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User profiles for author:"Gregory Mankiw"

N. Gregory Mankiw

Robert M Beren Professor of Economics, Harvard University
Verified email at harvard.edu
Cited by 35861

A contribution to the empirics of economic growth

[PDF] from oxfordjournals.org
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 ...
Cited by 9108 - Related articles - All 120 versions

[BOOK] Principles of economics

[PDF] from swlearning.com
NG Mankiw - 2011 - books.google.com
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 ...
Cited by 1427 - Related articles - All 89 versions

[PDF] Consumption, income and interest rates: Reinterpreting the time series evidence

[PDF] from nber.org
JY Campbell… - 1989 - nber.org
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 ...
Cited by 1271 - Related articles - View as HTML - All 13 versions

Sticky information versus sticky prices: a proposal to replace the New Keynesian Phillips curve

[PDF] from oxfordjournals.org
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 ...
Cited by 1229 - Related articles - BL Direct - All 41 versions

The macroeconomics of low inflation

[PDF] from j-bradford-delong.net
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 ...
Cited by 1190 - Related articles - BL Direct - All 12 versions

Small menu costs and large business cycles: A macroeconomic model of monopoly

[PDF] from hi.is
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 ...
Cited by 977 - Related articles - All 19 versions

Capital mobility in neoclassical models of growth

[PDF] from wustl.edu
RJ Barro, NG Mankiw… - 1995 - nber.org
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 ...
Cited by 888 - Related articles - BL Direct - All 25 versions

The consumption of stockholders and nonstockholders

[PDF] from upenn.edu
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 ...
Cited by 883 - Related articles - BL Direct - All 22 versions

The growth of nations

[PDF] from google.com
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 ...
Cited by 875 - Related articles - BL Direct - All 36 versions

Are output fluctuations transitory?

[PDF] from oxfordjournals.org
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 ...
Cited by 840 - Related articles - All 27 versions

Free entry and social inefficiency

[PDF] from harvard.edu
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 ...
Cited by 800 - Related articles - All 25 versions

The baby boom, the baby bust, and the housing market

[PDF] from harvard.edu
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. ...
Cited by 655 - Related articles - All 21 versions

Permanent income, current income, and consumption

[PDF] from harvard.edu
JY Campbell… - 1991 - nber.org
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 ...
Cited by 636 - Related articles - All 24 versions

Looting: the economic underworld of bankruptcy for profit

[PDF] from signallake.com
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 ...
Cited by 562 - Related articles - All 22 versions

The inexorable and mysterious tradeoff between inflation and unemployment

[PDF] from psu.edu
NG Mankiw - 2000 - nber.org
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 ...
Cited by 550 - Related articles - BL Direct - All 40 versions

Assessing dynamic efficiency: Theory and evidence

[PDF] from ens.fr
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 ...
Cited by 545 - Related articles - All 28 versions

Asymmetric price adjustment and economic fluctuations

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 ...
Cited by 528 - Related articles - BL Direct - All 11 versions

The changing behavior of the term structure of interest rates

[PDF] from oxfordjournals.org
NG Mankiw… - 1986 - nber.org
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 ...
Cited by 456 - Related articles - All 10 versions

Intertemporal substitution in macroeconomics

[PDF] from oxfordjournals.org
NG Mankiw, JJ Rotemberg… - 1986 - nber.org
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 ...
Cited by 447 - Related articles - All 16 versions

[BOOK] New Keynesian Economics: Coordination failures and real rigidities

NG Mankiw… - 1991 - books.google.com
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 ...
Cited by 442 - Related articles - All 7 versions

The response of consumption to income: a cross-country investigation

[PDF] from harvard.edu
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 ...
Cited by 433 - Related articles - All 21 versions

Real business cycles: A new Keynesian perspective

[PDF] from lu.se
NG Mankiw - 1989 - nber.org
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 ...
Cited by 401 - Related articles - All 34 versions

Relative-price changes as aggregate supply shocks

[PDF] from oxfordjournals.org
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 ...
Cited by 398 - Related articles - BL Direct - All 21 versions

A quick refresher course in macroeconomics

[PDF] from google.com
NG Mankiw - 1991 - nber.org
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 ...
Cited by 363 - Related articles - All 63 versions

