Contents

pp vii-viii

Foreword by Robert M. Solow

pp ix-x

Preface

pp xi-xii

Introduction

pp 1-6

PART ONE - THE HISTORY, THEORY, AND MEASUREMENT OF PRODUCTIVITY GROWTH

Part One - Introduction

pp 7-21

1 - Does the “New Economy” Measure Up to the Great Inventions of the Past?

pp 22-49

2 - Interpreting the “One Big Wave” in U.S. Long-term Productivity Growth

pp 50-89

3 - The Disappearance of Productivity Change

pp 90-133

4 - The Concept of Capital

pp 134-142

5 - Is There a Tradeoff between Unemployment and Productivity Growth?

pp 143-171

6 - Forward into the Past: Productivity Retrogression in the Electric Generating Industry

pp 172-218

PART TWO - INTERPRETING PRODUCTIVITY FLUCTUATIONS OVER THE BUSINESS CYCLE

Part Two - Introduction

pp 219-225

7 - Fresh Water, Salt Water, and Other Macroeconomic Elixirs

pp 226-238

8 - Are Procyclical Productivity Fluctuations a Figment of Measurement Error?

pp 239-272

9 - The Jobless Recovery: Does It Signal a New Era of Productivity-Led Growth?

pp 273-304

PART THREE - THE THEORY OF THE INFLATION-UNEMPLOYMENT TRADEOFF

Part Three - Introduction

pp 305-312

10 - Alternative Responses of Policy to External Supply Shocks

pp 313-331

11 - Supply Shocks and Monetary Policy Revisited

pp 332-339

12 - The Theory of Domestic Inflation

pp 340-348

13 - The Phillips Curve Now and Then

pp 349-358

PART FOUR - EMPIRICAL STUDIES OF INFLATION DYNAMICS IN THE UNITED STATES

Part Four - Introduction

pp 359-366

14 - Can the Inflation of the 1970s be Explained?

pp 367-388

15 - The Output Cost of Disinflation in Traditional and Vector Autoregressive Models

pp 389-419

16 - German and American Wage and Price Dynamics: Differences and Common Themes

pp 420-456

17 - Foundations of the Goldilocks Economy: Supply Shocks and the Time-Varying NAIRU

pp 457-488