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aggregate investment aggregate production function aggregate supply curve ah(z average variable cost Bank of San capacity utilization capital accumulation capital intensity capital utilization rate capital-labor ratio Cobb-Douglas convex degree of idiosyncratic denote depreciation dynamic responses elasticity of supply embodied technology equals equilibrium condition ex post existing capital Federal Reserve Bank first-order condition Gilchrist and Williams growth rate hazard rate idiosyncratic productivity idiosyncratic uncertainty implies increase in idiosyncratic increase in variance increased uncertainty intensive margin irreversible labor productivity Leontief level of embodied levels of idiosyncratic limI_+00 log-concavity of T(z log-normally distributed marginal machine marginal product mean level microeconomic multiple equilibria no-growth economy output with respect partial equilibrium positive growth product of capital product of labor project level project outcomes Proof proposition putty-clay framework putty-clay model real wage reallocation benefits relative slope Solow vintage model standard normal distribution steady-state equilibrium steady-state labor steady-state value transition dynamics variance of project wage rate