N Gregory Mankiw
Biographic Data
| ID | 715075 |
|---|---|
| NAME | N Gregory Mankiw |
| GIVEN NAMES | N Gregory |
| FAMILY NAME | Mankiw |
| SIGNATURE | MANKIW N G |
| AFFILIATIONS | Harvard University Press |
| VERIFIED | No |
| TOTAL WORKS | 31 |
| TOTAL CITATIONS | 1150 |
| AUTHOR COUNT | 31 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1980 |
| LATEST PUBLICATION YEAR | 2024 |
| H-INDEX | 8 |
Grundzüge der Volkswirtschaftslehre
Grundzüge der Volkswirtschaftslehre
Hilft die Mietpreisbremse, erschwingliche Wohnungen zu finden? Welche Auswirkungen hat der Corona-Lockdown auf die Wirtschaft? Was bedeutet der Brexit für Großbritannien und die Europäische Union? Warum sinkt das Produktivitätswachstum
Friedman's Presidential Address in the Evolution of Macroeconomic Thought
Milton Friedman's presidential address, "The Role of Monetary Policy," which was delivered 50 years ago in December 1967 and published in the March 1968 issue of the American Economic Review, is unusual in the outsized role it has played. What explains the huge influence of this work, merely 17 pages in length? One factor is that Friedman addresses an important topic. Another is that it is written in simple, clear prose, making it an ideal additi…
Defending the One Percent
Imagine a society with perfect economic equality. Then, one day, this egalitarian utopia is disturbed by an entrepreneur with an idea for a new product. Think of the entrepreneur as Steve Jobs as he develops the iPod, J. K. Rowling as she writes her Harry Potter books, or Steven Spielberg as he directs his blockbuster movies. The new product makes the entrepreneur much richer than everyone else. How should the entrepreneurial disturbance in this …
Optimal Taxation in Theory and Practice
The optimal design of a tax system is a topic that has long fascinated economic theorists and flummoxed economic policymakers. This paper explores the interplay between tax theory and tax policy. It identifies key lessons policymakers might take from the academic literature on how taxes ought to be designed, and it discusses the extent to which these lessons are reflected in actual tax policy
Intergenerational Risk Sharing in the Spirit of Arrow, Debreu, and Rawls, with Applications to Social Security Design
This paper examines the optimal allocation of risk in an overlapping-generations economy. It compares the allocation of risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian "veil of ignorance" could share risk with one another through complete Arrow-Debreu contingent-claims markets. The paper then examines how the government might implement optimal intergenerational risk sharing with a social…
The Macroeconomist as Scientist and Engineer
The subfield of macroeconomics was born, not as a science, but more as a type of engineering. The problem that gave birth to our field was the Great Depression. God put macroeconomists on earth not to propose and test elegant theories but to solve practical problems. This essay offers a brief history of macroeconomics, together with an evaluation of what we have learned. My premise is that the field has evolved through the efforts of two types of…
Antidumping: The Third Rail of Trade Policy
Although few U.S. politicians will admit it, antidumping policy has strayed far from its original purpose of guarding against predatory foreign firms. It is now little more than an excuse for a few powerful industries to shield themselves from competition -- at great cost to both American consumers and American business
Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve
This paper examines a model of dynamic price adjustment based on the assumption that information disseminates slowly throughout the population. Compared with the commonly used sticky-price model, this sticky-information model displays three related properties that are more consistent with accepted views about the effects of monetary policy. First, disinflations are always contractionary (although annoimced disinflations are less contractionary th…
The Nairu in Theory and Practice
This paper discusses the NAIRU-the non-accelerating inflation rate of unemployment. It first considers the role of the NAIRU concept in business cycle theory, arguing that this concept is implicit in any model in which monetary policy influences both inflation and unemployment. The exact value of the NAIRU is hard to measure, however, in part because it changes over time. The paper then discusses why the NAIRU changes and, in particular, why it f…