The NAIRU in theory and practice

[PDF] from villanova.edu
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 ...
Cited by 356 - Related articles - BL Direct - All 49 versions

The equity premium and the concentration of aggregate shocks

[PDF] from harvard.edu
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 ...
Cited by 341 - Related articles - All 18 versions

[PDF] Disagreement about inflation expectations

[PDF] from nber.org
NG Mankiw, R Reis… - 2004 - nber.org
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 ...
Cited by 348 - Related articles - View as HTML - All 35 versions

Government debt

[PDF] from harvard.edu
…, N Gregory Mankiw - Handbook of macroeconomics, 1999 - Elsevier
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 ...
Cited by 280 - Related articles - BL Direct - All 41 versions

An asset allocation puzzle

[PDF] from harvard.edu
N Canner, NG Mankiw… - 1994 - nber.org
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 ...
Cited by 336 - Related articles - BL Direct - All 25 versions

The optimal collection of seigniorage:: Theory and evidence

[PDF] from harvard.edu
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 ...
Cited by 333 - Related articles - All 17 versions

How does macroeconomic policy affect output?

[PDF] from brookings-tsinghua.cn
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 ...
Cited by 328 - Related articles - All 10 versions

The savers-spenders theory of fiscal policy

[PDF] from cuny.edu
NG Mankiw - 2000 - nber.org
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 ...
Cited by 324 - Related articles - BL Direct - All 35 versions

The allocation of credit and financial collapse

[PDF] from oxfordjournals.org
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, ...
Cited by 310 - Related articles - All 19 versions

Do we reject too often?:: Small sample properties of tests of rational expectations models

[PDF] from yale.edu
N Gregory Mankiw… - Economics Letters, 1986 - Elsevier
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 ...
Cited by 235 - Related articles - All 13 versions

Permanent and transitory components in macroeconomic fluctuations

[PDF] from harvard.edu
JY Campbell… - 1987 - nber.org
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 ...
Cited by 280 - Related articles - All 14 versions

Aggregate demand and long-run unemployment

[PDF] from uclouvain.be
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 ...
Cited by 272 - Related articles - BL Direct - All 15 versions

Hall's consumption hypothesis and durable goods

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 ...
Cited by 261 - Related articles - All 5 versions

The politics and economics of offshore outsourcing

[PDF] from harvard.edu
N Gregory Mankiw… - Journal of Monetary Economics, 2006 - Elsevier
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 ...
Cited by 210 - Related articles - BL Direct - All 48 versions

Ricardian consumers with Keynesian propensities

RB Barsky, NG Mankiw… - 1987 - nber.org
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 ...
Cited by 235 - Related articles - All 11 versions

Do long-term interest rates overreact to short-term interest rates?

[PDF] from albany.edu
NG Mankiw… - 1987 - nber.org
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 ...
Cited by 229 - Related articles - All 17 versions

News or noise? An analysis of GNP revisions

[PDF] from umich.edu
NG Mankiw… - 1986 - nber.org
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 ...
Cited by 225 - Related articles - All 16 versions

A sticky-price manifesto

[PDF] from cmu.edu
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 ...
Cited by 216 - Related articles - BL Direct - All 11 versions

Money demand and the effects of fiscal policies

[PDF] from geocities.ws
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. ...
Cited by 206 - Related articles - All 9 versions

The term structure of interest rates revisited

[PDF] from brookings-tsinghua.cn
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 ...
Cited by 202 - Related articles - All 11 versions

International evidence on the persistence of economic fluctuations

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. ...
Cited by 191 - Related articles - All 7 versions

An unbiased reexamination of stock market volatility

[PDF] from yale.edu
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 ...
Cited by 192 - Related articles - All 17 versions

International stock price movements: Links and messages

[PDF] from brookings.edu
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 ...
Cited by 194 - Related articles - All 10 versions

[PDF] Nominal income targeting

[PDF] from nber.org
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 ...
Cited by 182 - Related articles - View as HTML - BL Direct - All 13 versions

Risk and return: Consumption versus market beta

[PDF] from umich.edu
NG Mankiw… - 1987 - nber.org
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 ...
Cited by 182 - Related articles - All 18 versions

Are preliminary announcements of the money stock rational forecasts?

