Abstract

http://ssrn.com/abstract=344866
 
 

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Assessing Dynamic Efficiency: Theory and Evidence


Andrew B. Abel


University of Pennsylvania - Finance Department; National Bureau of Economic Research (NBER)

N. Gregory Mankiw


Harvard University - Department of Economics; National Bureau of Economic Research (NBER)

Lawrence H. Summers


Harvard University; National Bureau of Economic Research (NBER)

Richard J. Zeckhauser


Harvard University - Harvard Kennedy School (HKS); National Bureau of Economic Research (NBER)

December 1986

NBER Working Paper No. w2097

Abstract:     
The issue of dynamic efficiency is central to analyses of capital accumulation and economic growth. Yet the question of what operating characteristics of an economy subject to productivity shocks should be examined to determine whether or not it is efficient has not been resolved. This paper develops criterion based on observables for determining whether or not an economy is dynamically efficient. The criterion involves a comparison of the cash flows generated by capital with the volume of investment. Its application to the United States economy and the economies of other major OECD nations suggests that they are dynamically efficient.

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Date posted: April 4, 2004  

Suggested Citation

Abel, Andrew B. and Mankiw, N. Gregory and Summers, Lawrence H. and Zeckhauser, Richard J., Assessing Dynamic Efficiency: Theory and Evidence (December 1986). NBER Working Paper No. w2097. Available at SSRN: http://ssrn.com/abstract=344866

Contact Information

Andrew B. Abel (Contact Author)
University of Pennsylvania - Finance Department ( email )
The Wharton School
3620 Locust Walk
Philadelphia, PA 19104
United States
215-898-4801 (Phone)
215-573-7244 (Fax)
HOME PAGE: http://finance.wharton.upenn.edu/~abel/

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
N. Gregory Mankiw
Harvard University - Department of Economics ( email )
Littauer Center
Room 223
Cambridge, MA 02138
United States
617-495-4301 (Phone)
617-495-7730 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Lawrence H. Summers
Harvard University ( email )
1875 Cambridge Street
Cambridge, MA 02138
United States
617-495-1502 (Phone)
617-495-8550 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Richard J. Zeckhauser
Harvard University - Harvard Kennedy School (HKS) ( email )
79 John F. Kennedy Street
Cambridge, MA 02138
United States
617-495-1174 (Phone)
617-384-9340 (Fax)
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
617-495-1174 (Phone)
617-496-3783 (Fax)
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References:  21
Citations:  71

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