Monetary Policy, Business Fluctuations, and Economic Growth
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
This project is part of a large body of research into the                       behavior of such macroeconomic aggregates as inflation,                         unemployment and economic growth.  The project consists of three                parts.  The first part continues the development and empirical                  testing of a theory of monetary policy in which the central bank                targets nominal interest rates.  Preliminary empirical results                  for the post-World War II period for the U.S., where interest-                  rate targeting seems especially to apply, show the theoretical                  hypotheses match up well with the behavior of money, prices, and                interest rates.  The project extends the theory and tests the                   model on pre-World War I data for the U.S., a period when                       interest-rate targeting did not apply because the U.S. was on the               gold standard.  It also applies the model to a long history of                  British data stretching from the early 1700s through the present.                                                                                               The second part deals with the persistence of unemployment, which               has been pronounced in recent years.  A time-series approach is                 used to assess the extent of this persistence in various                        countries over various time periods.  These measures of                         persistence are related to variables that an economic model says                should matter for the economy's speed of adjustment.  Preliminary               results suggest some effects from unionization, the form of labor               bargaining, and the size of government.  Further research focuses               on the empirical side, especially on the role of restrictions on                firing and hiring in the labor market.                                                                                                                          The third part concerns extensions of models of endogenous                      economic growth developed under the previous grant.  The project                merges analyses of population growth with recent theory of                      technological progress.  These models show how long-term growth                 rates depend on such variables as government policies, natural                  resources and rates of time preferences.  These theories are                    utilized to explain some differences in growth performances                     across countries.                                                                                                                                               This ambitious agenda is important from both a scientific and                   policy perspective.  Scientifically, the project contributes new                theories of monetary policy, unemployment and economic growth.                  The theory of economic growth is especially exciting because it                 synthesizes work in labor economics, technological change and                   macroeconomics.  This new theory not only will provide a more                   powerful and general way of studying overall economic                           performance, but it enriches different fields of economic                       research by drawing them together.  The project also addresses                  timely policy issues such as the appropriateness of interest-rate               targeting and the effectiveness of different unemployment                       policies.
{'FirstName': 'Robert', 'LastName': 'Barro', 'PI_MID_INIT': 'J', 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Robert J Barro', 'EmailAddress': 'rbarro@harvard.edu', 'NSF_ID': '000457258', 'StartDate': '07/15/1988', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'University of Rochester', 'CityName': 'ROCHESTER', 'ZipCode': '146113847', 'PhoneNumber': '5852754031', 'StreetAddress': '910 GENESEE ST', 'StreetAddress2': 'STE 200', 'CountryName': 'United States', 'StateName': 'New York', 'StateCode': 'NY', 'CONGRESSDISTRICT': '25', 'CONGRESS_DISTRICT_ORG': 'NY25', 'ORG_UEI_NUM': 'F27KDXZMF9Y8', 'ORG_LGL_BUS_NAME': 'UNIVERSITY OF ROCHESTER', 'ORG_PRNT_UEI_NUM': None}
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{'Code': '1320', 'Text': 'Economics'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1988&All=true', 'xml': '8808825.xml'}