Jeremy Greenwood
Research
Books
Jeremy Greenwood
(2019), Evolving
Households: The Imprint of Technology on Life. Cambridge MA, The MIT Press.
Synopsis
Chapters: Introduction,
(i) More
Working Mothers, (ii) The Baby Boom and Baby Bust, (iii) The Decline in
Marriage, (iv) Social Change, (v) Increased
Longevity and Longer Retirement, (vi) Conclusion, Mathematical Appendix, and
Index
Podcast: Your Last Meal with Rachel Belle (Interview--I'm at minutes
10:33-14:10)
Endorsements
Discussion in Omnia
Penn Today--Excerpt
Review in Monthly Labor Review by Murat Ungor
Review on EH.net by Olga Malkova
Mrs.
Verett is here!
Jeremy Greenwood
and Ricardo Marto (2024),
Numerical Methods for
Macreconomists.
A primer on numerical methods in macroeconomics for advanced undergraduates and beginning graduate
students.
Primer, Alpha Version
Keywords:
Aiyagari model, calibration,
Coleman algorithm, difference equations, dynamic programming, endogenous grid
method, interpolating functions, linearization, Markov chains,
maximization
problems, Monte Carlo simulation,
nonlinear
equations, numerical differentiation and integration, parameterized
expectations, random
number generation
Work In Progress
Yoshiki Ando, Emin Dinlersoz, Jeremy Greenwood and Ruben Piazzesi (2024), "Technifying
Ventures."
The adoption of advanced technologies is important for employment
and growth. Advanced technologies are often embraced by innovative
startups. Such startups are commonly funded by venture capital. Stylized
facts are compiled, using US Census data, regarding the adoption of
advanced technologies by startups and the source of funding that a
startup draws upon. The relationship between technology adoption and the
source of funding, on the one hand, and short- and longer-run
employment, on the other, is studied. A model of startups is then
constructed featuring decisions about technology adoption and whether
venture capital funding is used. The model is matched up with Census
facts about startups, employment, technology adoption, and the funding
source. The implications of business taxation and subsidies for startups
are examined.
Request Paper: Email Yoshiki
Ando, yoando@bu.edu
Faculti Podcast: Venture Capital: A Catalyst for Innovation and Growth
Keywords:
advanced technology, banks, capital gains taxation, corporate income
taxation, employment, startups, subsidies, synergy, venture
capital, technology adoption, US Census data
Unpublished Papers
Effrosyni Adamopoulou, Jeremy Greenwood, Nezih Guner and Karen A. Kopecky (2024), "The
Role of Friends in the Opioid Epidemic."
The role of friends in the US opioid epidemic is examined. Using data
from the National Longitudinal
Survey of Adolescent Health (Add Health), adults aged 25-34 and their
high school best friends are focused on. An instrumental variable
technique is employed to estimate peer effects in opioid misuse.
Severe injuries in the previous year are used as an instrument for
opioid misuse in order to estimate the causal impact of someone misusing
opioids on the probability that their best friends also misuse. The
estimated peer effects are significant: Having a best friend with a
reported serious injury in the previous year increases the probability
of own opioid misuse by around 7 percentage points in a population where
17 percent ever misuses opioids. The effect is driven by individuals
without a college degree and those who live in the same county as their
best friends.
Paper
Opioid Crisis: Friendships Can Pose a Risk
Peter
Coy, NYtimes
Keywords:
opioid, friends, instrumental variables, Add Health, severe injuries, peer-group effects
Effrosyni Adamopoulou, Jeremy Greenwood, and Nezih Guner (2024), "The
Household Equipment Revolution."
A
brief historical overview of the household equipment revolution and the
women who transformed the home in Germany and the United States.
Paper
Video:
The Most Important Economic Concept No One Understands (The research is
mentioned at minutes 5:15-6:20)
How the Washing Machine Changed the World
Keywords:
appliances, housework, leisure, Christine Frederick, Hildegard Margis,
Arne Meyer, vintage advertisements
Jeremy Greenwood, Nezih Guner and Karen A. Kopecky (2022), "The Downward
Spiral."
