In this paper, we use an overlapping generations model where individuals are allowed to engage in both legitimate market activities and criminal behavior in order to assess the role of certain factors on the property crime rate.
While the majority of job changers who state they were not fired or laid off choose jobs with wages that are higher than their previous jobs, a substantial proportion of these job changers choose jobs that have lower wages.
How much technological progress has there been in structures? An attempt is made to measure this using panel data on the age and rents for buildings. This data is interpreted through the eyes of a vintage capital model where buildings are replaced at some chosen periodicity. There appears to have been significant technological advance in structures that accounts for a major part of economic growth.
Gross domestic product today is only modestly bigger than it was 100 years ago, at least if it’s measured in tons! While this may seem an absurd way to measure GDP, the point is that how economic variables are measured is important.
The quotation above expresses a common, if not dominant, view of the genesis of inflationary pressure in an economy. The story goes something like this: High GDP growth eventually places excessive strain on a nation’s resources.
Just before the Federal Open Market Committee’s (FOMC) May 20 meeting, popular opinion about the near-term future of U.S. monetary policy was summarized by John 0. Wilson, chief economist at Bank America Corp.