NBER Macroeconomics Annual 2021: Volume 36

The NBER Macroeconomics Annual 2021 discusses research-central issues in contemporary macroeconomics, including unemployment dynamics during economic recoveries, the relative decline in employment of women during the COVID-19 pandemic, the employment rates of older workers in OECD countries, and the consequences of risk, ambiguity, and model misspecification in climate policy design. The paper challenges theories of growth arising after earlier rejections of the neoclassical growth model.

Format: Paperback / softback
Length: 512 pages
Publication date: 20 July 2022
Publisher: The University of Chicago Press

The NBER Macroeconomics Annual 2021 presents a comprehensive exploration of research-central issues in contemporary macroeconomics. In their insightful contribution, Robert Hall and Marianna Kudlyak delve into the dynamics of unemployment during economic recoveries. Through meticulous empirical analysis, they present novel findings and explore models that shed light on the gradual reduction of the stock of unemployed workers following a downturn.

Titan Alon,Sena Coskun,Matthias Doepke,David Koll,and Michèle Tertilt analyze the profound relative decline in employment of women during the COVID-19 pandemic and the associated global recession. Their comprehensive study uncovers the multifaceted factors contributing to this phenomenon, including increased childcare needs, which disproportionately impacted women, as well as disparities in occupations. While these factors explain a significant portion of the gender gap in hours worked during the pandemic in the US, they account for less than 20% of the overall disparity.

Richard Rogerson and Johanna Wallenius undertake a thorough examination of the employment rates of older workers in OECD countries over the past four decades. Their research reveals a fascinating trend characterized by a decline in employment rates, which can be attributed to the expansion of institutions incentivizing retirement. Concurrently, negative aggregate shocks between 1970 and 1995 played a significant role in this decline. However, a notable shift occurred in the mid-1990s, marked by the reduction or elimination of many of these institutions, such as public pension programs.

Michael Barnett,William Brock,and Lars Peter Hansen explore the intricate consequences of risk, ambiguity, and model misspecification in climate policy design. Their analysis encompasses carbon emissions pricing and the diverse effects of different sources of uncertainty, including future information about environmental damage, uncertainties in carbon and temperature dynamics, and damage functions. Additionally, they consider the role of future green technologies in shaping policy design.

Michael Kremer,Jack Willis,and Yang You present compelling evidence suggesting a steady trend toward income convergence across countries since the late 1980s. Their research underscores the growing interconnectedness of global economies and highlights the potential for increased economic cooperation and shared prosperity.

In conclusion, the NBER Macroeconomics Annual 2021 serves as a valuable resource for scholars, policymakers, and individuals interested in understanding the complex dynamics of contemporary macroeconomics. The contributions presented in this volume shed light on critical issues such as unemployment, gender disparities in employment, retirement trends, climate policy design, and income convergence. By exploring these topics in depth, the Annual provides valuable insights into the challenges and opportunities facing economies worldwide.

Dimension: 229 x 152 x 30 (mm)
ISBN-13: 9780226821719