Jeremy Greenwood

Research

 



Jeremy Greenwood, Nezih Guner, Georgi Kocharkov and Cezar Santos (2014), " Marry Your Like: Assortative Mating and Income Inequality," American Economic Review (Papers and Proceedings).

Has there been an increase in positive assortative mating? Does assortative mating contribute to household income inequality? Data from the United States Census Bureau suggests there has been a rise in assortative mating. Additionally, assortative mating affects household income inequality. In particular, if matching in 2005 between husbands and wives had been random, instead of the pattern observed in the data, then the Gini coefficient would have fallen from the observed 0.43 to 0.34, so that income inequality would be smaller. Thus, assortative mating is important for income inequality. The high level of married female labor-force participation in 2005 is important for this result.

 

Abstract and Paper

Discussion in Vox

Live Chart from The Economist

Discussion in The Economist

Discussion in the Financial Times 

 

Keywords:  Assortative mating, contingency table, Gini coefficient, income inequality, Lorenz curve, married female labor-force participation, standardized contingency table


Emin Dinlersoz, Jeremy Greenwood and Henry R. Hyatt (2014), "Who Do Unions Target? Unionization Over the Life-Cycle of U.S. Businesses." U.S. Census Bureau.

What type of businesses do unions target for organizing and when? A dynamic model of the union organizing process is constructed to answer this question. A union monitors establishments in an industry to learn about their productivity, and decides which ones to organize and when. An establishment becomes unionized if the union targets it for organizing and wins the union certification election. The model predicts two main selection effects: unions target larger and more productive establishments early in their life-cycles, and among the establishments targeted, unions are more likely to win elections in smaller and less productive ones. These predictions find support in union certification elections data for 1977-2007 matched with data on establishment characteristics.

 

Paper, comments welcome--preliminary 

 

 Keywords: Unionization, union organizing, union certification election, diffusion of unionization, bayesian learning, productivity


Ufuk Akcigit, Murat Alp Celik and Jeremy Greenwood (2013), "Buy, Keep or Sell: Economic Growth and the Market for Ideas." University of Pennsylvania.

An endogenous growth model is developed where each period firms invest in researching and developing new ideas. An idea increases a firm's productivity. By how much depends on how central the idea is to a firm's activity. Ideas can be bought and sold on a market for patents. A firm can sell an idea that is not relevant to its business or buy one if it fails to innovate. The developed model is matched up with stylized facts about the market for patents in the U.S. The analysis attempts to gauge how efficiency in the patent market affects growth.

 

Paper 

 

 Keywords:  Growth, ideas, innovation, misallocation, patents, patent agents, research and development, search frictions


Jeremy Greenwood and David Weiss (2013), "Mining Surplus: Modeling James A. Schmitz's Link Between Competition and Productivity." Tel Aviv University.

James A. Schmitz (2005) documents, in a well-known case study, a dramatic rise in productivity in the U.S. and Canadian iron-ore industry following an increase in competition from Brazil. Prior to the increased competition, the industry was not competitive. Surplus in profits was divided between business and unions. Schmitz attributes the increase in productivity to a change in work practices in the industry, as old negotiated union work rules were abandoned or modified. This research formalizes a mechanism through which a rise in competition can lead to increased productivity in the iron-ore industry.

 

Paper 

 

 Keywords:  Bodies, effort, James A. Schmitz, iron ore, membership, monopoly profits, Nash bargaining, productivity, unions

 


Jeremy Greenwood, Philipp Kircher, Cezar Santos and Michele Tertilt (2013), "An Equilibrium Model of the African HIV/AIDS Epidemic." University of Mannheim.

Eleven percent of the Malawian population is HIV infected. Eighteen percent of sexual encounters are casual. A condom is used one quarter of the time. A choice-theoretic general equilibrium search model is constructed  to analyze the Malawian epidemic. In the developed framework, people select between different sexual practices while knowing the inherent risk. The analysis suggests that the efficacy of public policy depends upon the induced behavioral changes and general equilibrium effects that are typically absent in epidemiological studies and small-scale field experiments. For some interventions (some forms of promoting condoms or marriage), the quantitative exercise suggests that these effects may increase HIV prevalence, while for others (such as male circumcision or increased incomes) they strengthen the effectiveness of the intervention. The underlying channels giving rise to these effects are discussed in detail.

