The Hours After

The love letters of Gerda and Kurt Klein, revealing one of the greatest love stories ever told. Over fifty years ago, Gerda Weissmann was barely alive at the end of a 350-mile death march that took her from a slave labor camp in Germany to the Czech border. On May 7, 1945, the American military stormed the area, and the first soldier to approach Gerda was Kurt Klein. She guided him to her fellow prisoners who lay sick and dying on the ground, and quoted Goethe: "Noble be man, merciful and good." Perhaps it was her irony, her composure, her evident compassion in the face of tragedy, that struck Kurt Klein. A great love had begun. Forced to separate just weeks after liberation and hours after their engagement, Gerda and Kurt began a correspondence that lasted until their reunion and wedding in Paris a year later. Their poignant letters reflect upon the horrors of war and genocide, but above all, upon the rapture and salvation of true love.

Riding in an open-topped convertible through Dallas on November 22, 1963, Lyndon B. Johnson heard a sudden explosive sound at 12:30 PM. The Secret Service sped him away to safety, but not until 1:20 PM did he learn that John F. Kennedy had been assassinated. Sworn in next to a bloodstained Jackie Kennedy at 2:40 PM, Johnson worked feverishly until 3:00 in the morning, agonizing about the future of both his nation and his party. Unbeknownst to him, his actions had already determined the tragic outcome of his presidency. In November 22, 1963, historian Steven Gillon tells the story of how Johnson consolidated power in the twenty-four hours following the assassination. Based on scrupulous research and new archival sources, this gripping narrative sheds new and surprising light on one of the most written-about events of the twentieth century.

The paper asks how state of the art DSGE models that account for the conditional response of hours following a positive neutral technology shock compare in a marginal likelihood race. To that end we construct and estimate several competing small-scale DSGE models that extend the standard real business cycle model. In particular, we identify from the literature six different hypotheses that generate the empirically observed decline in worked hours after a positive technology shock. These models alternatively exhibit (i) sticky prices; (ii) firm entry and exit with time to build; (iii) habit in consumption and costly adjustment of investment; (iv) persistence in the permanent technology shocks; (v) labor market friction with procyclical hiring costs; and (vi) Leontief production function with labor-saving technology shocks. In terms of model posterior probabilities, impulse responses, and autocorrelations, the model favored is the one that exhibits habit formation in consumption and investment adjustment costs. A robustness test shows that the sticky price model becomes as competitive as the habit formation and costly adjustment of investment model when sticky wages are included.

Special edition of the Federal Register, containing a codification of documents of general applicability and future effect ... with ancillaries.