Professor of Economics at Stanford University and Co-Director of the NBER Economic Fluctuations and Growth program. Works on growth, productivity, and macroeconomics.
The paper asks how much economic progress looks different when one applies a total utilitarian welfare criterion — counting every person's flow utility — rather than the standard per-capita …
PublishedClassicQuarterly Journal of EconomicsPublished Nov 2009
In a monopolistic-competition model with heterogeneous firms, a plant's revenue productivity should be equalised within an industry unless the plant faces distortions -- so the dispersion of revenue …
Using unpublished BLS microdata behind the CPI for 1995-1997 -- about 350 categories covering roughly 70% of consumer spending -- Bils and Klenow find that individual retail prices change much more …