摘要：In his Presidential Address five years ago, Zvi Griliches (1994) called attention to the se- Vere difficulties that best current attempts to Measure the growth of labor productivity in The American economy. Because of these dif- Ficulties, it is likely that the true rate of eco- Nomic growth is substantially underestimated. The root of the problem is the difficulty in Measuring output in the service sector which Now represents two-thirds of the economy.
摘要：Iris Bohnet and Bruno S. Frey (1999) pre- sent an interesting set of experiments that build on the experiments; reported in our paper, "So- cial Distance and Other-Regarding Behavior in Dictator Games" (Hoffman et al., 1996). In our double blind dictator games, dictators And counterparts act in separate rooms and the Experiment is designed so that neither other Subjects nor the experimenter can determine Any dictators' decisions.
摘要：In an earlier article in this Review, Lars E.O. Svensson (1997) shows that state- Contingent inflation targeting induces an in- Dependent and "conservative" (in the sense Of Kenneth Rogoff, 1985) central bank to fol- Low the optimal monetary policy rule when Employment is persistent. In this Comment We argue that the state-contingent nature of the Delegation scheme may undermine its credi- Bility. Subsequently we show that it neverthe- Less is possible to attain the optimal rule in Svensson's model through state-in dependent Delegation.
摘要：We analyze an economy that lacks a strong legal-political institutional infrastruc- ture and is populated by multiple powerful groups. Powerful groups dynamically interact via a fiscal process that effectively allows open access to the aggregate capital stock. In equilibrium, this leads to slow economic growth and a "voracity effect," by which a shock, such as a terms of trade windfall, perversely generates a more-than-proportionate increase in fiscal redistribution and reduces growth. We also show that a dilution in the concentration of power leads to faster growth And a less procyclical response to shocks.
摘要：We model a war of attrition with N+K firms competing for N prizes. In a "natural oligopoly" context, the K-1 lowest-value firms drop out instantae- ously, even though each firm's value is private information to itself. In a "stan- dard setting" context, in which every competitor suffers losses until a standard is chosen, been after giving up on its own preferred alternative, each firm's exit time is independent both K and of other players' actions. Our results explain how long it takes to form a winning coalition in politics. Solving the model is facilitated by the Revenue Equivalence Theorem.
摘要：We examine self-control problems-modeled as time-inconsistent, present- biased preferences-in a model where a person must do an activity exactly once. We emphasize two distinctions: Do activities involve immediate costs or imme- Diate rewards, and are people sophisticated or naive about future self-control Problems? Naive people procrastinate immediate-cost activities and proper- te-do too soon-immediate-reward activities.
摘要：We propose a unified theoretical framework within which to interpret and eval- uate the foundational principles of GATT. Working within a general equilibrium trade model, we represent government preferences in a way that is consistent with national income maximization but also allows for the possibility of distri- butional concerns as emphasized in leading political-economy models.
摘要：In skill-biased (de-skilling) technological revolutions learning investments re- quired by new machines are greater (smaller) than those required by preexisting machines. Skill-biased (de-skilling) revolutions trigger reallocations of capital from slow- (fast-) to fast- (slow-) learning workers, thereby reducing the relative and absolute wages of the former.
摘要：In their annual review of academic salaries, the American Association of university Pro- fessors (AAUP) observes large gender- related salary differentials: "At doctoral-level institutions, male professors at the rank of full professor earn 11.4 percent more than women full professors" (AAUP, 1998 p.1) While this reported salary gap is large, the AAUP Salary Survey does not control for characteristics that Contribute to pay differentials such as aca- Demic field or publication record.
摘要：One of the most glaring legacies of 20th- century Chinese socialism is a sharp and wid- ened divide between Chian's urban and rural areas. Chian's widened urban-rural divide arose form a socialist industrialization process, which created a hastended heavy-industrial base at the expense of its rural population.
