Edward C. Prescott’s research while affiliated with Arizona State University and other places

... In accordance with the conventions in the monetary policy literature (seeBarro and Gordon 1983;Rogoff 1985), equation (A1) represents the intertemporal welfare costs of inflation and unemployment. However, the model abstracts from systematic inflation bias as the central bank does not aim to reduce unemployment below its inefficiently high natural rate, avoiding the issues highlighted byKydland and Prescott (1977). ...

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Unanticipated inflation, unemployment persistence and the New Keynesian Phillips curve

... Both money variables adjust relatively quickly to disequilibrium and they can explain some of the forecast error variance in real GDP and capital. Prescott and Wessel (2018), on the other hand, have recently revived the idea that money belongs in the production function-within a modelling exercise, rather than empirically. Their motivation starts at the micro level with the observation that companies hold large amounts of cash with very little return, see Hodrick (2013). ...

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Community banks, money and labour productivity

... The Special Issue consists of two parts. Part I was published as Volume 71/3 in April 2021 (Cornet et al. 2021). This issue is Part II; it is composed of 18 separate papers, organized in three separate broad clusters, as described below. ...

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Special Issue in honor of Nicholas C. Yannelis – Part II

... The percentage of the total population covered by taxable returns was 4.1 percent in 1929 and only 2.6 percent by 1933. 2 See, for example, the business cycle studies ofBraun (1994) andMcGrattan (1994) and the Great Depression studies inKehoe and Prescott (2007). ...

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Capital Taxation During the U.S. Great Depression

... To further enhance oversight, regulators must establish clear rules on internal debt channels, such as limits on interest deductibility, minimum substance requirements, and arm's-length pricing standards for intercompany loans [35]. These measures reduce the scope for profit shifting and ensure that capital structuring reflects genuine economic activity rather than regulatory arbitrage [34]. Figure 3 illustrates an integrated policy and oversight framework that aligns tax rules, corporate finance, and macroeconomic objectives. ...

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Corporate taxation, capital structure optimization, and economic growth dynamics in multinational firms across borders

... In the second scenario, however, as increasing numbers of individuals gain the right to collect UB, such procyclical behaviour weakens as a consequence of the EWE, ending up in a practically non-cyclical behaviour of the PR. 8 See, for instance, Cabo and Martín-Rom an (2019) for a formal analysis. 9 A different theoretical approach away from job-search theory is adopted by Prescott (2004) and Prescott and Wallenius (2012). 10 A few papers study how UB affects various aspects of labour supply from a dynamic standpoint. ...

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Beyond the added-worker and the discouraged-worker effects: the entitled-worker effect

... The importance of technology capital in business operations involves the introduction and application of various knowledge, technologies, and experiences in the production of goods and services, including the discovery of new ways of utilizing resources to be more effective. The technology capital can significantly help 1) achieve goals efficiently with precision and speed, 2) achieve maximum productivity and minimum loss from the production processes effectively, and 3) reduce costs, time, and labor by using modern technologies instead of human labor (McGrattan & Prescott, 2012). Gregory (1995) proposed a technology-oriented management model that consists of five processes: 1) Identifying technologies that are important to business, including technology assessment, technology selection framework/market search, and information management; 2) Choosing right technologies for the organization, decision-making criteria and process, and verification; 3) Acquiring and supporting chosen technologies, including self-investment or use of support; 4) Leveraging technologies to generate benefits, such as market share, trade networks, and partners; and 5) Protecting and maintaining product and manufacturing knowledge and expertise. ...

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Small Business’s Retention during Covid-19 Crisis

... Unlike other social media platforms, Steemit offers an opportunity for contents providers and readers to make profits from cryptocurrency, which rewards ensure sustainable, stable profits for STEEM holders [35]. Steemit applies the principle of sweat equity [37]. This means that those who contribute their scarce time and attention toward producing and curating content for others should be rewarded as much as those who contribute with cash resources during business growth [35]. ...

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Sustainable Growth and Token Economy Design: The Case of Steemit

... First, the personal income tax rates adopted by different countries are generally uncorrelated with their average growth rates (see Easterly and Rebelo, 1993;Stokey and Rebelo, 1995;Mendoza et al., 1997;Jaimovich and Rebelo, 2017 ). Second, market hours worked and number of firms per capita exhibit no long-run trend (see Bick et al., 2018;Cociuba et al., 2018;Laincz and Peretto, 2006 ). Third, measures of R&D intensity are correlated with TFP growth (see Madsen, 2008;Ang and Madsen, 2011 ). ...

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Innovation-led Growth in a Time of Debt

... 33 See also Lai and van Order (2022). 34 See also Tonetii (2018). 35 See also Kehoe et al. (2016Kehoe et al. ( , 2018. ...

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Housing and Macroeconomics