 

Paper, comments welcome 

Discussion in Vox

 Keywords:  Bayesian learning, circumcision, condoms, disease transmission, HIV/AIDS, homo economicus, Malawi, marriage, policy intervention, sex markets, search, STDs

 


Harold L. Cole, Jeremy Greenwood and Juan M. Sanchez (2012), "Why Doesn't Technology Flow from Rich to Poor Countries?" Working Paper 2012-040A, Federal Reserve Bank of St Louis.

What determines the choice of technology within a country? While there could be many factors, the efficiency of the country's financial system may play a significant role. To address this question, a dynamic contract model is embedded into a general equilibrium setting with competitive intermediation. The ability of an intermediary to monitor and control the cash flows of a firm plays an important role in the decision to underwrite technology adoption. Can such a theory help to explain the differences in TFP and establishment-size distributions between India, Mexico and the U.S.? Some applied analysis suggests that answer is yes.

 

Paper, comments welcome 

 

Keywords: Costly cash flow control; costly state verification; dynamic contract theory; economic development; establishment-size distributions; financial intermediation; India, Mexico and the U.S.; monitoring; productivity; technology adoption; underwriting; ventures

 


 

Emin Dinlersoz and Jeremy Greenwood (2013, revised), "The Rise and Fall of Unions in the U.S." U.S. Census Bureau.

Union membership displayed an ∩-shaped pattern over the 20th century, while the distribution of income sketched a U. A model of unions is developed to analyze these phenomena. There is a distribution of firms in economy. Firms hire capital, plus skilled and unskilled labor. Unionization is a costly process. A union decides how many firms to organize and its members' wage rate. Simulation of the developed model establishes that skilled-biased technological change, which affects the productivity of skilled labor relative to unskilled labor, can potentially explain the above facts. Statistical analysis suggests that skill-biased technological change is an important factor in de-unionization.

 

Paper, comments welcome 

Discussion in Regional Focus

Discussion in the Atlantic, I

Discussion in the Atlantic, II

 

Keywords: Computers; De-unionization; Distribution of Income; Flexible Manufacturing; Mass Production; Numerically Controlled Machines; Panel-Data Regression Analysis; Relative Price of New Equipment; Skill-Biased Technological Change; Simulation Analysis; Union Coverage; Union Membership

 


 

Jeremy Greenwood, Nezih Guner, Georgi Kocharkov and Cezar Santos (2012), "Technology and the Changing Family: A Unified Model of Marriage, Divorce, Educational Attainment and Married Female Labor-Force Participation," University of Pennsylvania.

Marriage has declined since 1960, with the drop being bigger for non-college educated individuals versus college educated ones. Divorce has increased, more so for the non-college educated vis-ŕ-vis the college educated. Additionally, assortative mating has risen; i.e., people are more likely to marry someone of the same educational level today than in the past. A unified model of marriage, divorce, educational attainment and female labor-force participation is developed and estimated to fit the postwar U.S. data. The role of technological progress in the household sector and shifts in the wage structure for explaining these facts is gauged.

 

Paper, comments welcome 

 

Keywords: Assortative mating, education, female labor supply, household production, marriage and divorce, minimum distance estimation

 


 

Jesús Fernández-Villaverde, Jeremy Greenwood, and Nezih Guner (February 2014), "From Shame to Game in One Hundred Years: An Economic Model of the Rise in Premarital Sex and its De-Stigmatization," Journal of the European Economic Association, v. 12, no. 1: 25-61.

Abstract and Paper 

Video Summary  (3:15 minutes)

Discussion in Freakonomics Blog,The New York Times

Discussion in Vox, I

Discussion in Vox, II

Keywords: Add Health, contraception, culture, peer group effects, premarital sex, shame, socialization, stigma, technological progress


 

Jeremy Greenwood, Juan M. Sanchez and Cheng Wang (January 2013), "Quantifying the Impact of Financial Development on Economic Development," Review of Economic Dynamics. (Special issue on "Misallocation and Productivity," edited by Diego Restuccia and Richard Rogerson.) v. 16, no. 1: 194-215.