The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment
Journal Article The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment Get access N. G. Mankiw N. G. Mankiw Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 111, Issue 471, April 2001, Pages C45–C61, https://doi.org/10.1111/1468-0297.00619 Published: 23 December 2001
Interpreting the Correlation Between Inflation and the Skewness of Relative Prices: A Comment on Bryan and Cecchetti
© 1999 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
The Macroeconomics of Low Inflation
The Macroeconomics of Low InflationTHE CONCEPT of a natural unemployment rate has been central to most modern models of inflation and stabilization.According to these models, inflation will accelerate or decelerate depending on whether unemployment is below or above the natural rate, while any existing rate of inflation will continue if unemployment is at the natural rate.The natural rate is thus the minimum, and only, sustainable rate of unemplo…
The Growth of Nations
AVERAGE INCOMES in the world's richest countries are more than ten times as high as in the world's poorest countries. It is apparent to anyone who travels the world that these large differences in income lead to large differences in the quality of life. Less apparent are the reasons for these differences. What is it about the United States, Japan, and Germany that makes these countries so much richer than India, Indonesia, and Nigeria? How can th…
Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks
Asymmetric Price Adjustment and Economic Fluctuations
This paper considers a possible explanation for asymmetric adjustment of nominal prices. The authors present a menu-cost model in which positive trend inflation causes firms' relative prices to decline automatically between price adjustments. In this environment, shocks that raise firms' desired prices trigger larger price responses than shocks that lower desired prices. The authors use this model of asymmetric adjustment to address three issues …
Symposium on Keynesian Economics Today
No book in economics has been more praised, more vilified, or more discussed than The General Theory of Employment, Interest and Money by John Maynard Keynes. Keynes wrote the book in the midst of a depression so great that it was clear to all observers that the economy was not working well. In the United States, the unemployment rate reached a peak of 25 percent in 1933, and it remained above 14 percent for the rest of the decade. Indeed, the se…
A Contribution to the Empirics of Economic Growth
This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The paper also examines the implications of the Solow model for convergence in standards of living, that is, for whether poor countries tend to grow faster than …
Macroeconomics in disarray
Permanent Income, Current Income, and Consumption
This article reexamines the consistency of the permanent-income hypothesis with aggregate postwar U.S. data. The permanent-income hypothesis is nested within a more general model in which a fraction of income accrues to individuals who consume their current income rather than their permanent income. This fraction is estimated to be about 50%, indicating a substantial departure from the permanent-income hypothesis. Our results cannot be easily exp…
The baby boom, the baby bust, and the housing market
Precautionary Saving and the Timing of Taxes
This paper analyzes the effects of governeent debt and income taxes on consumption and saving in a world of infinitely-lived households having uncertain and heterogeneous incomes. The special structure of the model allows exact aggregation across households despite incomplete mmrkets. The effects of government debt are shown to be substantial, roughly comparable to those resulting from finite horizons, and crucially dependent on the length of tim…
Real Business Cycles: A New Keynesian Perspective
Real business cycle theory is the latest incarnation of the classical view of economic fluctuations. It assumes that there are large random fluctuations in the rate of technological change. In response to these fluctuations, individuals rationally alter their levels of labor supply and consumption. The business cycle is, according to this theory, the natural and efficient response of the economy to changes in the available production technology. …
Are Output Fluctuations Transitory?