摘要：The migration of rural labor to urban areas in China since the mid-1980's has created the largest labor flow in world history. A commonly cited figure puts the number of rural migrants residing in urban areas at 50 million in the mid-1990's. Seemingly, Chinese rural people are fully responding Tot he relaxation of long-standing controls Over rural-to-urban migration. However, I Will show in this paper that, in spite of The incentive and ability to migrate, many Rural people choose not to migrate. A major Reason is the existing arrangement of land Management.
摘要：Teh discovery of new ideas is the engine of growth in many recent growth models. As em- phasized by Paul Romer (1986, 1990), ideas are different form most goods analyzed in eco- nomics in that they are nonrivalrous: the use of an idea by one person does not preclude, at a technological level, the simultaneous use of the idea by another person, or even by many people. This leads to a tight link between idea- based growth models and increasing returns to scale.
摘要：Labor's share of national income has been a topic of enduring interest to economists since the work of David Ricardo (1821)j and other classical economists. Both neoclassical and Marxian theories of income distribution focus On labor's share. And the empirical determi- Nation of factor shares was the proximate Cause for the founding of the National Bureau Of Economic Research (Nahum Stone, 1945). This paper considers issues that arise in mea- Suring the fraction of national income accruing To labor and provides alternative concepts and Data to the standard Bureau of Economic Anal- Ysis (BEA) series.
摘要：Mnay economists today agree with the use- fulness of generational accounting as a pow- erful alternative to conventional measures of budget deficits. Japan provides the primary ex- ample of showing a huge discrepancy between one of the lowest ratios of net debt to GDP and the highest imbalance of generaional ac- counts. The complete lack of a consistent re- lationship between a nation's deficit or debt postions and the its generational imbalance is not surprising, given that there is no intrinsic connection between the two measures.
摘要：A child's welfare is affected not only by the wealth of her parents, but also by the qual- ity of care her parents provide. Physical abuse, neglect, and other forms of child mal- treatment impose severe hardships on chil- dren and may adversely affect them as adults (cathy Widom, 1989). We examine whether child maltreatment is affected by the socio- economic circumstances of parents.
摘要：The migration of labor out of agriculture is a quintessential feature of economic develop- ment and modernization, both historically in developed countries and currently in devel- oping ones. Approximately 70 percent of China's labor force is an in the agricultural sector, A high level for a country with China's per Capita income. If China follows the occupa- Tional migration pattern of other nations, a 10-percent increase in per capita GNP can conservatively be expected to decrease the 'share of the workforce employed in agriculture by 3.1 percentage points (Taylor and Philip Martin, 1999).
摘要：The Medicare program of health care for the aged now costs more than $5, 000 per en- rollee, a national cost of more than $200 bil- lion a year. Medicare outlays will rise even more rapidly than Social Security benefits over the next several decades, propelled by the combination of an aging population and rising medial-care costs per patient.
摘要：The portfolio-composition decision often is stylized as either a life-cycle choice to allocate income to consumption or as a choice along a risk-return locus, with the locus derived form the underlying market equilibrium of asset re- turns and prices. Empirical work on household financial behavior has identified large differ- ences in wealth levels and in portfolio- composition choices of different demographic groups, well beyond income and risk toler- anece.
摘要：Recent research using longitudinal micro- economic databases on businesses and individ- uals has uncovered tremendous heterogeneity. Across businesses, even within narrowly defined Industrial sectors, we observe large differences In the levels and grown rates of inputs, outputs, And productivity. Across workers, even control- Ling for demographic characteristics, wage and Employment outcomes vary a great deal, and There are sizable worker flows across jobs in the Economy.
摘要：In a socialist economy, when a state-owned enterprise (SOE) incurs losses, the government often provides it with additional funding, cuts its taxes, and offers other compensations. Co- incidentally, the managers of an SOE also ex- pect to receive financial assistance form the state. Such a phenomenon is called the soft budget constraint (SBC), a term coined by Janos Kornai (1986).