By John B. Taylor, Harald Uhlig
Handbook of Macroeconomics Volumes 2A and 2B surveys significant advances in macroeconomic scholarship because the ebook of quantity 1 (1999), conscientiously distinguishing among empirical, theoretical, methodological, and coverage matters, together with economic, financial, and regulatory rules to accommodate crises, unemployment, and fiscal development. As this quantity exhibits, macroeconomics has gone through a profound swap because the ebook of the final quantity, due in no small half to the questions thrust into the highlight through the global monetary predicament of 2008. With contributions from the world’s best macroeconomists, its reevaluation of macroeconomic scholarship and evaluation of its destiny represent an funding worthy making.
- Serves a double position as a textbook for macroeconomics classes and as a gateway for college kids to the most recent research
- Acts as a distinct source as no significant collections of macroeconomic essays were released within the final decade
- Builds upon quantity 1 by utilizing its part headings to demonstrate simply how some distance macroeconomic proposal has evolved
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Example text
23 also illustrates the “lost decades” that Japan has experienced. After rapid growth in the 1980s (and before), Japan peaked at an income relative to the United States of 85% in 1995. Since 1995, though, Japan has fallen back to around 75% of the US level. The rapid growth of China since 1980 and India since around 1990 are also evident in this figure. 3% by 2000. Since 2000, many of the countries and regions shown in Fig. 23 exhibit catch-up to the United States. Fig. 24 shows GDP per person relative to the United States in 1960 and 2011 for 100 countries.
Leis. ineq. 028 Notes: The consumption-equivalent welfare numbers in the first column use a conventional utility function to “add up” the contributions from consumption, leisure, mortality, and inequality and express them in a consumption-equivalent manner. The income column reports GDP per person. The “decomposition” columns report an additive decomposition of the log difference between welfare and income. J. 2015. Beyond GDP: Welfare across countries and time. 0 for a year close to 2005. 42 Handbook of Macroeconomics Western Europe, for example, growth rates since 1980 are arguably understated by around a full percentage point because of this factor.
The advantage is that it is the most straightforward approach. The disadvantage is familiar from growth accounting and the standard neoclassical growth model: differences in TFP induce capital accumulation that leads to differences in K across countries. Hence some of what is attributed to K in this approach might more naturally be attributed to TFP. An alternative approach—pursued by Klenow and Rodriguez-Clare (1997) and Hall and Jones (1999)—is to rewrite the production function in a way that assigns any induced capital accumulation to TFP.