[PDF] from yale.edu
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 ...
Cited by 169 - Related articles - All 7 versions

Monetary policy for inattentive economies

[PDF] from hu-berlin.de
L Ball, NG Mankiw… - 2003 - nber.org
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 ...
Cited by 166 - Related articles - BL Direct - All 50 versions

The adjustment of expectations to a change in regime: A study of the founding of the Federal Reserve

[PDF] from harvard.edu
NG Mankiw, JA Miron… - 1987 - nber.org
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 ...
Cited by 157 - Related articles - All 17 versions

Trends, random walks, and tests of the permanent income hypothesis

[PDF] from umich.edu
N Gregory Mankiw… - Journal of Monetary Economics, 1985 - Elsevier
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 ...
Cited by 130 - Related articles - All 10 versions

US monetary policy during the 1990s

[PDF] from psu.edu
NG Mankiw - 2001 - nber.org
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, ...
Cited by 156 - Related articles - BL Direct - All 31 versions

Consumer durables and the real interest rate

NG Mankiw - 1985 - nber.org
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 ...
Cited by 155 - Related articles - All 10 versions

Imperfect competition and the Keynesian cross

[PDF] from uoc.gr
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 ...
Cited by 140 - Related articles - All 12 versions

What do budget deficits do?

[PDF] from kcfed.org
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 ...
Cited by 139 - Related articles - BL Direct - All 40 versions

Precautionary saving and the timing of taxes

[PDF] from harvard.edu
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 ...
Cited by 135 - Related articles - All 21 versions

The reincarnation of Keynesian economics

[PDF] from ucb.edu.bo
NG Mankiw - 1992 - nber.org
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 ...
Cited by 132 - Related articles - All 14 versions

Sticky information: A model of monetary nonneutrality and structural slumps

[PDF] from harvard.edu
NG Mankiw… - 2001 - nber.org
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 ...
Cited by 131 - Related articles - BL Direct - All 21 versions

[CITATION] Sala-I-Martin, Xavier

RJ Barro… - Economic growth, 1992
Cited by 119 - Related articles

The permanent income hypothesis and the real interest rate

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 ...
Cited by 126 - Related articles - All 5 versions

Sticky information in general equilibrium

[PDF] from harvard.edu
NG Mankiw… - 2006 - nber.org
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 ...
Cited by 114 - Related articles - BL Direct - All 49 versions

Stock market forecastability and volatility: a statistical appraisal

[PDF] from umich.edu
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 ...
Cited by 112 - Related articles - All 7 versions

Pervasive stickiness

[PDF] from harvard.edu
N Gregory Mankiw… - The American economic review, 2006 - JSTOR
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 ...
Cited by 98 - Related articles - BL Direct - All 25 versions

What measure of inflation should a central bank target?

[PDF] from harvard.edu
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 ...
Cited by 105 - Related articles - BL Direct - All 33 versions

Consumption: Beyond certainty equivalence

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 ...
Cited by 90 - Related articles - All 14 versions

The Crisis [with Comments and Discussion]

[PDF] from uaemex.mx
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 ...
Cited by 85 - Related articles - All 47 versions

The deficit gamble

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 ...
Cited by 74 - Related articles - BL Direct - All 15 versions

The value and performance of US corporations

[PDF] from stanford.edu
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 ...
Cited by 71 - Related articles - BL Direct - All 18 versions

Recent developments in macroeconomics: A very quick refresher course

[PDF] from clevelandfed.org
NG Mankiw - 1988 - nber.org
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" ...
Cited by 68 - Related articles - All 15 versions

Dynamic scoring: A back-of-the-envelope guide

[PDF] from harvard.edu
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 ...
Cited by 66 - Related articles - All 27 versions

Aggregation and stabilization policy in a multi-contract economy

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 ...
Cited by 64 - Related articles - All 12 versions

US money demand: surprising cross-sectional estimates

[PDF] from brookings.edu
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 ...
Cited by 61 - Related articles - BL Direct - All 8 versions

[CITATION] Sala-I-Martin, Xavier. 1995

RJ Barro… - Economic growth, 1991
Cited by 57 - Related articles

Intergenerational risk sharing in the spirit of Arrow, Debreu, and Rawls, with applications to social security design

