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TECHNOLOGY and GROWTH: an OVERVIEW Jeffrey C
Y Proceedings GY Conference Series No. 40 Jeffrey C. Fuhrer Jane Sneddon Little Editors CONTENTS TECHNOLOGY AND GROWTH: AN OVERVIEW Jeffrey C. Fuhrer and Jane Sneddon Little KEYNOTE ADDRESS: THE NETWORKED BANK 33 Robert M. Howe TECHNOLOGY IN GROWTH THEORY Dale W. Jorgenson Discussion 78 Susanto Basu Gene M. Grossman UNCERTAINTY AND TECHNOLOGICAL CHANGE 91 Nathan Rosenberg Discussion 111 Joel Mokyr Luc L.G. Soete CROSS-COUNTRY VARIATIONS IN NATIONAL ECONOMIC GROWTH RATES," THE ROLE OF aTECHNOLOGYtr 127 J. Bradford De Long~ Discussion 151 Jeffrey A. Frankel Adam B. Jaffe ADDRESS: JOB ~NSECURITY AND TECHNOLOGY173 Alan Greenspan MICROECONOMIC POLICY AND TECHNOLOGICAL CHANGE 183 Edwin Mansfield Discnssion 201 Samuel S. Kortum Joshua Lerner TECHNOLOGY DIFFUSION IN U.S. MANUFACTURING: THE GEOGRAPHIC DIMENSION 215 Jane Sneddon Little and Robert K. Triest Discussion 260 John C. Haltiwanger George N. Hatsopoulos PANEL DISCUSSION 269 Trends in Productivity Growth 269 Martin Neil Baily Inherent Conflict in International Trade 279 Ralph E. Gomory Implications of Growth Theory for Macro-Policy: What Have We Learned? 286 Abel M. Mateus The Role of Macroeconomic Policy 298 Robert M. Solow About the Authors Conference Participants 309 TECHNOLOGY AND GROWTH: AN OVERVIEW Jeffrey C. Fuhrer and Jane Sneddon Little* During the 1990s, the Federal Reserve has pursued its twin goals of price stability and steady employment growth with considerable success. But despite--or perhaps because of--this success, concerns about the pace of economic and productivity growth have attracted renewed attention. Many observers ruefully note that the average pace of GDP growth has remained below rates achieved in the 1960s and that a period of rapid investment in computers and other capital equipment has had disappointingly little impact on the productivity numbers. -
Is Published Semi-Annually by the Journal on Telecommunications & High Technology Law, Campus Box 401, Boulder, CO 80309-040
JOURNAL ON TELECOMMUNICATIONS & HIGH TECHNOLOGY LAW is published semi-annually by the Journal on Telecommunications & High Technology Law, Campus Box 401, Boulder, CO 80309-0401 ISSN: 1543-8899 Copyright © 2009 by the Journal on Telecommunications & High Technology Law an association of students sponsored by the University of Colorado School of Law and the Silicon Flatirons Telecommunications Program. POSTMASTER: Please send address changes to JTHTL, Campus Box 401, Boulder, CO 80309-0401 Subscriptions Domestic volume subscriptions are available for $45.00. City of Boulder subscribers please add $3.74 sales tax. Boulder County subscribers outside the City of Boulder please add $2.14 sales tax. Metro Denver subscribers outside of Boulder County please add $1.85 sales tax. Colorado subscribers outside of Metro Denver please add $1.31 sales tax. International volume subscriptions are available for $50.00. Inquiries concerning ongoing subscriptions or obtaining an individual issue should be directed to the attention of JTHTL Managing Editor at [email protected] or by writing JTHTL Managing Editor, Campus Box 401, Boulder, CO 80309-0401. Back issues in complete sets, volumes, or single issues may be obtained from: William S. Hein & Co., Inc., 1285 Main Street, Buffalo, NY 14209. Back issues may also be found in electronic format for all your research needs on HeinOnline http://heinonline.org/. Manuscripts JTHTL invites the submission of unsolicited manuscripts. Please send softcopy manuscripts to the attention of JTHTL Articles Editors at [email protected] in Word or PDF formats or through ExpressO at http://law.bepress.com/expresso. Hardcopy submissions may be sent to JTHTL Articles Editors, Campus Box 401, Boulder, CO 80309-0401. -
Economic Principals \273 Blog Archive \273 a Normal Professor