Abstract and Paper 

 

Keywords: Costly-state verification, economic development, financial intermediation, firm-size distribution, interest-rate spreads, cross-country output differences, cross-country TFP differences

 


 

Jeremy Greenwood and Karen A. Kopecky (January 2013), "Measuring the Welfare Gain from Personal Computers," Economic Inquiry, v. 51, no. 1: 336-347.

Abstract and Paper 

 

MATLAB Program

Discussion in the Wall Street Journal's Real Time Economics Blog

Discussion in Vox

Keywords: Compensating variation, computers, electricity, equivalent variation, Fisher ideal price index, new goods, technological progress, Tornqvist price index, welfare gain


 

Jeremy Greenwood, Juan M. Sanchez and Cheng Wang (September 2010), "Financing Development: The Role of Information Costs," American Economic Review, v. 100, no. 4: 1875-1891.

Abstract and Paper (with appendix) 

Keywords: Financial intermediation, economic development, costly-state verification, firm-size distribution.


Jeremy Greenwood and Nezih Guner (November 2010), "Social Change: The Sexual Revolution," International Economic Review, v. 51, no. 4: 893-923.

Abstract and Paper 

Data; Kiel University Conference on Income Distribution and the Family--Keynote Speech; Research Report--Extended Version

Erratum

Keywords: Social change; the sexual revolution; technological progress in contraceptives, bilateral search.


Jeremy Greenwood and Nezih Guner (2009), "Marriage and Divorce since World War II: Analyzing the Role of Technological Progress on the Formation of Households," NBER Macroeconomics Annual 2008, v. 23, edited by Daron Acemoglu, Kenneth Rogoff and Michael Woodford (Chicago: University of Chicago Press), 231-276.

Abstract and Paper 

Data; Midwest Macro Meetings--Plenary Address; Research Report--Extended Version

Discussion in BusinessWeek Online

Keywords: Marriage, divorce, hours worked, household production, household size, technological progress.

Erratum: Eq. 9 – Lefthand side should read d(um-us)/dp.


Jeremy Greenwood and Guillaume Vandenbroucke (2008), "Hours Worked (Long-Run Trends)." The New Palgrave Dictionary of Economics, v. 4, 2nd edition, edited by Lawrence E. Blume and Steven N. Durlauf (New York, N.Y.: Palgrave Macmillan), 75-81.

Abstract and Paper 

Data

Keywords: Hours worked, leisure, housework, household production, Edgeworth-Pareto complementarity/substitutability, technological progress.


Jeremy Greenwood and Per Krusell (May 2007), "Growth Accounting with Investment-Specific Technological Progress: A Discussion of Two Approaches," Journal of Monetary Economics, v. 54, n. 4: 1300-1310.

Paper 

Keywords: Investment-specific technological progress, capital embodiment, growth accounting.  


Jeremy Greenwood and Gokce Uysal (June 2005), "New Goods and the Transition to a New Economy," Journal of Economic Growth, v. 10, n. 2: 99-134.

Abstract and Paper 

Keywords: New goods, structural change, technological progress, welfare indices.


Jeremy Greenwood and Ananth Seshadri (2005), "Technological Progress and Economic Transformation," in the Handbook of Economic Growth, v. 1B, edited by Philippe Aghion and Steven N. Durlauf. Amsterdam: Elsevier North-Holland, 1225-1273.

Abstract and Paper 

SED Meetings--Plenary Address

Keywords: Child labor, economic growth, educational attainment, female labor-force participation, fertility, household production theory, technological progress.


Jeremy Greenwood, Ananth Seshadri and Guillaume Vandenbroucke (March 2005), "The Baby Boom and Baby Bust," American Economic Review, v. 95, n. 1: 183-207.

Abstract and Paper

The Baby Boom and Baby Bust in OECD Countries: Data and Graphs; Lecture Notes

Discussion in Deutsche Bank Research

Measurement Without Theory: A Response to Bailey and Collins

Keywords: Baby boom, baby bust, household production, technological progress.


