Innis Lecture: Explorations in medium-run macroeconomics
Medium-run macroeconomics refers to aggregate economic phenomena that manifest over periods of 10 to 25 years. This area of research has emerged over the last decade as a new and distinct field of enquiry. In this paper, I overview a set of personal attempts aimed at understanding certain medium-run phenomena such as: changes in the wage structure, changes in the world distribution of income-per-capita, and changes in growth patterns across OECD countries. The goal of the paper is to extract general lessons from these experiences. In particular, I will discuss why models of endogenous technological choice may be a good starting point for studying medium-run phenomena.
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Volume (Year): 38 (2005)
Issue (Month): 4 (November)
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