Economic Principals » Blog Archive » A Normal Professor http://www.economicprincipals.com/issues/2008.06.01/320.html Home June 1, 2008 David Warsh, Proprietor About Archives previous | contents | next Books A Normal Professor Receive the Bulldog Edition Perhaps, now that Harvard’s Russia scandal is receding into the past, Andrei Shleifer, 47, will take it easy. He has a steady stream of students, presides over a growing literature in comparative economics, and has developed an interesting sideline in the economics of persuasion. His wife, Nancy Zimmerman , runs a hedge fund that has seen explosive growth, today managing more than $3 billion for institutional clients; together the pair, through their start-ups, may have Economic Blogosphere amassed net worth of $40 million or more. (A columnist for Economics Portfolio magazine’s website subsequently estimated that Roundtable the figure may be closer to $1 bullion.) Their children are Economists View growing, his energetic parents live nearby, he superintends a steady stream of visitors to his villa in the south of France, and he keeps a hand in with developments in Russia. Economic Journalists For example, when Anders Aslund , of Washington’s Peterson Allan Sloan institute for International Economics, was in Cambridge, Amity Shlaes Mass. last winter, to celebrate the publication of How Andrew Leonard Capitalism Was Built: The Transformation of Central and Binyamin Appelbaum Eastern Europe, Russia, and Central Asia and Russia’s Bruce Bartlett Capitalist Revolution: Why Market Reform Succeeded and Carl Bialik Democracy Failed , Shleifer, the author of A Normal Catherine Rampell Country: Russia After Communism , threw a party for him at Charles Duhigg his spacious home on unpaved Bracebridge Road in suburban Christopher Caldwell Newton. -
Guy Debelle and Stanley Fischer Discussion / 222 Robert E
Gaals, Guidelines, and Constraints Facing Manetary Palicymakers Goals, Guidelines, and Constraints Facing Monetary Policymakers Proceedings of a Conference Held at North Falmouth, Massachusetts June 1994 Jeffrey C. Fuhrer, Editor Sponsored by: Federal Reserve Bank of Boston Contents Goals, Guidelines, and Constraints Facing Monetary Policymakers: An Overview / Jeffrey C. Fuhrer How Efficient Has Monetary Policy Been? The Inflation/Output Variability Trade-off Revisited / 21 John B. Taylor Discussion / 39 Laurence M. Ball Optimal Monetary Policy and the Sacrifice Ratio / 43 Jeffrey C. Fuhrer Discussion / 70 N. Gregory Mankiw Summary Discussion / 76 Martin S. Eichenbaum Comparing Direct and Intermediate Targeting Monetary Aggregates Targeting in a Low-Inflation Economy / 87 William Poole Discussion / 122 Benjamin M. Friedman Donald L. Kohn Lessons from International Experience Strategy and Tactics of Monetary Policy: Examples from Europe and the Antipodes / 139 Charles A.E. Goodhart and Josd Vi~ials Discussion / 188 Richard N. Cooper How Independent Should a Central Bank Be? / 195 Guy Debelle and Stanley Fischer Discussion / 222 Robert E. Hall How Can Monetary Policy Be Improved? Panel Discussion / 229 Paul A. Samuelson James Tobin Robert J. Barro Lyle E. Gramley Bennett T. McCallum About the Authors / 251 Conference Participants / 257 Goals, Guidelines, and Constraints Facing Monetary Policymakers This conference addressed three broad questions about the conduct of monetary policy. First, how efficiently has U.S. policy balanced the goals of price stability and full employment? Second, have rapidly changing financial markets made the use of intermediate targets, such as monetary aggregates, obsolete? Third, what can domestic policymakers learn from the tactics and strategies employed by foreign central banks? A concluding panel suggested improvements to monetary policy, in light of the conclusions drawn in the previous sessions. -
Date Circ Internal Use HA
Last TOTAL Year's Year-to- Internal CALL # TITLE Pub Date CHKOUT Circ date Circ Use HA29 .A88 2007 Super crunchers : why thinking-by-numbers is the new way to be smart / Ian Ayres.2007 1 0 0 0 HA29 .B3835 Statistics for economists an introduction [by] Ralph E. Beals 1972 3 0 0 0 HA29 .B556 2003 Analyzing quantitative data : from description to explanation / Norman Blaikie.2003 0 0 0 0 HA29 .C234 Elementary statistical concepts [by] Rolene B. Cain 1972 10 0 0 0 HA29 .D45 Information and error an introduction to statistical analysis 1959 4 0 0 0 HA29 .D67 A primer of social statistics, [by] Sanford M. Dornbusch [and] Calvin F. Schmid1955 2 0 0 0 HA29 .E25 1995 The tyranny of numbers : mismeasurement and misrule / Nicholas Eberstadt1995 1 0 0 0 HA29 .E28 1997 The Economist guide to economic indicators : making sense of economics.1997 6 0 0 0 HA29 .E33 Statistical methods for the behavioral sciences 1954 2 0 0 0 HA29 .F65 A primer of statistics for non-statisticians 1958 2 0 0 0 HA29 .F67 Statistics : an introduction / D.A.S. Fraser 1958 4 0 0 0 HA29 .F683 1972 Elementary business statistics: the modern approach [by] John E. Freund [and] Frank J. Williams1972 6 0 0 0 HA29 .F684 1969 Modern business statistics;"Freund and Williams' Modern business statistics. Rev. by Benjamin Perles [and] Charles Sullivan"1969 2 0 0 0 HA29 .G16 1962 Elementary statistics 1962 4 0 0 0 HA29 .H16 1977 General statistics / Audrey Haber, Richard P. Runyon 1977 10 0 0 0 HA29 .H662 1976 Elementary statistics / Paul G. -
