Explaining the United States' industrial growth, 1860-1991: endogenous versus exogenous models

Article Abstract:

A trend stationary process fits US industrial production for the period 1860-1991. This is because of an output trend discontinuity around the turn of the 20th century. Statistical records identify a segmented trend stationary characterization which favors exogenous growth models in explaining US industrial growth. The Mankiw, Romer and Weil as well as the Barro and Sala i Martin models, which underscore the importance of human capital, more accurately account for 20th century industrial growth discontinuity in the US.

Models, United States, Industrial development, Industrialization

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Sectoral shift models of unemployment: measurement ahead of theory

Article Abstract:

A study has reviewed work on the association of resource reallocation with employment. Sectoral reallocation models are compared against R. Lucas' and E. Prescott's sectoral reallocation model, 1974. Opinion varies on the influence of sectoral level shocks or aggregate shocks on creating unemployment. Evaluation of the literature suggest both local shocks and aggregate shocks are influential and the same shock may have different corporate effects.

Analysis, Economic aspects, Unemployment, Resource allocation

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