[PDF] from harvard.edu
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 ...
Cited by 62 - Related articles - BL Direct - All 32 versions

Optimal taxation in theory and practice

[PDF] from harvard.edu
NG Mankiw, M Weinzierl… - 2009 - nber.org
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 ...
Cited by 61 - Related articles - All 43 versions

[The Neoclassical Revival in Growth Economics: Has It Gone Too Far?]: Comment

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 ...
Cited by 56 - Related articles

[BOOK] Essentials of economics

NG Mankiw - 2011 - books.google.com
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 ...
Cited by 48 - Related articles - All 8 versions

Government purchases and real interest rates

[PDF] from harvard.edu
NG Mankiw - 1987 - nber.org
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 ...
Cited by 46 - Related articles - All 12 versions

[BOOK] Monetary policy

NG Mankiw - 1997 - books.google.com
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 ...
Cited by 45 - Related articles - All 10 versions

The optimal taxation of height: A case study of utilitarian income redistribution

[PDF] from blog.hu
NG Mankiw… - 2009 - nber.org
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 ...
Cited by 44 - Related articles - All 27 versions

[CITATION] The baby boom, the baby bust, and the housing market A reply to our critics

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 ...
Cited by 35 - Related articles - Cached - All 5 versions

Should the Fed smooth interest rates? The case of seasonal monetary policy

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 ...
Cited by 35 - Related articles - All 9 versions

[PDF] Introdução à economia: princípios de micro e macroeconomia

[PDF] from rep.org.br
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 ...
Cited by 185 - Related articles - View as HTML - All 2 versions

[BOOK] Macroeconomics (Canadian Edition)

NG Mankiw… - 2010 - books.google.com
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 ...
Cited by 31

The worldwide change in the behavior of interest rates and prices in 1914

[PDF] from umich.edu
RB Barsky, NG Mankiw, JA Miron… - European Economic Review, 1988 - Elsevier
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 ...
Cited by 30 - Related articles - All 9 versions

Imperfect information and aggregate supply

[PDF] from harvard.edu
NG Mankiw… - 2010 - nber.org
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 ...
Cited by 32 - Related articles - All 20 versions

[CITATION] How should fringe benefits be taxed

A Katz… - National Tax Journal, 1985
Cited by 29 - Related articles

[BOOK] Principles of microeconomics

J Gans, S King… - 2011 - books.google.com
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 ...
Cited by 26 - Related articles

[CITATION] Symposium on Keynesian economics today

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 ...
Cited by 27 - Related articles - Cached - BL Direct - All 5 versions

Antidumping: The third rail of trade policy

[PDF] from harvard.edu
NG Mankiw… - Foreign Aff., 2005 - HeinOnline
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 ...
Cited by 25 - Related articles - All 21 versions

[PDF] It May Be Time for the Fed to Go Negative

[PDF] from fatcow.com
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 ...
Cited by 25 - Related articles - View as HTML - All 10 versions

Interpreting the correlation between inflation and the skewness of relative prices: a comment on Bryan and Cecchetti

[PDF] from harvard.edu
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 ...
Cited by 23 - Related articles - All 10 versions

Stock market yields and the pricing of municipal bonds

NG Mankiw… - 1996 - nber.org
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 ...
Cited by 23 - Related articles - BL Direct - All 10 versions

[PDF] One answer to global warming: A new tax

[PDF] from fatcow.com
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 ...
Cited by 20 - Related articles - View as HTML - All 22 versions

[CITATION] New Keynesian Economics, Volume 1: Imperfect Competition and Sticky Prices

NG Mankiw… - Cambridge, MA and London: MIT Press.——(1991b) …, 1991
Cited by 19 - Related articles

[PDF] Principles of microeconomics

[PDF] from neu.edu
NG Mankiw - 2012 - cps.neu.edu
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 ...
Cited by 17 - View as HTML

[CITATION] A Contribution to the Empirics of

NG Mankiw, D Romer… - 1992 - PART IV
Cited by 17 - Related articles

[CITATION] Small Menu Costs and Large Business Cycles: A Macroeconomic Model

MN Gregory - Quarterly Journal of Economics, 1985
Cited by 15 - Related articles

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