NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Robert E. Hall

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

Books

Inflation: Causes and Effects
Published in 1982 by University of Chicago Press
© 1982 by the National Bureau of Economic Research

Working Papers and Chapters

May 2014Quantifying the Lasting Harm to the U.S. Economy from the Financial Crisis
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Forthcoming: Quantifying the Lasting Harm to the U.S. Economy from the Financial Crisis, Robert E. Hall. in NBER Macroeconomics Annual 2014, Volume 29, Parker and Woodford. 2014

Quantifying the Lasting Harm to the U.S. Economy from the Financial Crisis
in NBER Macroeconomics Annual 2014, Volume 29, Jonathan Parker and Michael Woodford, editors
January 2014High Discounts and High Unemployment
w19871
June 2013Comment on "Reference Dependence and Labor Market Fluctuations"
in NBER Macroeconomics Annual 2013, Volume 28, Jonathan A. Parker and Michael Woodford, editors
February 2013Fiscal Stability of High-Debt Nations under Volatile Economic Conditions
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September 2012The Cyclical Response of Advertising Refutes Counter-Cyclical Profit Margins in Favor of Product-Market Frictions
w18370
May 2012Monitoring the Financial Condition and Expenditures of Households
in Risk Topography: Systemic Risk and Macro Modeling, Markus K. Brunnermeier and Arvind Krishnamurthy, editors
February 2012Comment on "Fiscal Multipliers in Recession and Expansion"
in Fiscal Policy after the Financial Crisis, Alberto Alesina and Francesco Giavazzi, editors
June 2011Clashing Theories of Unemployment
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January 2011The Long Slump
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Published: Robert E. Hall, 2011. "The Long Slump," American Economic Review, American Economic Association, vol. 101(2), pages 431-69, April. citation courtesy of

October 2010Comment on "Adjusted Estimates of Worker Flows and Job Openings in JOLTS"
in Labor in the New Economy, Katharine G. Abraham, James R. Spletzer, and Michael Harper, editors
May 2010Evidence on the Determinants of the Choice between Wage Posting and Wage Bargaining
with Alan B. Krueger: w16033

Published: “Evidence on the Incidence of Wage Posting, Wage Bargaining, and On-the-Job Search” (with Alan B. Krueger), AEJ: Macroeconomics , October 2012, 4(4) 56–67

Diagnosing Consumer Confusion and Sub-Optimal Shopping Effort: Theory and Mortgage-Market Evidence
with Susan E. Woodward: w16007

Published: Susan E. Woodward & Robert E. Hall, 2012. "Diagnosing Consumer Confusion and Sub-optimal Shopping Effort: Theory and Mortgage-Market Evidence," American Economic Review, American Economic Association, vol. 102(7), pages 3249-76, December. citation courtesy of

November 2009By How Much Does GDP Rise if the Government Buys More Output?
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Published: Robert E. Hall, 2009. "By How Much Does GDP Rise If the Government Buys More Output?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 40(2 (Fall)), pages 183-249. citation courtesy of

April 2009Comment on "The Timing of Labor Market Expansions: New Facts and a New Hypothesis"
in NBER Macroeconomics Annual 2008, Volume 23, Daron Acemoglu, Kenneth Rogoff and Michael Woodford, editors
December 2008Equity Depletion from Government-Guaranteed Debt
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Published: Equity Depletion from Government-Guaranteed Debt, December 2008, published as Chapter 7 of Forward-Looking Decision Making, titled “Financial Stability with Government-Guaranteed Debt.

