper examines empirically the link between
interest rates and consumer durables. Solving for the decision rule relating income and ...
NG Mankiw - Economics Letters, 1988 - Elsevier
Abstract This paper presents a simple general equilibrium model in which the only non-
Walrasian feature is imperfect competition in the goods market. The model is shown to
exhibit various Keynesian characteristics. In particular, as competition in the goods market ...
L Ball… - 1996 - nber.org
This paper discusses the effects of budget deficits on the economy in four steps. First, it
reviews standard theory about how budget deficits influence saving, investment, the trade
balance, interest rates, exchange rates, and long-term growth. Second, it offers a rough ...
MS Kimball… - 1989 - nber.org
This paper analyzes the effects of government debt and income taxes on consumption and
saving in a world of infinitely-lived households having uncertain and heterogeneous
incomes. The special structure of the model allows exact aggregation across households ...
This paper discusses the reemergence of Keynesian economics during the past decade. It
highlights the substantial differences between new Keynesian economics and the
convictions of early Keynesians. In particular, it points out that new Keynesians have ...
This paper explores a model of wage adjustment based on the assumption that information
disseminates slowly throughout the population of wage setters. This informational frictional
yields interesting and plausible dynamics for employment and inflation in response to ...
[CITATION] Sala-I-Martin, Xavier
RJ Barro… - Economic growth, 1992
NG Mankiw - Economics Letters, 1981 - Elsevier
Economics Letters 7 (1981) 307311 307 NorthHolland Publishing Company THE PERMANENT
INCOME HYPOTHESIS AND THE REAL INTEREST RATE N. Gregory MANKIW Massachusetts
Institute of Technologv, Cambridge, MA 02139, USA Received 30 June 1981 A test of the ...
This paper develops and analyzes a general-equilibrium model with sticky information. The
only rigidity in goods, labor, and financial markets is that agents are inattentive, sporadically
updating their information sets, when setting prices, wages, and consumption. After ...
NG Mankiw, D Romer… - The Review of …, 1991 - restud.oxfordjournals.org
Abstract This paper presents and implements statistical tests of stock market forecastability
and volatility that are immune from the severe statistical problems of earlier tests. It finds that
although the null hypothesis of market efficiency is rejected, the rejections are only ...
This paper explores a macroeconomic model of the business cycle in which stickiness of
information is a pervasive feature. Prices, wages, and consumption are all assumed to be
set, to some degree, based on outdated information sets. We show that a model with such ...
NG Mankiw… - Journal of the European Economic …, 2003 - Wiley Online Library
Abstract This paper assumes that a central bank commits itself to maintaining an inflation
target and then asks what measure of the inflation rate the central bank should use if it wants
to maximize economic stability. The paper first formalizes this problem and examines its ...
OJ Blanchard… - 1989 - nber.org
This paper discusses the recent research on the consumption function that has attempted to
relax the assumption of certainty equivalence. While there remain many open questions,
both theoretical and empirical, it is clear that the assumption of certainty equivalence can ...
A Greenspan, NG MANKIW… - Brookings Papers on Economic …, 2010 - JSTOR
Geopolitical changes following the end of the Cold War induced a worldwide decline in real
long-term interest rates that, in turn, produced home price bubbles across more than a
dozen countries. However, it was the heavy securitization of the US subprime mortgage ...
L Ball, DW Elmendorf… - 1995 - nber.org
The historical behavior of interest rates and growth rates in US data suggests that the
government can, with a high probability, run temporary budget deficits and then roll over the
resulting government debt forever. The purpose of this paper is to document this finding ...
BH Hall, RE Hall, J Heaton… - Brookings Papers on Economic …, 1993 - JSTOR
THE VALUE OF A CORPORATION is known from hour to hour in the stock market. The
performance of a corporation, from the shareholders' perspective, is measured by the
corporation's ability to pay dividends, now and in the indefinite future. Our research ...
This paper outlines the major developments in macroeconomics over the past two decades.
It examines the reasons for the breakdown in the consensus view of the 1960s and how this
breakdown has guided research in macroeconomics. The introduction and importance of" ...
NG Mankiw… - Journal of Public Economics, 2006 - Elsevier
This paper uses the neoclassical growth model to examine the extent to which a tax cut pays
for itself through higher economic growth. The model yields simple expressions for the
steady-state feedback effect of a tax cut. The feedback is surprisingly large: for standard ...
AS Blinder… - Journal of Monetary Economics, 1984 - Elsevier
Abstract This paper presents a model of a multi-sector economy in which each sector is
characterized by a different type of wage or price stickness. The various sectors experience
the same exogenous shocks and have the same money supply. The analysis shows that ...
CB Mulligan, X Sala-i-Martin,
NG Mankiw… - Brookings Papers on …, 1992 - JSTOR
THE SPECIFICATION of the money demand function has important implications for a
number of macroeconomic issues. First, if policymakers are to be responsible for achieving
price stability, they need reliable quantitative estimates of money demand.'In particular, if ...
