The Stock Market and the Productivity Slowdown: International Evidence
将Baily的生产率放缓模型扩展到五个国家的制造业，发现资本服务增长下降（反映在股市下跌中）可以解释1973-1978年美国和这些国家的生产率下降，但股市下跌往往先于生产率增长下降，且模型在样本期延长至1981年时效果较差。
Extending Baily's model of the productivity slowdown to the manufacturing sectors of five other countries, we find that a decline in the growth of capital services, reflected in declines in the stock market, can explain much of the 1973-1978 decline in productivity abroad as well as in the United States. We also show, however, that the stock market declines often preceded the declines in productivity growth, and the model is less successful when the sample period is extended through 1981.