Jeremy Greenwood, Ananth Seshadri and Mehmet Yorukoglu (January 2005), "Engines of Liberation," Review of Economic Studies, v. 72, n. 1: 109-133.

Abstract and Paper

Engines of Liberation: Additional Notes

Data--Basic Facilities and Appliances; Lecture Notes

Discussion in The Regional Economist

Discussion in The Wall Street Journal

Discussion in Slate Magazine

Discussion in The Times of India

Keywords: female labor-force participation, household production theory, the second industrial revolution, technology adoption.


Jeremy Greenwood, Nezih Guner and John Knowles (August 2003), "More on Marriage, Fertility, and the Distribution of Income," International Economic Review, v. 44, n. 3: 827-862.

According to Pareto (1896), the distribution of income depends on ``the nature of the people comprising a society, on the organization of the latter, and, also, in part, on chance.'' In the model developed here the ``nature of the people'' is captured by attitudes toward marriage, divorce, fertility, and children. Singles search for mates in a marriage market. Married agents bargain about work, and the quantity and quality of children. They can divorce. Social policies, such as child support requirements, reflect the ``organization of the (society).'' Finally, ``chance'' is modelled by randomness in income, marriage opportunities, and marital bliss.

Paper

Keywords: Fertility; marriage and divorce; Nash bargaining; income distribution; public policy


Jeremy Greenwood and Ananth Seshadri (May 2002), "The U.S. Demographic Transition," American Economic Review (Papers and Proceedings) v. 92, n. 2: 153-159.

Between 1800 and 1940 the U.S. went through a dramatic demographic transition. In 1800 the average woman had 7 children, and 94 percent of the population lived in rural areas. By 1940 the average woman birthed just 2 kids, and only 43 percent of populace lived in the country. The question is: What accounted for this shift in the demographic landscape? The answer given here is that technological progress in agriculture and manufacturing explains these facts.

Paper

Lecture Notes

Keywords: Fertility, technological progress, agriculture, manufacturing.

JEL Classification Nos: E1, J1, O3.


S. Rao Aiyagari, Jeremy Greenwood, and Ananth Seshadri (February 2002), "Efficient Investment in Children," Journal of Economic Theory, v. 102, n. 2: 290-321.

Many would say that children are society's most precious resource. So, how should we invest in them? To gain insight into this question, a dynamic general equilibrium model is developed where children differ by ability. Parents invest time and money in their offspring, depending on their altruism. This allows their children to grow up as more productive adults. First, the efficient allocation is characterized. Next, this is compared with the outcome that arises when financial markets are incomplete. The situation where child-care markets are also lacking is then examined. Additionally, the consequences of impure altruism are analyzed.

Paper

Keywords: Investment in children; efficiency; imperfect financial markets; impure altruism; lack of child-care markets.

JEL Classifications: D1, D31, D58, I2

Erratum: Eq. 34 – Put a θ in front of the V.


Joao Gomes, Jeremy Greenwood, and Sergio Rebelo (August 2001), "Equilibrium Unemployment," Journal of Monetary Economics, v. 48, n. 1: 109-152.

A search-theoretic model of equilibrium unemployment is constructed and shown to be consistent with the key regularities of the labor market and business cycle. The two distinguishing features of the model are: (i) the decision to accept or reject jobs is modeled explicitly, and (ii) markets are incomplete. The model is well suited to address a number of interesting policy questions. Two such applications are provided: the impact of unemployment insurance, and the welfare costs of business cycles.

Paper

Keywords: Search; incomplete markets; business cycles; unemployment insurance; welfare costs of business cycles.

JEL Classifications: E24, E32


Jeremy Greenwood and Boyan Jovanovic (2001), "Accounting for Growth," in New Developments in Productivity Analysis, edited by Charles R. Hulten, Edwin R. Dean and Michael J. Harper. Chicago: University of Chicago Press (for NBER), 179-222.

A satisfactory account of the postwar growth experience of the United States should be able to come to terms with the following three facts:

  1. Since the early 1970's there has been a slump in the advance of productivity.
  2. The price of new equipment has fallen steadily over the postwar period.
  3. Since the mid-1970's the skill premium has risen.

