Quarterly Journal of Economics articles from August 1996

Quarterly Journal of Economics archives from August 1996

The finance-growth nexus: evidence from bank branch deregulation.
August 1, 1996... I. INTRODUCTION This paper provides new evidence that financial markets can directly affect economic growth by studying intrastate branch banking reform in the United States. Since the early 1970s, 35 states have relaxed restrictions on...

How teachers' unions affect education production.
August 1, 1996... I. INTRODUCTION This study is motivated by two related empirical puzzles. The first is that student-level and school-level data often show little evidence of a relationship between student performance and school inputs, after controlling for...

Procyclical productivity: increasing returns or cyclical utilization?
August 1, 1996... Why is productivity procyclical? The answer to this question sheds light on the relative merits of different models of business cycles. The literature suggests three main explanations. First, measured fluctuations in productivity might reflect...

Options, the value of capital, and investment.
August 1, 1996... INTRODUCTION When a firm cannot costlessly adjust its capital stock, it must consider future opportunities and costs when making its investment decisions. The literature has interpreted this investment problem in two ways. In the q-theory...

A microfoundation for social increasing returns in human capital accumulation.
August 1, 1996... I. INTRODUCTION Human capital externalities arise when the investment of an individual in his skills creates benefits for other agents in the economy. Social increasing returns are a strong form of these externalities whereby the rate of...

On the timing and efficiency of creative destruction.
August 1, 1996... I. INTRODUCTION When technology, in its broadest sense, is embodied in capital, skills, and the organization of work, technical progress puts the economy in a state of incessant restructuring. Its productive structure must constantly adapt to...

Nominal wage stickiness and aggregate supply in the Great Depression.
August 1, 1996... I. INTRODUCTION The problem of explaining why the world economy collapsed in the 1930s has provided a difficult challenge to economists for more than six decades. Thus, it is particularly exciting that in the last few years there has developed...

Demand uncertainty, inventories, and resale price maintenance.
August 1, 1996... I cannot believe that in the long run the public will profit by this course, permitting knaves to cut reasonable prices for mere ulterior purposes of their own, and thus to impair, if not destroy, the production and the sale of articles which it...

Sex discrimination in restaurant hiring: an audit study.
August 1, 1996... I. INTRODUCTION The overall sex gap in wages can be broken into an across-occupation and a within-occupation component. The sex gap related to across-occupation segregation has alternatively been attributed to human capital investment...

A further augmentation of the Solow model and the empirics of economic growth for OECD countries. (Organization for Economic Cooperation and Development)
August 1, 1996... Mankiw, Romer, and Weil [1992] showed that the augmented Solow model, including accumulation of human as well as physical capital, provides a good description of cross-country data, with the exception of the OECD subsample. The textbook Solow...