NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Leonard Nakamura

Economic Research
Federal Reserve Bank of Philadelphia
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Philadelphia PA 19106-1574
USA
Tel: 215-574-3804
Fax: 215-574-4364

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NBER Working Papers and Publications

April 2017Accounting for Growth in the Age of the Internet: The Importance of Output-Saving Technical Change
with Charles Hulten: w23315
We extend the conventional Solow growth accounting model to allow innovation to affect consumer welfare directly. Our model is based on Lancaster’s New Approach to Consumer Theory, in which there is a separate “consumption technology” that transforms the produced goods, measured at production cost, into utility. This technology can shift over time, allowing consumers to make more efficient use of each dollar of income. This is “output-saving” technical change, in contrast to the Solow TFP “resource-saving” technical change. One implication of our model is that living standards can rise at a greater rate than real GDP growth.
January 2014Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions
in Measuring Wealth and Financial Intermediation and Their Links to the Real Economy, Charles R. Hulten and Marshall B. Reinsdorf, editors
This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It specifically describes a potential large macro-micro database for the United States based on an extended version of the Flow of Funds. I argue that such a database would have been of material value to U.S. regulators in ameliorating the recent financial crisis and could be of aid in understanding the potential vulnerabilities of an innovative financial system in the future. I also suggest that making these data available to the academic research community, under strict confidentiality restrictions, would enhance the detection and measurement of systemic risk.
May 2011Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions
w17006
This paper sets forth a discussion framework for the information requirements of systemic financial regulation. It specifically describes a potentially large macro-micro database for the U.S. based on an extended version of the Flow of Funds. I argue that such a database would have been of material value to U.S. regulators in ameliorating the recent financial crisis and could be of aid in understanding the potential vulnerabilities of an innovative financial system in the future. I also suggest that making these data available to the academic research community, under strict confidentiality restrictions, would enhance the detection and measurement of systemic risk.

Published: Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions, Leonard Nakamura. in Measuring Wealth and Financial Intermediation and Their Links to the Real Economy, Hulten and Reinsdorf. 2015

1980Energy and Pollution Effects on Productivity: A Putty-Clay Approach
with John G. Myers
in New Developments in Productivity Measurement, John W. Kendrick and Beatrice N. Vaccara, editors
 
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