Regulation and the Macroeconomy
利用《联邦法规汇编》的页数衡量监管程度，通过协整方法分析美国联邦监管与宏观经济表现的关系，发现监管在短期和长期通常对经济有负面影响，但某些领域的监管有重要长期效应，有正有负。
SUMMARY This article uses the number of pages in the Code of Federal Regulations to investigate the empirical relationship between federal regulation and macroeconomic performance in the U.S. The analysis uses an aggregate production framework to study the co‐movement of output and the factors of production that results from regulation. The use of cointegration methodology overcomes some shortcomings of traditional techniques. The results suggest that regulation generally is negatively related to aggregate economic performance in both the short run and the long run. Some specific areas of regulation are also found to have important long‐run effects, some positive and some negative.