There have been more than 500,000 opioid overdose deaths since 2000. To
analyze the opioid epidemic, a model is constructed where individuals
choose whether to abuse opioids knowing the probabilities of addiction
and dying. These odds are functions of recreational opioid use. Markov
chains are estimated from the US data for the college and non-college
educated that summarize the transitions into and out of opioid addiction
as well as to a deadly overdose. A structural model is constructed that
matches the estimated Markov chains. The epidemic's drivers, and the
impact of medical interventions, are examined.
Paper
Discussion in Omnia
Keywords:
addiction, college/non-college educated, deaths,
fentanyl, Markov chain, medical interventions, opioids, OxyContin, pain,
prices, state-contingent preferences, structural model, subjective
and objective beliefs
Published
Papers
Jeremy Greenwood,
Yueyuan Ma and Mehmet Yorukoglu (2024), "`You Will:' A
Macroeconomic Analysis of Digital Advertising." Review of Economic Studies.
An information-based model is developed where traditional
and digital advertising finance the provision of free media goods and affect
price competition. Digital advertising is directed toward consumers while
traditional advertising is undirected. The equilibrium is suboptimal. Media goods are under
provided with both types of advertising. Additionally, traditional
advertising is excessive because it is undirected. The tax-cum-subsidy
policy that overcomes these inefficiencies is characterized. The model is calibrated to the U.S.
economy. Digital advertising increases welfare significantly and is
disproportionately financed by better-off consumers. The welfare gain from
the optimal policy is much smaller than the gain from digital advertising.
Paper
Economics of Digital Services Blog
Keywords:
AT&T's
"You Will" advertising compaign, consumer welfare, digital and traditional
advertising, directed and undirected advertising,
free media goods, GDP measurement, leisure, information frictions, price competition, public policy
Salome Baslandze,
Jeremy Greenwood, Ricardo Marto and Sara Moreira (2023),
"The Expansion of Product Varieties in the New Age of Advertising,"
Review of Economic Dynamics, v. 50, October: 171-210.
Abstract and Paper
Keywords:
causality, digital (directed)
advertising, lightening strikes, micro-level data, product lines,
regression analysis, specialization, targeting, traditional (undirected)
advertising, varieties, welfare
Jeremy Greenwood,
Nezih Guner and Ricardo Marto (2023), "The Great
Transition:
Kuznets Facts for Family-Economists,"
Handbook of the Economics of the Family, edited by Shelly Lundberg and
Alessandra Voena, (Amsterdam: Elsevier), 389-441.
Abstract and Paper
Derek
Thompson, The Atlantic
Video Summary (13.58
minutes)
Ask Kuznets! Interactive facts
Keywords:
average
weekly hours, blue-collar jobs, calibration, college premium, education,
family economics, fertility, housework, Kuznets, leisure, market work,
marriage, neutral techological progress, price of labor saving durables,
skilled-biased technological progress, white-collar jobs
Ufuk Akcigit, Emin
Dinlersoz, Jeremy Greenwood and Veronika Penciakova (2022),
"Synergizing Ventures," Journal of Economic Dynamics and
Control, v. 143, October: 104427.
Abstract and Paper
Podcast: They're really punching above their own
weight: Venture capital and firm growth (23:45 minutes)
Discussion in Vox
Keywords:
assortative
matching, endogenous growth, IPO, management, mergers and acquisitions,
research and development, selection effects, startups, synergies, taxation,
treatment effects, venture capital
Jeremy Greenwood,
Pengfei Han and Juan M. Sanchez (2022), "Financing Ventures,"
International Economic Review, v. 63, n. 3: 1021-1053.
Abstract and Paper
"An
Elementary Model of VC Financing and Growth." Federal Reserve Bank of
St Louis Review, v. 105,
n. 1 (First Quarter
2023).
"Venture
Capital: A Catalyst for Innovation and Growth." Federal Reserve Bank of
St Louis Review, v. 104, n. 2 (Second Quarter
2022).