According to the conventional view of the business cycle, fluctuations in output represent temporary deviations from trend. The purpose of this paper is to question this conventional view. If fluctuations in output are dominated by temporary deviations from the natural rate of output, then an unexpected change in output today should not substantially change one's forecast of output in, say, five or ten years. Our examination of quarterly postwar …
Government Purchases and Real Interest Rates
This paper examines the dynamic impact of government purchases in a simple general equilibrium model with both durable and non-durable consumer goods as well as productive capital. The model generates perhaps surprising results. In particular, increases in government purchases are shown to cause reductions in real interest rates. The model thus provides a possible explanation for the observed behavior of real interest rates around wars
A Contribution to the Empirics of Economic Growth
This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The paper also examines the implications of the Solow model for convergence in standards of living, that is, for whether poor countries tend to grow faster than …
The Macroeconomics of Low Inflation
The Macroeconomics of Low InflationTHE CONCEPT of a natural unemployment rate has been central to most modern models of inflation and stabilization.According to these models, inflation will accelerate or decelerate depending on whether unemployment is below or above the natural rate, while any existing rate of inflation will continue if unemployment is at the natural rate.The natural rate is thus the minimum, and only, sustainable rate of unemplo…
Defending the One Percent
Imagine a society with perfect economic equality. Then, one day, this egalitarian utopia is disturbed by an entrepreneur with an idea for a new product. Think of the entrepreneur as Steve Jobs as he develops the iPod, J. K. Rowling as she writes her Harry Potter books, or Steven Spielberg as he directs his blockbuster movies. The new product makes the entrepreneur much richer than everyone else. How should the entrepreneurial disturbance in this …
The Macroeconomist as Scientist and Engineer
The subfield of macroeconomics was born, not as a science, but more as a type of engineering. The problem that gave birth to our field was the Great Depression. God put macroeconomists on earth not to propose and test elegant theories but to solve practical problems. This essay offers a brief history of macroeconomics, together with an evaluation of what we have learned. My premise is that the field has evolved through the efforts of two types of…
The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment
Journal Article The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment Get access N. G. Mankiw N. G. Mankiw Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 111, Issue 471, April 2001, Pages C45–C61, https://doi.org/10.1111/1468-0297.00619 Published: 23 December 2001
Real Business Cycles: A New Keynesian Perspective
Real business cycle theory is the latest incarnation of the classical view of economic fluctuations. It assumes that there are large random fluctuations in the rate of technological change. In response to these fluctuations, individuals rationally alter their levels of labor supply and consumption. The business cycle is, according to this theory, the natural and efficient response of the economy to changes in the available production technology. …
Optimal Taxation in Theory and Practice
The optimal design of a tax system is a topic that has long fascinated economic theorists and flummoxed economic policymakers. This paper explores the interplay between tax theory and tax policy. It identifies key lessons policymakers might take from the academic literature on how taxes ought to be designed, and it discusses the extent to which these lessons are reflected in actual tax policy
The Nairu in Theory and Practice
This paper discusses the NAIRU-the non-accelerating inflation rate of unemployment. It first considers the role of the NAIRU concept in business cycle theory, arguing that this concept is implicit in any model in which monetary policy influences both inflation and unemployment. The exact value of the NAIRU is hard to measure, however, in part because it changes over time. The paper then discusses why the NAIRU changes and, in particular, why it f…
Intergenerational Risk Sharing in the Spirit of Arrow, Debreu, and Rawls, with Applications to Social Security Design
This paper examines the optimal allocation of risk in an overlapping-generations economy. It compares the allocation of risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian "veil of ignorance" could share risk with one another through complete Arrow-Debreu contingent-claims markets. The paper then examines how the government might implement optimal intergenerational risk sharing with a social…
Asymmetric Price Adjustment and Economic Fluctuations
This paper considers a possible explanation for asymmetric adjustment of nominal prices. The authors present a menu-cost model in which positive trend inflation causes firms' relative prices to decline automatically between price adjustments. In this environment, shocks that raise firms' desired prices trigger larger price responses than shocks that lower desired prices. The authors use this model of asymmetric adjustment to address three issues …
Antidumping: The Third Rail of Trade Policy
Although few U.S. politicians will admit it, antidumping policy has strayed far from its original purpose of guarding against predatory foreign firms. It is now little more than an excuse for a few powerful industries to shield themselves from competition -- at great cost to both American consumers and American business
An Econometric Investigation of Easterlin's 'Synthesis Framework: The Philippines and the United States