Variants of Solow's (1960) vintage-capital model can go a long way toward explaining these facts, as this paper shows. In brief, the explanations are:

  1. Productivity slowed down because the implementation of information technologies was both costly and slow.
  2. Technological advance in the capital goods sector has lead to a decline in equipment prices.
  3. The skill premium rose because the new, more efficient capital is complementary with skilled labor and/or because the use of skilled labor facilitates the adoption of new technologies.

Paper

Keywords: Investment-specific technological progress, vintage-capital models, learning by doing, diffusion lags.

JEL Classifications: O3, O4


Jeremy Greenwood, Nezih Guner and John Knowles (May 2000), "Woman on Welfare: A Macroeconomic Analysis," American Economic Review (Papers and Proceedings), v. 92, n. 2: 383-388.

Paper


Jeremy Greenwood, Zvi Hercowitz and Per Krusell (January 2000), "The Role of Investment-Specific Technological Change in the Business Cycle," European Economic Review, v. 44, n. 1: 91-115.

This is a quantitative investigation of the importance of technological change specific to new investment goods for postwar U.S. aggregate fluctuations. A growth model that incorporates this form of technological change is calibrated to U.S. data and simulated, using the relative price of new equipment to identify the process driving investment-specific technology shocks. The analysis suggests that this form of technological change is the source of about 30 percent of output fluctuations.

Paper

Keywords: Investment-specific technological change; business cycles

JEL Classification: E3, O3, O4


S. Rao Aiyagari, Jeremy Greenwood and Nezih Guner (April 2000), "On the State of the Union," Journal of Political Economy, v. 108, n. 2: 213-244.

An overlapping generations model of marriage and divorce is constructed to analyze family structure and intergenerational mobility. Agents differ by sex, marital status, and human capital. Single agents meet in a marriage market and decide whether to accept or reject proposals to wed. Married couples must decide whether to separate or not. Parents invest in their children depending on their wherewithal. A simulated version of the theoretical prototype can generate an equilibrium with a significant number of female-headed families and a high degree of persistence in income across generations. To illustrate the model's mechanics, the effects of two anti-poverty policies, namely child support and welfare, are investigated.

Paper

Historical Discussion

Keywords: Intergenerational mobility; marriage and divorce; children; public policy


Jeremy Greenwood and Boyan Jovanovic (May 1999), "The IT Revolution and the Stock Market," American Economic Review (Papers and Proceedings) v. 89, n. 2: 116-122.

Paper

Discussion in Business Week.

Discussion in The Wall Street Journal.


Michael Gort, Jeremy Greenwood, and Peter Rupert (January 1999), "Measuring the Rate of Technological Progress in Structures," Review of Economic Dynamics v. 2, n. 1: 207-230.

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.

Paper

Keywords: Investment-specific technological progress; economic growth; vintage capital; replacement problem; economic depreciation; rent gradient.


Michael Gort, Jeremy Greenwood, and Peter Rupert (1999), "How Much of Economic Growth is Fueled by Investment-Specific Technological Progress?" Economic Commentary.

Discovering how economies grow is vitally important for economists and policymakers alike. This Commentary shows that more than half of U.S. economic growth can be attributed to technological advance in equipment and structures.

Paper


Thomas F. Cooley, Jeremy Greenwood, and Mehmet Yorukoglu (December 1997), "The Replacement Problem," Journal of Monetary Economics v. 40, n. 3: 457-499.

A prototypical vintage capital model of economic growth is developed, where the decision to replace old technologies with new ones is modeled explicitly. Technological change is investment specific. Depreciation in this environment is an economic, not a physical, concept. The vintage capital economy's balanced-growth paths and transitional dynamics are analyzed. The transitional dynamics are markedly different from the standard neoclassical growth model.

Paper

Keywords: Investment-Specific Technological Change; Vintage Capital; Economic Growth


Jeremy Greenwood (1997), The Third Industrial Revolution: Technology, Productivity and Income Inequality, AEI Studies on Understanding Inequality, Washington, DC. The AEI Press. Also printed in the Economic Review, 1999, Federal Reserve Bank of Cleveland.

