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Special Report on

The Marginal Product of Capital

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Whether or not the marginal product of capital (MPK) differs across countries is a question that keeps coming up in discussions of comparative economic development and patterns of capital flows.  Attempts to provide an empirical answer to this question have so far been mostly indirect and based on heroic assumptions.  The first contribution of this paper is to present new estimates of the cross-country dispersion of marginal products.  We find that the MPK is much higher on average in poor countries.  However, the financial rate of return from investing in physical capital is not much higher in poor ...
sometimes simply called "the capital controversy" – refers to a theoretical and mathematical debate during the 1960s among economists concerning the nature and role of capital goods (or means of production ) and the critique of the dominant neoclassical vision of aggregate production and distribution. The name arises because of the location of the principals involved in the controversy: the debate was largely between economists such as Joan Robinson and Piero Sraffa at the University of Cambridge in England and economists such as Paul Samuelson and Robert Solow at the Massachusetts Institute of Technology , in ...
REVIEWS AND OPINIONS
Ebook Investment and Monetary Policy: Learning and Determinacy of ...
Taylor’s principle, that stabilizing rule-based monetary policy requires a more-than-proportional rise in the central bank’s target interest rate in response to higher inflation, has attracted considerable attention in the monetary policy literature. Taylor himself (1999) has shown how violations of this principle appear to explain historical episodes of high inflation and low capacity utilization. Woodford (2001, 2003a) has shown that Taylor’s principle ensures determinacy of rational expectations equilibria (REE) in New Keynesian models, i.e., dynamic, stochastic general equilibrium models with imperfect competition and ... market research, surveys and trends
Demography: People and markets | The Economist
some research indicating that rapid population growth can tighten housing markets, helping to reduce the incidence of liquidity traps. As it happens, population trends might also shape the path of equity returns: Geanakopoulos and his co-authors consider an overlapping generation model in which the demographic structure mimics the pattern of live births in the US, that have featured alternating twenty-year periods of boom and busts. They conjecture that the life-cycle portfolio behaviour – which suggests that agents should borrow when young, invest for retirement when middle-aged, and live off their investment once they are ... market research, surveys and trends

SURVEY RESULTS FOR
THE MARGINAL PRODUCT OF CAPITAL

Op-Ed Contributor - No, Really, the Fundamentals of the Economy ...
THE Treasury Department is now thinking about using some of the $700 billion it has been given to rescue Wall Street to buy ownership stakes in American banks. The idea is that banking is so central to the American economy that the government is justified in virtually nationalizing much of the industry in order to save us from a potential depression. There are two faulty assumptions here. First, saving America’s banks won’t save the economy. And second, the economy doesn’t really need saving. It’s stronger than we think. Bear with me. I know that most everyone has been saying for a couple of weeks that ... industry trends, business articles and survey research
Notes: The Elmendorf-Mankiw "Debt Fairy" Paper: Archive Entry From ...
This paper was prepared for the Handbook of Macroeconomics. We are grateful to Michael Dotsey, Richard Johnson, David Wilcox, and Michael Woodford for helpful comments. The views expressed in this paper are our own and not necessarily those of any institution with which we are affiliated. Abstract: This paper surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The paper then presents the conventional theory of government debt, which emphasizes aggregate ... industry trends, business articles and survey research
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INFORMATION RESOURCES

THE MARGINAL PRODUCT OF CAPITAL* FRANCESCO CASELLI AND JAMES ...
Whether or not the marginal product of capital (MPK) differs across countries is a question that keeps coming up in discussions of comparative economic ... technology research, surveys study and trend statistics
I. DATA DEVELOPMENT
This section has four parts: (1) the pure neoclassical theory of investment; (2) benefits from investing one more unit of capital, marginal-value product; ... technology research, surveys study and trend statistics
REAL TIME
THE MARGINAL PRODUCT OF CAPITAL
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QUESTIONS AND ANSWERS
How to find the marginal product of capital of a function? - Yahoo ...
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