In this paper we estimate a fertility model based on Easterlin's synthesis framework. The model assumes that not all couples are able to achieve their desired number of living children because of supply constraints and that, for other couples, the number of living children may exceed desired fertility, depending upon child mortality, the level of fertility in the absence of control, and the degree of contraceptive regulation practised. Estimates …
Friedman's Presidential Address in the Evolution of Macroeconomic Thought
Milton Friedman's presidential address, "The Role of Monetary Policy," which was delivered 50 years ago in December 1967 and published in the March 1968 issue of the American Economic Review, is unusual in the outsized role it has played. What explains the huge influence of this work, merely 17 pages in length? One factor is that Friedman addresses an important topic. Another is that it is written in simple, clear prose, making it an ideal additi…
Precautionary Saving and the Timing of Taxes
This paper analyzes the effects of governeent debt and income taxes on consumption and saving in a world of infinitely-lived households having uncertain and heterogeneous incomes. The special structure of the model allows exact aggregation across households despite incomplete mmrkets. The effects of government debt are shown to be substantial, roughly comparable to those resulting from finite horizons, and crucially dependent on the length of tim…
Assay for mouse tissue enzymes: Levels of activity and statistical variation for 29 enzymes of liver or brain
LOS PRINCIPIOS BASICOS. El principio de la escasez: tener una cantidad mayor de una cosa normalmente significa tener una menor de otra. · El principio del coste-beneficio: no debe emprenderse una accion a menos que su beneficio marginal sea al menos tan grande como su coste marginal.· El principio de los incentivos: las comparaciones coste-beneficio son relevantes no solo para identificar las decisiones que deben tomar las personas racionales sin…
Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly
N. Gregory Mankiw; Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly*, The Quarterly Journal of Economics, Volume 100, Issue 2, 1 Ma
Consumer Durables and the Real Interest Rate
One important channel through which real interest rates affect aggregate demand is consumer expenditure on durable goods.This paper examines empirically the link between interest rates and consumer durables.Solving for the decision rule relating income and interest rates to consumer demand is an intractable task.This paper avoids this problem by examining the first-order conditions necessary for maximization by the representative consumer.Structu…
Free Entry and Social Inefficiency
Previous articles have noted the possibility of socially ineficient levels of entry in markets in whichJirms must incurjixed set-up costs upon entry. This article identijies thefundamental and intuitive forces that lie behind these entry biases. If an entrant causes incumbentJirms to reduce output, entry is more desirable to the entrant than it is to society. There is therefore a tendency toward excessive entry in homogeneous product markets. The…
Risk and Return: Consumption Beta Versus Market Beta
Much recent work emphasizes the joint nature of the consumption decision and the portfolio allocation decision. In this paper, we compare two formulations of the Capital Asset Pricing Model. The traditional CAPM suggests that the appropriate measure of an asset's risk is the covariance of the asset's return with the market return. The consumption CAPM, on the other hand, implies that a better measure of risk is the covariance with aggregate consu…
An Econometric Investigation of Easterlin's 'Synthesis Framework: The Philippines and the United States
In this paper we estimate a fertility model based on Easterlin's synthesis framework. The model assumes that not all couples are able to achieve their desired number of living children because of supply constraints and that, for other couples, the number of living children may exceed desired fertility, depending upon child mortality, the level of fertility in the absence of control, and the degree of contraceptive regulation practised. Estimates …
Are Output Fluctuations Transitory?
According to the conventional view of the business cycle, fluctuations in output represent temporary deviations from trend. The purpose of this paper is to question this conventional view. If fluctuations in output are dominated by temporary deviations from the natural rate of output, then an unexpected change in output today should not substantially change one's forecast of output in, say, five or ten years. Our examination of quarterly postwar …
Government Purchases and Real Interest Rates
This paper examines the dynamic impact of government purchases in a simple general equilibrium model with both durable and non-durable consumer goods as well as productive capital. The model generates perhaps surprising results. In particular, increases in government purchases are shown to cause reductions in real interest rates. The model thus provides a possible explanation for the observed behavior of real interest rates around wars
The baby boom, the baby bust, and the housing market
Precautionary Saving and the Timing of Taxes
This paper analyzes the effects of governeent debt and income taxes on consumption and saving in a world of infinitely-lived households having uncertain and heterogeneous incomes. The special structure of the model allows exact aggregation across households despite incomplete mmrkets. The effects of government debt are shown to be substantial, roughly comparable to those resulting from finite horizons, and crucially dependent on the length of tim…
Real Business Cycles: A New Keynesian Perspective