John Maynard Keynes, by Paul Krugman....41 5
SECRETARIA DE ESTADO DE ECONOMÍA, MINISTERIO SECRETARÍA GENERAL DE POLÍTICA ECONÓMICA DE ECONOMÍA Y ECONOMÍA INTERNACIONAL Y HACIENDA SUBDIRECCIÓN GENERAL DE ECONOMÍA INTERNACIONAL CUADERNO DE DOCUMENTACION Número 86-14º (alcance) Alvaro Espina Vocal Asesor 23 Octubre de 2008 (20 horas) CD 86-14º de alcance Por mucho que el drama de la Norteamérica actual se derive, al decir de Paul Krugman, del hecho casi evidente de que la administración republicana -que todavía seguimos sufriendo, y que trata de bloquear la presencia de España en la cumbre financiera mundial1- no crea en el sistema en que vive, y que no crea especialmente en la democracia ni en la libertad de expresión, el problema para ellos es que, mal que les pese, la democracia y la libertad de expresión siguen funcionando. Joseph Stiglitz denuncia en el Guardian la maniobra artera de Hank Paulson, “el de la vía equivocada”, que consiste en “mejorar” el plan de rescate de Gordon Brown para beneficio de los bancos norteamericanos y en perjuicio de la concurrencia y de los contribuyentes, que terminarán siendo un daño colateral más de los muchos producidos por las iniciativas del peor Presidente de la historia de los EEUU. Y, todavía, si el plan “mejorado” sirviera para salvar al sistema financiero habría que darse con un canto en los dientes. Pero esto nadie lo sabe, engolfados como están los banqueros americanos en la ceremonia de la opacidad más absoluta. No hay más que ver las expresiones casi contradictorias con que Eric Dash titulaba sus crónicas en NYT en dos días consecutivos. El día 16 el titular era de supervivencia: “Banks Brace for Slump as Economy Weakens” (se atrincheran contra la depresión), anunciando que JP Morgan, Wells Fargo y State Street están resistiendo bien, pese a que los dos primeros han visto caer sus beneficios durante el tercer trimestre (en un 85 % JP, tras absorber a Washington Mutual y en un 25% Wells, tras digerir a Wachovia). -
A Cautionary Tale Senate Seat That Edward M
MONTAGE channel natural light to the Clockwise from left: Norman Foster very center of his buildings, designed the Swiss Re building in London to channel light and air throughout its astral while the Malaysian archi- form; a skyscraper in Doha, Qatar, advertises tect Ken Yeang gouges out the 2006 Asian games; Peter Eisenmann’s his buildings’ skins to cre- unbuilt design for the Max Reinhardt Haus ate profusely planted mi- rethinks the linearity of tall buildings. croclimates in sun or shade. Just as in the 1950s and ’60s there were reached tall buildings. In an clear resonances between the world of extension of their semiotic architecture—with its “pure, sleek” sky- role, their surfaces are being S e scrapers—and the minimalist creations rethought to carry visual TTY IMAG TTY of the fine arts world, says Johnson, today content and information. In e the influence of the information age has certain places in city cen- ITT/G ew ters, their exteriors have H e become not only battle- MIK grounds, but also more valuable than the space within. Johnson recounts landlord struggles with residential neighbors both- VATION) ered at night by illuminated signage, on the e ST EL ST one hand, and with tenants angered by re- e L, W L, duced daylight after an advertising scrim is e suddenly hung on the building. Recently, a developer was offered more money for the exterior of a building than the residential MOD (1:200 RANK F units inside could generate. ICK D R The fight for the exterior of tall build- e ings, Johnson says, is clearly the next big conversation. -
An Examination of the Progressively Influential Role of Major Party Debates on American Presidential Elections: 1960-2008
DO THE DEBATES MATTER? AN EXAMINATION OF THE PROGRESSIVELY INFLUENTIAL ROLE OF MAJOR PARTY DEBATES ON AMERICAN PRESIDENTIAL ELECTIONS: 1960-2008 INTRODUCTION There were fifty-six American presidential elections from 1788 to 2008.1 Only ten of the elections, however, included debates between the major party candidates. These occurred from 1960 to 2008, and there were none before that time.2 In 1960, John F. Kennedy and Richard M. Nixon, who were nominees of the Democratic and Republican parties, respectively, participated in a series of four debates. Television first became a significant factor in presidential politics in 1960 and the appeal of the Kennedy-Nixon debates was that they would be televised.3 