Keywords: capital gains
taxation, development, dynamic contracts, endogenous growth, evaluating,
funding rounds, growth regressions, IPO, monitoring, research, startups,
venture capital
Jeremy Greenwood,
Nezih Guner and Karen Kopecky (2022), "Substance Abuse during the
Pandemic: Implications for Labor-Force Participation," HSOA Journal
of Addiction and Addictive Disorders, v. 9, n. 2: 100087.
Abstract and Paper
Daytime
Drinking and Drug Use Surges With Remote Work (1:17 minutes)
The Nation
Speaks--Opioid, Meth Abuse During Pandemic Helps Explain Absent Workforce
(9:43 minutes)
Amanda Perez Pintado, USA Today
Steve Matthews, Bloomberg
Keywords:
COVID-19
pandemic, substance abuse, labor-force participation
Jeremy Greenwood,
Nezih Guner and Karen A. Kopecky (2021), "The Wife's Protector: A
Quantitative Theory Linking Contraceptive Technology with the Decline in
Marriage,"
in the Handbook of Historical Economics,
edited by Alberto Bison and Federico Giovanni, (Amsterdam: Academic Press, Elsevier),
903-943.
Abstract and Paper
Discussion in Vox
Keywords:
age of
marriage, contraceptive technology, history, never-married population, number of
partners, out-of-wedlock births, premarital sex, singles.
Jeremy Greenwood,
Philipp Kircher, Cezar Santos and Michele Tertilt (July 2019), "An
Equilibrium Model of the African HIV/AIDS Epidemic,"
Econometrica, v. 87, n. 4: 1081-1113.
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. To analyze the Malawian epidemic, a choice-theoretic general
equilibrium search model is constructed. In the developed framework, people
select between different sexual practices while knowing the inherent risk. The
calibrated model is used to study several policy interventions. The analysis
suggests that the efficacy of public policy depends upon the induced behavioral
changes and equilibrium effects. The framework thus complements the insights
provided by epidemiological studies and small-scale field experiments.
Paper
Video: Where do we
stand in the fight against HIV? (3:35
minutes)
Discussion in VoxDev
Keywords: circumcision, condoms, disease
transmission, epidemiological studies, HIV/AIDS, homo economicus, Malawi, marriage,
policy intervention, search, small field experiments, STDs, sex markets
Original Version with
Bayesian Learning
Discussion in Vox
Jeremy Greenwood
and David Weiss (August 2018), "Mining Surplus: Modeling James A.
Schmitz's Link Between Competition and Productivity," International Economic Review,
v. 59, n.
3: 10151034.
Abstract and Paper
Keywords: Bodies, effort, James A. Schmitz, iron ore,
membership, monopoly profits, Nash bargaining, productivity, unions
Jeremy Greenwood,
Nezih Guner and Guillaume Vandenbroucke (December 2017), "Family Economics
Writ Large." Journal of Economic
Literature, v. 55, n. 4: 13461434.
Abstract and Paper
Video: Women's Liberation: An Economic
Perspective (5:58 minutes)
Ana Swanson, The Washington Post
Keywords: Assortative
mating, baby boom, baby bust, family economics, female labor supply, fertility,
household income inequality, household production, human capital,
macroeconomics, marriage and divorce, quality-quantity tradeoff, quantitative
theory, premarital sex, single mothers, social change, survey, technological
progress, women's rights
Jeremy Greenwood,
Philipp Kircher, Cezar Santos and Michele Tertilt (May 2017), "The Role of
Marriage in Fighting HIV: A Quantitative Illustration for Malawi," American Economic Review (Papers and Proceedings), v. 107, n. 5:
158-162.
Abstract and Paper
Keywords: AIDS,
circumcision, condoms, general equilibrium modeling, HIV, marriage and divorce,
Malawi, sex markets, search
Emin Dinlersoz,
Jeremy Greenwood and Henry R. Hyatt (May 2017), "What Businesses Attract
Unions? Unionization over the Life-Cycle of U.S. Establishments," Industrial and Labor Relations
Review, v. 70, n.
3: 733766.
Abstract and Paper
Keywords: Unionization, Union Organizing,
Union Selection, Union Certification Election, Diffusion of Unionization,
Employer Resistance to Unionization, Bayesian Learning
Emin Dinlersoz and
Jeremy Greenwood (October 2016), "The Rise and Fall of Unions in the
United States," Journal of Monetary
Economics, v. 83: 129-146.
