Does inflation uncertainty affect output growth? Further evidence

Inflation (Finance)

Factor-adjustment costs at the industry level

An estimation of a dynamic cost function for the U.S. steel industry to investigate the cost of adjusting blue- and white-collar employment levels and to examine the importance of specification of the adjustment-cost function.Industries ; Steel industry and trade

Understanding nominal GNP targeting

Gross national product

Intertemporal substitution and the role of monetary policy: policy irrelevance once again

Recently Marini (1985) demonstrates that a policy rule with proportional feedback to the current money stock from disturbances dated t-2 or further in the past will be effective at stabilizing output in Barro's (1976) model. This paper questions the robustness and logical consistency of Marini's result. It demonstrates that Marini's claim is overturned when the length of private agents's horizons does not fall short of the length of the lags in the feedback rule, so that private agents correctly incorporate knowledge of the wealth they will receive from future transfers into their decision calculus. Marini assumes that private agents ignore a foreseeable source of change in future money balances. This questionable feature of his analysis is crucial to the policy effectiveness results he obtains.Monetary policy

A primer on cointegration with an application to money and income

Money theory ; Income ; Cointegration

The optimality of nominal income targeting when wages are indexed to price

Income ; Wages

An Overview of the Economic Performance of Texas MSAs from 2010-2021

EconomicGrowth_Development_TechnicalChangeQuestions about economic performance are some of the most frequently asked questions posed to economists. This paper illustrates the relative performance of states over 2010-2022 in terms of RGDP growth, population growth, and growth in per capita RGDP. The authors present information on trends in the performance of U.S. states over the recent 2010 - 2022 period, which followed the Global Financial Crisis and the Great Recession. During this period, some states with high RGDP growth and high population growth, like Texas, also had moderate levels of per capita RGDP growth. Other states, such as California, had high RGDP growth but moderate population growth, and yet had very high per capita RGDP growth. Additionally, states with higher levels of RGDP per capita tend to grow more slowly than states with lower levels of RGDP per capita. This tendency toward convergence is a prediction of the Solow Growth Model

Does the Elderly's Private Pension Ownership Intensify Aggregate Equity Demand? Empirical Evidence in the U.S.

PoliticalEconomyIn this paper, the authors investigate how the old generation income structure affects aggregate equity purchases, using Flows of Funds Accounts and Survey of Consumer Finances. Results suggest that the risk aversion that increases with age could be modified to incorporate the old’s pension ownership. In particular, private pension income to elder households are related to increased aggregate equity purchases, even considering other pension and all other income. In this sense, private pensions are a ‘stepping-stone’ to increased equity investment in U.S. households

Bipolar spintronics: From spin injection to spin-controlled logic

An impressive success of spintronic applications has been typically realized in metal-based structures which utilize magnetoresistive effects for substantial improvements in the performance of computer hard drives and magnetic random access memories. Correspondingly, the theoretical understanding of spin-polarized transport is usually limited to a metallic regime in a linear response, which, while providing a good description for data storage and magnetic memory devices, is not sufficient for signal processing and digital logic. In contrast, much less is known about possible applications of semiconductor-based spintronics and spin-polarized transport in related structures which could utilize strong intrinsic nonlinearities in current-voltage characteristics to implement spin-based logic. Here we discuss the challenges for realizing a particular class of structures in semiconductor spintronics: our proposal for bipolar spintronic devices in which carriers of both polarities (electrons and holes) contribute to spin-charge coupling. We formulate the theoretical framework for bipolar spin-polarized transport, and describe several novel effects in two- and three-terminal structures which arise from the interplay between nonequilibrium spin and equilibrium magnetization.Comment: 16 pages, 7 figure