September 2008Wage Formation between Newly Hired Workers and Employers: Survey Evidence
with Alan B. Krueger: w14329
August 2008The Burden of the Nondiversifiable Risk of Entrepreneurship
with Susan E. Woodward: w14219

Published: Robert E. Hall & Susan E. Woodward, 2010. "The Burden of the Nondiversifiable Risk of Entrepreneurship," American Economic Review, American Economic Association, vol. 100(3), pages 1163-94, June. citation courtesy of

April 2007The Incentives to Start New Companies: Evidence from Venture Capital
with Susan E. Woodward: w13056
April 2006Job Loss, Job Finding and Unemployment in the U.S. Economy over the Past 50 Years
in NBER Macroeconomics Annual 2005, Volume 20, Mark Gertler and Kenneth Rogoff, editors
October 2005The Labor Market and Macro Volatility: A Nonstationary General-Equilibrium Analysis
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Published: Robert E. Hall, 2006. "The labor market and macro volatility: a nonstationary general-equilibrium analysis," Proceedings, Federal Reserve Bank of San Francisco. citation courtesy of

Separating the Business Cycle from Other Economic Fluctuations
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Published:

  • The Greenspan Era: Lessons for the Future, proceedings of the Federal Reserve Bank of Kansas City Symposium, August 2005, pp. 133-179.
  • Robert E. Hall, 2005. "Separating the business cycle from other economic fluctuations," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 133-179. citation courtesy of

Job Loss, Job Finding, and Unemployment in the U.S. Economy Over the Past Fifty Years
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Published: Hall, Robert E. “Job Loss, Job Finding, and Unemployment in the U.S. Economy over the Past Fifty Years.” NBER Macroeconomics Annual (2005): 101-137.

August 2005Remarks
with Baruch Lev, Erik Brynjolfsson, Lorin Hitt
in Measuring Capital in the New Economy, Carol Corrado, John Haltiwanger and Dan Sichel, editors
June 2005Comment on "Shadow Sorting"
in NBER International Seminar on Macroeconomics 2005, Jeffrey A. Frankel and Christopher Pissarides, editors
April 2005The Limited Influence of Unemployment on the Wage Bargain
with Paul R. Milgrom: w11245

Published: Hall, Robert E. and Paul R. Milgrom. "The Limited Influence of Unemployment on the Wage Bargain." American Economic Review 98,4 (September 2008): 1653-1674. citation courtesy of

March 2005Employment Efficiency and Sticky Wages: Evidence from Flows in the Labor Market
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Published: Hall, Robert E. “Employment Efficiency and Sticky Wages: Evidence from Flows in the Labor Market.” Review of Economics and Statistics 87, 3 (August 2005): 397-407. citation courtesy of

The Amplification of Unemployment Fluctuations through Self-Selection
w11186
September 2004The Value of Life and the Rise in Health Spending
with Charles I. Jones: w10737

Published:

  • Hall, Robert E., and Charles I Jones. "The Value of Life and the Rise in Health Spending." The Quarterly Journal of Economics 122(1): 39-72, February 2007 citation courtesy of
  • Hall, Robert E., and Charles I Jones. "The Value of Life and the Rise in Health Spending." Federal Reserve Bank of San Francisco, FRBSF Economic Letter 2006-02, February 24, 2006
  • Robert E. Hall & Charles I. Jones, 2005. "The value of life and the rise in health spending," Proceedings, Federal Reserve Bank of San Francisco. citation courtesy of

January 2004Benchmarking the Returns to Venture
with Susan E. Woodward, Robert E. Hall: w10202
December 2003Corporate Earnings Track the Competitive Benchmark
w10150
September 2003Wage Determination and Employment Fluctuations
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Published: Hall, Robert E. "Employment Fluctuations With Equilibrium Wage Stickiness," American Economic Review, 2005, v95(1,Mar), 50-65.

March 2002Industry Dynamics with Adjustment Costs
w8849
June 1999Why Do Some Countries Produce So Much More Output per Worker than Others?
with Charles I. Jones: w6564

Published: The Quarterly Journal of Economics, vol. 114, no. 1, pp. 83-116, February 1999. citation courtesy of

The Stock Market and Capital Accumulation
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Published:

Reorganization
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Published: Hall, Robert E., 2000. "Reorganization," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 52(1), pages 1-22, June. citation courtesy of

March 1999The Concentration of Job Destruction
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January 1999Aggregate Job Destruction and Inventory Liquidation
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Controlling the Price Level
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Published:

April 1998Labor-Market Frictions and Employment Fluctuations
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Published: Hall, Robert E., 1999. "Labor-market frictions and employment fluctuations," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 17, pages 1137-1170 Elsevier.

