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Session 19: NBER Session
Since The Wealth of Nations we have puzzled over how to measure and analyze wealth and living standards. Two leading experts will survey cutting- edge research on related questions: How should we measure capital and wealth in an information- based, evolving economy? What is the likely evolution of global productivity trends, and what are their implications?
Presentations
Links of Interest
National Bureau of Economic Research
Speakers
Richard B. Berner
Chief U.S. Economist
Morgan Stanley
Richard Berner is a Principal in Morgan Stanley's Equity Research Department, and has responsibility for U.S. economic and financial research activities.
A native of Boston, Massachusetts, Mr. Berner received a bachelor of arts degree in economics from Harvard College, and a doctorate in economics from the University of Pennsylvania. He conducted dissertation research under SSRC-Ford Foundation grants at both the University of Louvain, Belgium, and at the University of Bologna, Italy.
Prior to joining Morgan Stanley, Mr. Berner was Executive Vice President and Chief Economist at Mellon Bank Corporation, and a member of Mellon Bank's Senior Management Committee. Previously, he served as a Principal and Senior Economist for Morgan Stanley and a Director and Senior Economist for Salomon Brothers. He has also served as Economist for Morgan Guaranty Trust Company, Director of the Washington, DC office of Wharton Econometrics and Economist for the Board of Governors of the Federal Reserve System. He has been an adjunct professor of economics at Carnegie-Mellon University and at George Washington University.
Mr. Berner is also a member of the Board of the National Association for Business Economics and a member of the Board of Advisors of Macroeconomic Advisers, LLC. He has been a member of the Economic Advisory Committee of the American Bankers Association, Chairman of the Economic Advisory Board of the Pennsylvania Bankers Association, a member of the Board of Directors and past President of the Economic Club of Pittsburgh, a member of the Advisory Board of the Center for Economic Development at Carnegie Mellon University's Heinz School, a member of the Board of Trustees of Sewickley Academy, and a member of the Finance Advisory Committee of the Quaker Valley School District. He has also served as a member of the Pennsylvania Legislative Joint Task Force on Exports.
John Haltiwanger
Professor of Economics
University of Maryland
John C. Haltiwanger received his Ph.D. from the Johns Hopkins University in 1981. After serving on the faculty of UCLA and Johns Hopkins, he joined the faculty at Maryland in 1987. He is a Research Associate of the Center for Economic Studies at the Bureau of the Census and of the National Bureau of Economic Research. His recent research has exploited the newly created longitudinal establishment data bases that are available at the Bureau of the Census. This research centers on the process of reallocation, retooling and restructuring in the U.S. economy and its connection to the business cycle. Publications include: "The Aggregate Implications of Machine Replacement: Theory and Evidence" (with Russell Cooper), American Economic Review, 1993; "Plant-Level Adjustment and Aggregate Investment Dynamics" (with R. Caballero and E. Engel), Brookings Papers on Economic Activity, 1995; Job Creation and Destruction (with S. Davis and S. Schuh), MIT Press, 1996; "Aggregate Employment Dynamics: Building from Microeconomic Evidence" (with R. Caballero and E. Engel), American Economic Review, 1997.
Robert Gordon
Professor of Economics
Northwestern University
Robert J. Gordon is Stanley G. Harris Professor in the Social Sciences and Professor of Economics at Northwestern University. He did his undergraduate work at Harvard and then attended Oxford University in England on a Marshall Scholarship. He received his Ph.D. in 1967 at M.I.T. and taught at Harvard and the University of Chicago before coming to Northwestern, where he has been since 1973..
He is one of the nation's leading experts on the causes and consequences of inflation and unemployment and also on the measurement and explanation of productivity growth. His recent work on the rise and fall of the New Economy, and his interpretation of the 2002-03 U. S. productivity growth explosion, have been widely cited. He is author of Macroeconomics, ninth edition (Addison-Wesley-Longman, 2003), which has been translated into eight languages, and of Productivity Growth, Inflation, and Unemployment (Cambridge University Press, 2003). He is also author of The Measurement of Durable Goods Prices(University of Chicago Press, 1990), which has become known as the definitive work showing that government price indexes substantially overstate the rate of inflation. He is editor of Milton Friedman's Monetary Framework: A Debate with his Critics (University of Chicago Press, 1974), The American Business Cycle (University of Chicago Press, 1986), and co-editor of The Economics of New Goods (University of Chicago Press, 1997).
For more than 25 years he has been a Research Associate of the National Bureau of Economic Research, a member of the NBER's Business Cycle Dating Committee, and he is also a Research Fellow of the Centre for Economic Policy Research (London). He is a Guggenheim Fellow, a Fellow of the American Academy of Arts and Sciences, a Fellow and Treasurer of the Econometric Society, and a senior adviser to the Brookings Panel of Economic Activity. He has served as the co-editor of the Journal of Political Economy and as an elected member of the executive committee of the American Economic Association. He has received grants from the National Science Foundation, German Marshall Fund, and Sloan Foundation. He co-organized the NBER's annual International Seminar on Macroeconomics from its founding in 1978 until 1994. In 1995-97 he served on a national commission to assess the accuracy of the U. S. Consumer Price Index.
He is also an affiliate of the Northwestern Transportation Center, an expert on airline management and economics, and has written on the past and future of airline productivity and profitability.
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