Abstract and Paper
Discussion
in BloombergBusiness
Discussion
in Regional Focus
Discussion
in the Atlantic, I
Discussion
in the Atlantic, II
Discussion
in the Atlantic, III
Keywords: Computer Age; De-unionization; Distribution
of Income; Flexible Manufacturing; Mass Production; Numerically Controlled
Machines; Skill-Biased Technological Change; Simulation Analysis; Union
Membership
Harold L. Cole,
Jeremy Greenwood and Juan M. Sanchez (July 2016), "Why Doesn't Technology
Flow from Rich to Poor Countries?" Econometrica,
v. 84, n. 4: 1477-1521.
Abstract and Paper
Research
Report--Extended Version
Keywords: Costly cash-flow control; costly state
verification; dynamic contract theory; economic development; establishment-size
distributions; finance and development; financial intermediation; India,
Mexico, and the United States; long- and short-term contracts; monitoring;
productivity; retained earnings; self-finance; technology adoption; ventures
Ufuk Akcigit, Murat
Alp Celik and Jeremy Greenwood (May 2016), "Buy, Keep or Sell: Economic
Growth and the Market for Ideas," Econometrica, v.
84, n. 3: 943-984.
Abstract and Paper
Research
Report--Extended Version
Keywords:
Growth, ideas, innovation, misallocation, patents, patent agents,
research and development, search frictions
Jeremy Greenwood, Nezih
Guner, Georgi Kocharkov and Cezar Santos (January 2016), "Technology and
the Changing Family: A Unified Model of Marriage, Divorce, Educational
Attainment and Married Female Labor-Force Participation," American Economic Journal: Macroeconomics, v. 8, n. 1: 1-41.
Abstract and Paper
Keywords: Assortative mating, education, female labor
supply, household income inequality, household production, marriage and
divorce, minimum distance estimation
Jeremy Greenwood, Ananth
Seshadri and Guillaume Vandenbroucke (September 2015), "Measurement
without Theory, Once Again," Journal
of Demographic Economics, v. 81, n. 3: 317-329.
Abstract and Paper
Keywords: Amish, Appliances, Baby Boom, Bailey and
Collins (2011), Fertility, Indirect Inference, Minimum Distance Estimation,
Regressions
Erratum: Pg. 320 Missing = sign inserted on pdf.
Jeremy Greenwood,
Nezih Guner, Georgi Kocharkov and Cezar Santos (May 2014, revised), "Marry
Your Like: Assortative Mating and Income Inequality," American Economic Review (Papers
and Proceedings), v. 104, n. 5: 348-353.
Abstract and Revised Paper
Corrigendum
Keywords:
Assortative mating, contingency table, Gini coefficient, income inequality,
Lorenz curve, married female labor-force participation, standardized
contingency table
Jesϊs
Fernαndez-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, n. 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,
n. 1: 194-215.
Abstract and Paper
Lecture Notes
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, n. 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
Erratum: Pg. 345 Noted on pdf for paper.
Jeremy Greenwood,
Juan M. Sanchez and Cheng Wang (September 2010), "Financing Development:
The Role of Information Costs," American
Economic Review, v. 100, n. 4: 1875-1891.
Abstract and Paper
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)," in 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
Reply to Bailey and
Collins (2011)
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
Video: Women's Liberation: An Economic
Perspective (5:58 minutes)
Discussion
in the Wonkblog, The Washington Post
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.
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.
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.
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.
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:
- Since the early 1970's there
has been a slump in the advance of productivity.
- The price of new equipment
has fallen steadily over the postwar period.
- 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:
- Productivity slowed down
because the implementation of information technologies was both costly and
slow.
- Technological advance in the
capital goods sector has lead to a decline in equipment prices.
- 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.
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.
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.
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.
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.
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..
Paper
Jeremy
Greenwood and Mehmet Yorukoglu (June 1997), "1974," Carnegie-Rochester
Conference Series on Public Policy, v. 46: 49-95.
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.
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.
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.
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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