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 book of quantity 1 (1999), rigorously distinguishing among empirical, theoretical, methodological, and coverage matters, together with financial, financial, and regulatory regulations to accommodate crises, unemployment, and monetary progress. As this quantity indicates, macroeconomics has gone through a profound swap because the e-book of the final quantity, due in no small half to the questions thrust into the highlight by means of the global monetary situation of 2008. With contributions from the world’s top macroeconomists, its reevaluation of macroeconomic scholarship and evaluation of its destiny represent an funding worthy making.

  • Serves a double function as a textbook for macroeconomics classes and as a gateway for college students to the most recent research
  • Acts as a specific source as no significant collections of macroeconomic essays were released within the final decade
  • Builds upon quantity 1 through the use of its part headings to demonstrate simply how a ways macroeconomic inspiration has evolved

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Act. 2, 135–165. The green (gray in the print version) line shows average educational attainment for the labor force aged 25 and over from the Current Population Survey. It is hard to know what to make of the recent movements in factor shares. Is this a temporary phenomenon, perhaps amplified by the Great Recession? Or are some more deeper structural factors at work? Karabarbounis and Neiman (2014) document that the fact extends to many countries around the world and perhaps on average starts even before 2000.

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.

The second point is that this pattern changed in recent decades. 8% between 1980 and 2007. 86% since 1980. Changes like this clearly have the potential to matter for economic welfare and merit the attention they’ve received. 6 The Price of Natural Resources This next fact is very different from what we’ve been discussing, but it is one of the more surprising facts related to frontier growth. Fig. 20 shows the real price of industrial commodities, consisting of an equally-weighted basket of aluminum, coal, copper, lead, iron ore, and zinc, deflated by the consumer price index.

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