Real business cycle theory is the latest incarnation of the classical view of economic fluctuations. It assumes that there are large random fluctuations in the rate of technological change. In response to these fluctuations, individuals rationally alter their levels of labor supply and consumption. The business cycle is, according to this theory, the natural and efficient response of the economy to changes in the available production technology. …
Permanent Income, Current Income, and Consumption
This article reexamines the consistency of the permanent-income hypothesis with aggregate postwar U.S. data. The permanent-income hypothesis is nested within a more general model in which a fraction of income accrues to individuals who consume their current income rather than their permanent income. This fraction is estimated to be about 50%, indicating a substantial departure from the permanent-income hypothesis. Our results cannot be easily exp…
A Contribution to the Empirics of Economic Growth
This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The paper also examines the implications of the Solow model for convergence in standards of living, that is, for whether poor countries tend to grow faster than …
Macroeconomics in disarray
Symposium on Keynesian Economics Today
No book in economics has been more praised, more vilified, or more discussed than The General Theory of Employment, Interest and Money by John Maynard Keynes. Keynes wrote the book in the midst of a depression so great that it was clear to all observers that the economy was not working well. In the United States, the unemployment rate reached a peak of 25 percent in 1933, and it remained above 14 percent for the rest of the decade. Indeed, the se…
Asymmetric Price Adjustment and Economic Fluctuations
This paper considers a possible explanation for asymmetric adjustment of nominal prices. The authors present a menu-cost model in which positive trend inflation causes firms' relative prices to decline automatically between price adjustments. In this environment, shocks that raise firms' desired prices trigger larger price responses than shocks that lower desired prices. The authors use this model of asymmetric adjustment to address three issues …
The Growth of Nations
AVERAGE INCOMES in the world's richest countries are more than ten times as high as in the world's poorest countries. It is apparent to anyone who travels the world that these large differences in income lead to large differences in the quality of life. Less apparent are the reasons for these differences. What is it about the United States, Japan, and Germany that makes these countries so much richer than India, Indonesia, and Nigeria? How can th…
Macro Markets: Creating Institutions for Managing Society's Largest Economic Risks
The Macroeconomics of Low Inflation
The Macroeconomics of Low InflationTHE CONCEPT of a natural unemployment rate has been central to most modern models of inflation and stabilization.According to these models, inflation will accelerate or decelerate depending on whether unemployment is below or above the natural rate, while any existing rate of inflation will continue if unemployment is at the natural rate.The natural rate is thus the minimum, and only, sustainable rate of unemplo…
Interpreting the Correlation Between Inflation and the Skewness of Relative Prices: A Comment on Bryan and Cecchetti
© 1999 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology
The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment
Journal Article The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment Get access N. G. Mankiw N. G. Mankiw Harvard University Search for other works by this author on: Oxford Academic Google Scholar The Economic Journal, Volume 111, Issue 471, April 2001, Pages C45–C61, https://doi.org/10.1111/1468-0297.00619 Published: 23 December 2001
Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve
This paper examines a model of dynamic price adjustment based on the assumption that information disseminates slowly throughout the population. Compared with the commonly used sticky-price model, this sticky-information model displays three related properties that are more consistent with accepted views about the effects of monetary policy. First, disinflations are always contractionary (although annoimced disinflations are less contractionary th…
The Nairu in Theory and Practice
This paper discusses the NAIRU-the non-accelerating inflation rate of unemployment. It first considers the role of the NAIRU concept in business cycle theory, arguing that this concept is implicit in any model in which monetary policy influences both inflation and unemployment. The exact value of the NAIRU is hard to measure, however, in part because it changes over time. The paper then discusses why the NAIRU changes and, in particular, why it f…
Antidumping: The Third Rail of Trade Policy
Although few U.S. politicians will admit it, antidumping policy has strayed far from its original purpose of guarding against predatory foreign firms. It is now little more than an excuse for a few powerful industries to shield themselves from competition -- at great cost to both American consumers and American business
The Macroeconomist as Scientist and Engineer
The subfield of macroeconomics was born, not as a science, but more as a type of engineering. The problem that gave birth to our field was the Great Depression. God put macroeconomists on earth not to propose and test elegant theories but to solve practical problems. This essay offers a brief history of macroeconomics, together with an evaluation of what we have learned. My premise is that the field has evolved through the efforts of two types of…
Economics (25 works) · Economic Theory and Policy (13 works) · Monetary Policy and Economic Impact (13 works) · Economic theories and models (11 works) · Keynesian economics (8 works) · Monetary economics (8 works) · Fiscal Policy and Economic Growth (7 works) · Macroeconomics (7 works) · Political science (7 works) · Computer Science (6 works)