Was 1974 a watershed? It was dawning of the information age, a period of rapid technological advance associated with the introduction of information technologies. It also was the start of a sharp rise in income inequality and signaled the beginning of the productivity slowdown. Were these phenomena related? Could they have been the result of an Industrial Revolution associated with the introduction of information technologies? The answer offered here is yes, and a simple theory connecting the phenomena is outlined. Evidence is presented showing that the coincidence of rapid technological change, widening inequality, and slowdowns in productivity growth are not with out precedence in economic history. Just as the steam engine shook 18th century England, and electricity rattled 19th century America, it is argued that information technologies are rocking the 20th century economy. (This paper is a nontechnical version of "1974".)

Paper


Jeremy Greenwood, Zvi Hercowitz, and Per Krusell (June 1997), "Long-Run Implications of Investment-Specific Technological Change," American Economic Review v. 87, n. 3: 342-362.

The role that investment-specific technological change played in generating postwar U.S. growth is investigated here. The premise is that the introduction of new, more efficient capital goods is an important source of productivity change, and an attempt is made to disentangle its effects from the more traditional Hicks-neutral form of technological progress. The balanced-growth path for the model is characterized and calibrated to U.S. National Income and Product Account data. The quantitative analysis suggests that investment-specific technological change accounts for the major part of growth.

Paper


Jeremy Greenwood and Bruce D. Smith (January 1997), "Financial Markets in Development, and the Development of Financial Markets," Journal of Economic Dynamics and Control, v. 21, no. 1: 145-181.

What is the relationship between markets and development? It is argued that markets promote growth, and that growth in turn encourages the formation of markets. Two models with endogenous market formation are presented to analyze this issue. The first examines the role that financial markets - banks and stockmarkets - play in allocating funds to the highest valued use in the economic system. It is shown that intermediation will arise under weak conditions. The second focuses on the role that markets play in supporting specialization in economic activity. The consequences of perfect competition in market formation are highlighted.

Paper


Jeremy Greenwood and Mehmet Yorukoglu (June 1997), "1974," Carnegie-Rochester Conference Series on Public Policy, v. 46: 49-95.

Was 1974 a watershed? It saw an increase in the rate of technological change in the production of new equipment. It was the start of a sharp rise in income inequality. It signaled the beginning of the productivity slowdown. Were these phenomena related? Could they have been the result of an Industrial Revolution associated with the introduction of information technologies?

Paper  

Discussion in Newsweek


Jeremy Greenwood, Glenn M. MacDonald, and Guang-Jia Zhang (February 1996), "The Cyclical Behavior of Job Creation and Job Destruction: A Sectoral Model," Economic Theory, v. 7, no. 1: 95-112.

Three key features of the employment process in the U.S. economy are that job creation is procyclical, job destruction is countercyclical, and job creation is less volatile than job destruction. These features are also found at the sectoral (goods and services) level. The paper develops, calibrates and simulates a two-sector general equilibrium model that includes both aggregate and sectoral shocks. The behavior of the model economy mimics the job creation and destruction facts. A non-negligible amount of unemployment arises due to the presence of aggregate and sectoral shocks.

Paper


Jeremy Greenwood, Richard Rogerson, and Randall Wright (1995), "Household Production in Real Business Cycle Theory," Frontiers of Business Cycle Research (Editor, Thomas F. Cooley) Princeton University Press: 157-174.

This paper surveys the role of household production in modern business cycle analysis.

Abridged version of the Paper


Jeremy Greenwood and Gregory W. Huffman (April 1995), "On the Existence of Nonoptimal Equilibria," Journal of Economic Theory, v. 65, no. 2: 611-623.

The question of the existence of a stationary equilibrium for distorted versions of the standard neoclassical growth model is addressed in this paper. The conditions presented guaranteeing the existence of nontrivial equilibrium for the class of economies under study are simple and intuitively appealing, while the existence proof developed is elementary. Examples are given illustrating that economies with distortional taxation, endogenous growth with externalities, and monopolistic competition can all fit into the framework developed.

Paper


Paul Gomme and Jeremy Greenwood (January-February 1995), "On the Cyclical Allocation of Risk," Journal of Economic Dynamics and Control, v. 19, no. 1-2: 91-124.

