Handbook of Macroeconomics, Volume 2A-2B SET by John B. Taylor, Harald Uhlig

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), rigorously distinguishing among empirical, theoretical, methodological, and coverage matters, together with financial, financial, and regulatory guidelines to house crises, unemployment, and fiscal development. As this quantity exhibits, macroeconomics has gone through a profound swap because the booklet of the final quantity, due in no small half to the questions thrust into the highlight via the global monetary concern of 2008. With contributions from the world’s prime macroeconomists, its reevaluation of macroeconomic scholarship and review of its destiny represent an funding worthy making.

  • Serves a double function as a textbook for macroeconomics classes and as a gateway for college kids to the newest research
  • Acts as a one of a kind 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 notion has evolved

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This is true within the United States, within the OECD, and even if we incorporate China and Russia as well. It is important to appreciate a significant limitation of the R&D data shown so far. In particular, these data only capture a small part of what an economist would call research. For example, around 70% of measured R&D occurs in the manufacturing industry. h According to their corporate filings, Walmart and Goldman-Sachs report doing zero R&D. So far, we have considered the input side of the idea production function.

I now believe this is wrong. Hsieh et al. (2013) highlight a striking fact that illustrates this point: in 1960, 94% of doctors and lawyers were white men; by 2008, this fraction was just 62%. Given that innate talent for these and other highly-skilled professions is unlikely to differ across groups, the occupational distribution in 1960 suggests that a large number of innately talented African Americans and white women were not working in the occupations dictated by comparative advantage. The paper quantifies the macroeconomic consequences of the remarkable convergence in the occupational distribution between 1960 and 2008 and finds that 15–20% of growth in aggregate output per worker is explained by the improved allocation of talent.

H These numbers are from Wolfe (2014). 19 20 Handbook of Macroeconomics Thousands 300 250 Total in 2013: 302,000 US origin: 147,000 Foreign share: 51% 200 Total 150 100 50 0 1900 US origin 1920 1940 1960 1980 2000 Year Fig. 11 Patents granted by the US Patent and Trademark Office. htm. A closer look at Fig. 11, though, reveals something equally interesting: the number of patents granted to US inventors in 1915, 1950, and 1985 was approximately the same. Put another way, during the first 85 years of the 20th century, the number of patents granted to US residents appears to be stationary, in sharp contrast to the dramatic increase since 1985 or so.

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