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accounts American analysis authors find behavior benefits business cycle capital central bank changes choice corporate costs countries cycle Daron Acemoglu David decline Discussant drugs dynamics effects empirical equilibrium estimates Evidence examine exchange rate firms funds global growth Harvard University higher households impact incentives income increase industry inequality Inflation Targeting Innovation institutions interest rate International investment investors Japan Journal of Economics labor market liquidity liquidity trap macroeconomic Martin Feldstein measures Medicare ment Michael Michael Woodford monetary policy NBER and Harvard NBER and University NBER Working Paper NBER's Program nomic optimal organized output ownership Paper Author(s patent percent Phillips curve portfolio Princeton productivity Professor of Economics recent reform retirement risk Robert role sector shocks suggest tax rates theory tion tive trade United University of California University of Chicago wage workers York University