February 1997Macroeconomic Fluctuations and the Allocation of Time
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Published: Journal of Labor Economics, Vol. 15, no. 1, part 2 (January 1997): S223-S250 citation courtesy of

November 1996The Productivity of Nations
with Charles I. Jones: w5812
January 1996The Effects of Tax Reform on Prices and Asset Values
in Tax Policy and the Economy, Volume 10, James M. Poterba, editor
October 1995Lost Jobs
r2006

Published: Brookings Papers on Economic Activity, vol. 1, 1995, pp. 221-273

January 1994Nominal Income Targeting
with N. Gregory Mankiw
in Monetary Policy, N. Gregory Mankiw, editor
December 1993The Value and Performance of U.S. Corporations
with Bronwyn H. Hall: r1831

Published: Brookings Papers on Economic Activity, Vol. 1, pp. 1-34 and 47-49 (1993)

August 1993Nominal Income Targeting
with N. Gregory Mankiw: w4439

Published:

April 1993Productivity and the Density of Economic Activity
with Antonio Ciccone: w4313

Published: American Economic Review, vol. 86, no. 1, pp. 54-70, (March 1996). citation courtesy of

January 1991Labor Demand, Labor Supply, and Employment Volatility
in NBER Macroeconomics Annual 1991, Volume 6, Olivier Jean Blanchard and Stanley Fischer, editors
October 1989Temporal Agglomeration
w3143
Spontaneous Volatility of Output and Investment
w3144
A Framework for studying Monetary Non-Neutrality
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July 1989Invariance Properties of Solow's Productivity Residual
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Published: Growth/Productivity/Unemployment, edited by Peter Diamond, pp. 71-112. Cambridge, MA: MIT Press, 1990.

April 1989Bounds on the Variances of Specification Errors in Models with Expectations
with Steven N. Durlauf: w2936
December 1988Substitution over Time in Work and Consumption
w2789

Published: "Substitution over Time in Consumption and Work." From Value and Capital: Fifty Years Later, edited by Lionel W. McKenzie and Stefano Zamagni, pp. 2 39-267. London: Macmillan Press, 1991.

April 1988A Non-Competitive, Equilibrium Model Of Fluctuations
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May 1987Market Structures and Macroeconomic Fluctuations
r0845

Published: Hall, Robert E. "Market Structures and Macroeconomic Fluctuations," Brookings Papers on Economic Activity, Vol. 2, (1986), pp. 285-322.

Investment Under Uncertainty: Theory and Tests with Industry Data
w2264
Consumption
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Published:

  • Modern Business Cycle Theory, Robert J. Barro, ed., Harvard University Press, Cambridge, MA 1989
  • Hall, Robert E. "Potential Disruption From The Move To A Consumption Tax," American Economic Review, 1997, v87(2,May), 147-150.

November 1986The Role of Consumption in Economic Fluctuations
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Published:

July 1986Chronic Excess Capacity in U.S. Industry
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Published: Published as "The Relation Between Price and Marginal Cost in U.S.Industry" , JPE, Vol. 96, no. 5 (1988): 921-947.

1986The Relation Between Price and Marginal Cost in U.S. Industry
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Published: Journal of Political Economy, Vol. 96, No. 5, pp. 921-947, (1988). citation courtesy of

The Role of Consumption in Economic Fluctuations
in The American Business Cycle: Continuity and Change, Robert J. Gordon, editor
August 1985Real Interest and Consumption
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August 1984The Importance of Lifetime Jobs in the U.S. Economy
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Published: Hall, Robert E. "The Importance of Lifetime Jobs in the U.S. Economy." The American Economic Review, Vol. 72, No. 4, (September 1982), pp. 716-724. citation courtesy of

May 1984The Inefficiency of Marginal-Cost Pricing and The Apparent Rigidity of Prices
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October 1983Explorations in the Gold Standard and Related Policies for Stabilizing the Dollar
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Published:

August 1982The Minimum Wage and Job Turnover in Markets for Young Workers
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Published:

