By John B. Taylor, Harald Uhlig
Handbook of Macroeconomics Volumes 2A and 2B surveys significant advances in macroeconomic scholarship because the e-book of quantity 1 (1999), conscientiously distinguishing among empirical, theoretical, methodological, and coverage matters, together with financial, financial, and regulatory rules to house crises, unemployment, and fiscal progress. As this quantity exhibits, macroeconomics has gone through a profound switch because the ebook of the final quantity, due in no small half to the questions thrust into the highlight by way of the global monetary drawback of 2008. With contributions from the world’s major 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 distinct 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 suggestion has evolved
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Additional info for Handbook of Macroeconomics, Volume 2A-2B SET
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.
Africa Argentina 20 China 0 1880 1900 1920 1940 1960 1980 2000 Year Fig. 22 The spread of economic growth since 1870. L. 2014. The Maddison Project: collaborative research on historical national accounts. Econ. Hist. Rev. 67 (3), 627–651. 1978 raises China’s living standards to more than a factor of 25 over the benchmark level of $300 per year. Fig. 22 shows the spread of growth since 1870 in an alternative way, by plotting incomes relative to the US level. A key fact that stands out when the data are viewed this way is the heterogeneity of experiences.
T Fig. 21 illustrates this point. GDP per person differs modestly prior to the year 1600 according to The Maddison Project data. For example, GDP per person in the year 1300 ranges from a high of $1620 in the Netherlands (in 1990 dollars) to a low of $610 in Egypt. But Egypt was surely not the poorest country in the world at the time. Following an insight by Pritchett (1997), notice that the poorest countries in the world in 1950 had an income around $300, and this level—less than one dollar per day— seems very close to the minimum average income likely to prevail in any economy at any point in time.