A real business cycle model with two types of agents, workers and entrepreneurs, is simulated to see if it can account for some stylized facts characterizing postwar U.S. business cycle fluctuations, such as the countercyclical movement of labor's share of income, and the acyclical behavior of real wages. It can. There exists an economy- wide market for contingent claims. On this market workers purchase insurance from entrepreneurs, through optimal labor contracts, against losses in income due to business cycle fluctuations. Insurance flows protecting workers against aggregate cyclical risk are calculated to be less than one percent of labor income.

Paper


Jeremy Greenwood and R. Preston McAfee (February  1991), "Externalities and Asymmetric Information," Quarterly Journal of Economics, v. CVI, no. 1: 103-121.

Paper


Jeremy Greenwood and Zvi Hercowitz (December 1991), "The Allocation of Capital and Time Over the Business Cycle," Journal of Political Economy, v. 99, no. 6: 1188-1214.

Paper


Jeremy Greenwood and Gregory W. Huffman (April 1991), "Tax Analysis in a Real Business Cycle Model: On Measuring Harberger Triangles and Okun Gaps," Journal of Monetary Economics, v. 27, n. 2: 167-190.

Paper


Jeremy Greenwood and Boyan Jovanovic (October 1990), "Financial Development, Growth, and the Distribution of Income," Journal of Political Economy, v. 98, n. 5: 1076-1107.

Paper

Lecture Notes


Jeremy Greenwood and Stephen D. Williamson (May 1989), "International Financial Intermediation and Aggregate Fluctuations under Alternative Exchange Rate Regimes," Journal of Monetary Economics, v. 23, n. 3: 401-431.

Paper


Jeremy Greenwood and Gregory W. Huffman (August 1988), "On Modelling the Natural Rate of Unemployment with Indivisible Labour,’’ Canadian Journal of Economics, v. XXI, n. 3: 587-609.

Paper


Jeremy Greenwood, Zvi Hercowitz and Gregory W. Huffman (June 1988), "Investment, Capacity Utilization, and the Real Business Cycle," American Economic Review, v. 78, n. 3: 402-417.

Paper

Fortran Computer Code


Jeremy Greenwood and Kent P. Kimbrough (June 1987), "Foreign Exchange Controls in a Black Market Economy," Journal of Development Economics. v. 26, n. 1: 129-143.

Paper


Jeremy Greenwood and Kent P. Kimbrough (May 1987), "An Investigation in the Theory of Foreign Exchange Controls," Canadian Journal Economics. v. XX, n. 2: 271-288.

Paper


Jeremy Greenwood and Gregory W. Huffman (March 1987), "A Dynamic Equilibrium Model of Inflation and Unemployment," Journal of Monetary Economics. v. 19, n. 2: 203-228.

Paper


David Aschauer and Jeremy Greenwood (Autumn 1985), " Macroeconomic Effects of Fiscal Policy,’’ Carnegie-Rochester Conference Series on Public Policy, v. 23: 91-138.

Paper


Jeremy Greenwood and Kent P. Kimbrough (November 1985), "Capital Controls and Fiscal Policy in the World Economy,’’ Canadian Journal of Economics, v. XVIII, n. 4: 43-765.

Paper


Charles Adams and Jeremy Greenwood (February 1985), "Dual Exchange Rate Systems and Capital Controls: An Investigation," Journal of International Economics. v. 18, n. 1/2: 43-63.

Paper


Jeremy Greenwood (November 1984), ‘’Non-Traded Goods, the Trade Balance, and the Balance of Payments,’’ Canadian Journal of Economics, v. XVII, n. 4: 806-823.

Paper


Jeremy Greenwood (November 1983), "Expectations, the Exchange Rate, and the Current Account," Journal of Monetary Economics, v. 12, n. 4: 543-569.

Paper


David Aschauer and Jeremy Greenwood (October 1983), "A Further Exploration in the Theory of Exchange Rate Regimes," Journal of Political Economy, v. 91, n. 5: 868-875.

Paper


Jeremy Greenwood (1982), Essays in International Finance, Ph.D. Thesis, University of Rochester.

Thesis


 

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