NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
loading...

The Sources of Labor Productivity Variation in U.S. Manufacturing, 1947-80

Ben S. Bernanke

NBER Working Paper No. 712
Issued in July 1981
NBER Program(s):Economic Fluctuations and Growth Program

This paper examines the relationship between inflation, exchange rates, and the pattern of international trade and payments in a small economy with utility-maximizing agents and a transactions demand for money. Fully anticipated inflation has real effects in the model through its role as a tax on money and thereby on monetary transactions. An increase in the rate of monetary expansion generally reduces the value of domestic output and alters the composition of domestic production. The result is a change in the pattern of international comparative advantage and trade flows. The initial depreciation of the exchange rate following an increase in the rate of monetary expansion is accompanied by a trade surplus and capital outflow, while the subsequent depreciation is accompanied by a trade deficit.

download in pdf format
   (289 K)

download in djvu format
   (204 K)

email paper

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w0712

Published: Bernanke, Ben. "On the Sources of Labor Productivity Variation in U.S. Manufacturing, 1947-1980." Review of Economics and Statistics, Vol. 65, No. 2,(May 1983), pp. 214-224.

Users who downloaded this paper also downloaded* these:
Klotz, Madoo, and Hansen A Study of High and Low "Labor Productivity" Establishments in U.S.Manufacturing
Bernanke w1054 Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression
Yamada, Yamada, and Liu w3800 Labor Productivity and Market Competition in Japan
Bernanke and Parkinson w3503 Procyclical Labor Productivity and Competing Theories of the Business Cycle: Some Evidence from Interwar U.S. Manufacturing Industries
Ichniowski w1368 Ruling Out Productivity? Labor Contract Pages and Plant Performance
 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us