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"1947-2007"
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Psychology : essential thinkers, classic theories, and how they inform your world
Bridging the gap between the theoretical and real-life, Bonior looks at the biggest names, ideas, and studies in the history of psychology and translates their meaning to everyday situations and relationships.
Book
Two Perspectives on Preferences and Structural Transformation
We assess the empirical importance of changes in income and relative prices for structural transformation in the postwar United States. We explain two natural approaches to the data: sectors may be categories of final expenditure or value added; e.g., the service sector may be the final expenditure on services or the value added from service industries. We estimate preferences for each approach and find that with final expenditure income effects are the dominant force behind structural transformation, whereas with value-added categories price effects are more important. We show how the inputoutput structure of the United States can reconcile these findings.
Journal Article
Measures of per Capita Hours and Their Implications for the Technology-Hours Debate
Structural vector autoregressions give conflicting results on the effects of technology shocks on hours. The results depend crucially on the assumed data generating process for hours per capita. We show that the standard measure of hours per capita and productivity have significant low-frequency movements that are the source of the conflicting results. Hodrick-Prescott (HP)-filtered hours per capita produce results consistent with those obtained when hours are assumed to have a unit root. We show that important sources of the low-frequency movements in the standard measure are sectoral shifts in hours and the changing age composition of the working-age population. When we control for these low- frequency components to determine the effect of technology shocks on hours using long-run restrictions we get one consistent answer: hours decline in the short run in response to a positive technology shock. We further extend the analysis by examining the effects of demographic controls on the impulse responses to investment- specific technology shocks. Our results are less conclusive.
Journal Article
The Durable Slum
In the center of Mumbai, next to the city's newest and most expensive commercial developments, lies one of Asia's largest slums, where as many as one million squatters live in makeshift housing on one square mile of government land. This is the notorious Dharavi district, best known from the movieSlumdog Millionaire. In recent years, cities from Delhi to Rio de Janeiro have demolished similar slums, at times violently evicting their residents, to make way for development. But Dharavi and its residents have endured for a century, holding on to what is now some of Mumbai's most valuable land.
InThe Durable Slum, Liza Weinstein draws on a decade of work, including more than a year of firsthand research in Dharavi, to explain how, despite innumerable threats, the slum has persisted for so long, achieving a precarious stability. She describes how economic globalization and rapid urban development are pressuring Indian authorities to eradicate and redevelop Dharavi-and how political conflict, bureaucratic fragmentation, and community resistance have kept the bulldozers at bay. Today the latest ambitious plan for Dharavi's transformation has been stalled, yet the threat of eviction remains, and most residents and observers are simply waiting for the project to be revived or replaced by an even grander scheme.
Dharavi's remarkable story presents important lessons for a world in which most population growth happens in urban slums even as brutal removals increase. From Nairobi's Kibera to Manila's Tondo, megaslums may be more durable than they appear, their residents retaining a fragile but hard-won right to stay put.
eBook
The Optimal Rate of Inflation with Trending Relative Prices
Relative price trends mean that monetary policy cannot stabilize the nominal prices of all consumption categories. If prices are sticky, monetary policy must then trade off distortions within different categories; more weight should be placed on stabilizing prices for which adjustment entails greater distortions. With exogenous price stickiness, a simple model calibrated to U.S. data implies that slight deflation is optimal even absent money-demand considerations. If price stickiness is endogenous (because of fixed costs of adjustment), small inflation or small deflation can be optimal, depending on whether demand conditions or price adjustment costs vary across sectors.
Journal Article
THE ROLE OF TECHNOLOGY AND NONTECHNOLOGY SHOCKS IN BUSINESS CYCLES
This article proposes a method to identify technology and nontechnology shocks that permanently affect labor productivity and applies this method to data for the G7 countries. In most cases, whereas technology improvements have negative or weak effects on hours worked, positive permanent nontechnology shocks are expansionary. Permanent nontechnology shocks play an important role in business cycles, particularly in the United States and Japan, and account for 71% of a large reduction in Japan's detrended output from 1991 to 2002. Credit conditions are likely to be an important driver of variations in permanent nontechnology shocks.
Journal Article