February 1982The Excess Sensitivity of Layoffs and Quits to Demand
with Edward P. Lazear: w0864

Published: Hall, Robert E. and Edward P. Lazear. "The Excess Sensitivity of Layoffs and Quits to Demand." Journal of Labor Economics, Vol. 2, No. 2, (April 1984), 233-257. citation courtesy of

1982The Minimum Wage and Job Turnover in Markets for Young Workers
in The Youth Labor Market Problem: Its Nature, Causes, and Consequences, Richard B. Freeman and David A. Wise, eds.
Front matter, table of contents, acknowledgment
in Inflation: Causes and Effects, Robert E. Hall
Introduction to "Inflation: Causes and Effects"
in Inflation: Causes and Effects, Robert E. Hall
Explorations in the Gold Standard and Related Policies for Stabilizing the Dollar
in Inflation: Causes and Effects, Robert E. Hall
List of Contributors, Indexes
in Inflation: Causes and Effects, Robert E. Hall
July 1981Intertemporal Substitution in Consumption
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Published: Journal of Political Economy, Vol. 96, No. 2, pp. 339-357, (1988). citation courtesy of

September 1980Employment Fluctuations and Wage Rigidity
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Published:

  • Hall, Robert E. "Employment Fluctuation and Wage Rigidity." Brookings Papers on Economic Activity, edited by George L. Perry, pp. 91-123. Washington, D.C.: The Brookings Institution, 1980.
  • Hall, Robert E. "Employment Fluctuations And Wage Rigidity," Brookings Papers, 1980, v11(1), 91-123.

Stabilization Policy and Capital Formation
r0093

Published: Hall, Robert E. "Stabilization Policy and Capital Formation." The American Economic Review, Vol. 70, No. 2, (May 1980), pp. 157-163.

July 1980The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households
with Frederic S. Mishkin: w0505

Published: Hall, Robert E. and Mishkin, Frederic S. "The Sensitivity of Consumption to Transitory Income: Estimates from Panel Data on Households." Econometrica, Vol. 50, No. 2, (March 1982), pp. 461-481. citation courtesy of

August 1979Labor Supply and Aggregate Fluctuations
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Published: Hall, Robert E. "Labor Supply and Agrregate Fluctuations." Carnegie-Rochester Conference Series on Public Policy, Supplementary to the Journal of Monetary Economics, Vol. 12, (1980), pp. 7-33. citation courtesy of

The Role of Prevailing Prices and Wages in the Efficient Organization of Markets
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July 1979Energy Prices, Inflation, and Recession, 1974-1975
with Knut Anton Mork: w0369

Published: Mork, Knut Anton and Hall Robert E. "Energy Prices, Inflation, and Recession, 1974-1975." The Energy Journal, Vol. 1, Iss. 3 (1980), pp. 31-64. citation courtesy of

April 1979Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence
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Published: Hall, Robert E. "Stochastic Implications of the Life Cycle-Permanent Income Hypothesis: Theory and Evidence." Journal of Political Economy, Vol. 86, No. 6, (December 1978), pp. 971-987.

December 1978Efficient Wage Bargains Under Uncertain Supply and Demand
with David M. Lilien: w0306

Published: Hall, Robert E. and Lilien, David M. "Efficient Wage Bargains under Uncertain Supply and Demand." The American Economic Review, Vol. 69, No. 5, (December 1979), pp. 868-879. citation courtesy of

July 1978A Theory of the Natural Unemployment Rate and the Duration of Employment
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Published: Hall, Robert E. "A Theory of Natural Unemployment Rate and the Duration of Employment." Journal of Monetary Economics, Vol. 5, (1979), PP. 153-169. citation courtesy of

The Nature and Measurement of Unemployment
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1978The Macroeconomic Impact of Changes in Income Taxes in the Short and Medium Runs
in Research in Taxation, Michael J. Boskin, ed.
December 1977Fluctuation in Equilibrium Unemployment
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Published: American Economic Review, Vol. 78, no. 2 (1988): 269-275. citation courtesy of

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