[CITATION] Sala-I-Martin, Xavier. 1995
RJ Barro… - Economic growth, 1991
L Ball… - 2001 - nber.org
This paper examines the optimal allocation of risk in an overlapping-generations economy. It
compares the allocation of risk the economy reaches naturally to the allocation that would be
reached if generations behind a Rawlsian'veil of ignorance'could share risk with one ...
We highlight and explain eight lessons from optimal tax theory and compare them to the last
few decades of OECD tax policy. As recommended by theory, top marginal income tax rates
have declined, marginal income tax schedules have flattened, redistribution has risen with ...
NG Mankiw - NBER Macroeconomics Annual, 1997 - JSTOR
Instructors of macroeconomics who teach their students about economic growth often use
Solow's version of the neoclassical growth model as the starting point for discussion. This
model shows very simply how an economy's production technology and its rates of capital ...
With its clear and engaging writing style, ESSENTIALS OF ECONOMICS, Sixth Edition,
continues to be one of the most popular books on economics available today. Mankiw
emphasizes material that you are likely to find interesting about the economy (particularly ...
This paper examines the dynamic impact of government purchases in a simple general
equilibrium model with both durable and non-durable consumer goods as well as productive
capital. The model generates perhaps surprising results. In particular, increases in ...
In Monetary Policy, leading monetary economists discuss applied aspects of monetary
policy and offer practical new research on the timing, magnitude, and channels of central
banking actions. Some of the papers in this volume evaluate a variety of policy rules ...
Should the income tax include a credit for short taxpayers and a surcharge for tall ones? The
standard Utilitarian framework for tax analysis answers this question in the affirmative.
Moreover, a plausible parameterization using data on height and wages implies a ...
NG Mankiw… - Regional Science and Urban Economics, 1991 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
NG Mankiw… - Carnegie-Rochester Conference Series on Public …, 1991 - Elsevier
Abstract This paper examines the choice of monetary policy in response to seasonal
fluctuations in the economy. It discusses the costs and benefits of smoothing interest rates
over the seasons, which has been the Fed's policy since its founding in 1914, and ...
NG Mankiw - São Paulo, 2001 - rep.org.br
Resenhas nômicos em um mundo de concorrência imperfeita e informação assimétrica.
Gostaria de ressaltar, inicialmente, os aspectos positivos do livro. Prima pelo didatismo, é
claro e de fácil leitura e acompanhamento, possui exercícios bem elaborados que ajudam ...
Mankiw's masterful text covers the field as accessibly and concisely as possible, in a way
that emphasizes the relevance of macroeconomics's classical roots and its current practice.
Featuring the latest data, new case studies focused on recent events, and a number of ...
This paper evaluates the role of the destruction of the gold standard and the founding of the
Federal Reserve, both of which occured in 1914, in contributing to observed changes in the
behavior of interest rates and prices after 1914. The paper presents a model of policy ...
This paper surveys the research in the past decade on imperfect information models of
aggregate supply and the Phillips curve. This new work has emphasized that information is
dispersed and disseminates slowly across a population of agents who strategically ...
[CITATION] How should fringe benefits be taxed
A Katz… - National Tax Journal, 1985
This is an electronic version of the print textbook. Due to electronic rights restrictions, some
third party content may be suppressed. Editorial review has deemed that any suppressed
content does not materially affect the overall learning experience. The publisher reserves ...
NG Mankiw - Journal of Economic Perspectives, 1993 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
It did not take long for the newest class of US senators to pledge its allegiance to one of the
few trade policies that politicians of both parties overwhelmingly support. In February, seven
of nine newly elected senators publicly endorsed the Byrd Amendment, a provision that ...
NG Mankiw - New York Times, 2009 - relooney.fatcow.com
Until recently, most economists relied on monetary policy. Recessions result from an
insufficient demand for goods and services—and so, the thinking goes, our central bank can
remedy this deficiency by cutting interest rates. Lower interest rates encourage ...
L Ball… - Review of Economics and Statistics, 1999 - MIT Press
ALARGE literature in macroeconomics has examined how the inflation rate is related to the
distribution of relative-price changes. This work has established a striking fact: there is a
strong correlation between inflation and the skewness of this distribution. When inflation is ...
This paper proposes an alternative to the traditional model for explaining the spread
between taxable and tax-exempt bond yields. This alternative model is a special case of a
general class of clientele models of portfolio choice and asset market equilibrium. In ...
NG Mankiw - The New York Times, 2007 - relooney.fatcow.com
Among policy wonks like me, there is a broad consensus. The scientists tell us that world
temperatures are rising because humans are emitting carbon into the atmosphere. Basic
economics tells us that when you tax something, you normally get less of it. So if we want ...
[CITATION] New Keynesian Economics, Volume 1: Imperfect Competition and Sticky Prices
NG Mankiw… - Cambridge, MA and London: MIT Press.——(1991b) …, 1991
An introduction to the behavior of individual decision makers, particularly consumers and
firms, who must make choices under conditions of economic scarcity. The course focuses on
how markets work to allocate resources, how households maximize their satisfaction from ...
[CITATION] A Contribution to the Empirics of
NG Mankiw, D Romer… - 1992 - PART IV
[CITATION] Small Menu Costs and Large Business Cycles: A Macroeconomic Model
MN Gregory - Quarterly Journal of Economics, 1985
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