Television’s presence, however, overshadowed the even greater phenomenon that the Kennedy-Nixon debates were not only the first televised presidential debates, but they were also the first debates between major party candidates ever to take place.4 From that point until 2008, another twenty- two debates were held between the major party presidential candidates, one between the Republican and Independent nominees, and eight between their running mates.5 1 Irwin Unger, These United States, 2nd Ed., Upper Saddle River, NJ: Prentice-Hall, 1999, 2003, A18-A21. Unless otherwise noted, a “debate” as defined in this thesis refers to a major party presidential debate, one held between two or more candidates of opposing parties, where at least one of which belongs to a major party (i.e., Democrat or Republican). Not included are debates between intraparty candidates (such as, among Democrats during the primary season) or general elections held exclusively among non-major party candidates (such as debates among the Constitution Party’s, Green Party’s and Libertarian Party’s nominees), but they do include general election debates between major party vice presidential candidates. -
Y La Recesión Global De 2007-2009
SECRETARIA DE ESTADO DE ECONOMÍA, MINISTERIO SECRETARÍA GENERAL DE POLÍTICA ECONÓMICA DE ECONOMÍA Y ECONOMÍA INTERNACIONAL Y HACIENDA SUBDIRECCIÓN GENERAL DE ECONOMÍA INTERNACIONAL CUADERNO DE DOCUMENTACION Número 90º ANEXO VI Alvaro Espina Vocal Asesor 1 de Marzo de 2010 BACKGROUND PAPERS: 1. What didn’t happen, The New York Times by Paul Krugman…6 2. Isn’t AIG’s stock worthless? The why is it $28 a share?, The Washington Post by Paul Smalera…8 3. The transformer: why VW is the car giant to watch, BusinessWeek by David Welch…10 4. Junkers calls for single eurozone representation, Collegio Carlo Alberto…14 5. Ominous lessons of the 1930s for Europe, FT.com by Paul De Grauwe…16 6. European commercial property rebounds, FT.com by Daniel Thomas …18 7. A systemic risk warning system, Vox by Anne Sibert…19 8. The “other” imbalance and the financial crisis, Vox by Ricardo Caballero…22 9. Eurozone monetary policy in uncharted waters, Vox by Martin Cihák, Thomras Harjes and Emil Stavrev…28 10. Arrogancia de Viejo estilo, El País de Santos Julia…33 11. Crisis y recuperación en América Latina, El País de Carmelo Mesa-Lago…35 12. Atados al euro, El País de Pierre Briançon…37 13. El turismo, ¿clave del nuevo modelo productivo?, El País de José Luis Zoreda…38 14. Los salarios resisten la presión, El País de Manuel V Gómez…41 15. Los precios de la vivienda caen cada vez menos, El País de Luis Doncel…43 16. La crisis y la reforma del sistema financiero, El País de Xavier Vives…45 17. -
Reading Popular Histories of Economics Tiago Mata University College London [email protected] to Appear As Chapter 10 of a Contemporary Historiography of Economics
Reading popular histories of economics Tiago Mata University College London [email protected] to appear as chapter 10 of A Contemporary Historiography of Economics. edited by E. Roy Weintraub and Till Düppe, Routledge. Uneducating historians of economics How to train the next generation of historians of economics? The apprentice historian has in 2018 a wealth of resources to exploit. If she wants to get a head start on the themes and problems that might grip the field in 20 years, she might leaf through the yearly supplements of History of Political Economy. If she needs to get acquainted with the canon of economics, she might travel to summer schools coast to coast, Italy to North America, offering initiation into the interpretative arts. She might then join scholarly networks, of senior, junior, or mixed membership, and invite the critical exam of her peers on work in progress. The historian-in-training of today can scan the horizons of the discipline, be socialized in collective reading, and shape community. The opportunities have never been as numerous. These resources accomplish an initiation into scholarship. While graduate programs in the history of economics are closed or thinned, they ensure the preservation of our field. They deserve to be commended. They are also narrow in outlook … At the end of this essay I aim to have convinced my reader that writings on the history of economics are more diverse, puzzling, and unruly than the literature that circulates in conferences, summer schools, and webinars. The essay re-opens simple historiographical questions: Who writes history, how is it written, for whom? To address these questions I must delimit a corpus.