Productivity and the density of economic activity

Article Abstract:

Availability of public capital contributes to the variation in average labor productivity across the US. Density, or the concentration of capital within a given space, is high when there is huge amount of labor and capital in a physical space. An increase in density also gives rise to an increase in returns. It was further determined that when employment density is doubled, the average labor productivity of a county increases by 6%.

Employment, Demographic aspects, Labor productivity, Capital

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Did technology shocks cause the 1990-1991 recession?

Article Abstract:

A real-business cycle model is modified to determine what role technological shocks have had in causing the recession. A model economy calibrated to 1987 values recoveries more quickly than the actual US economy, indicating that factors other than technological shocks have been significant in retarding a recovery. Indications show that growth will occur for a few quarters as long as there are no public-finance shocks.

Technological innovations

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Macro theory and the recession of 1990-1991

Article Abstract:

Eight possible causes for the recession are considered within the context of macro theories, and established models prove to be ineffective in an analysis of the recession. The recession seems largely a result of an array of negative responses that followed the invasion of Kuwait by Iraq and the consequent rise in oil prices in Aug 1990. Consumers responded as they would to a decrease in resources.

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