-
作者：Tamura, R
作者单位：Clemson University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This paper develops a general equilibrium model of fertility and human capital investment with young adult mortality. Because young adult mortality is negatively related to average young adult human capital, human capital accumulation lowers mortality, inducing demographic transition and industrial revolution. Data confirm that young adult mortality is related negatively to schooling, and the rate of return to schooling, and positively to fertility. The data indicate a negative relationship be...
-
作者：Grier, Robin; Grier, Kevin B.
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：We estimate an augmented multivariate GARCH-M model of inflation and output growth for Mexico at business cycle frequencies. The main findings are: (1) inflation uncertainty has a negative and significant effect on growth; (2) once the effect of inflation uncertainty is accounted for, lagged inflation does not have a direct negative effect on output growth; (3) However as predicted by Friedman and Ball, higher average inflation raises inflation uncertainty, and the overall net effect of averag...
-
作者：Farzin, Y. Hossein; Bond, Craig A.
作者单位：University of California System; University of California Davis
摘要：We develop and estimate an econometric model of the relationship between several local and global air pollutants and economic development while allowing for critical aspects of the sociopolitical-economic regime of a State. We obtain empirical support for our hypothesis that democracy and its associated freedoms provide the conduit through which agents can exercise their preferences for environmental quality more effectively than under an autocratic regime, thus leading to decreased concentrat...
-
作者：Chinn, Menzie D.; Ito, Hiro
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Portland State University
摘要：We investigate whether financial openness leads to financial development after controlling for the level of legal development using a panel encompassing 108 countries over the period 1980 to 2000. We also examine the issue of the optimal sequence of liberalization in both goods and financial markets. Our findings suggest that a higher level of financial openness spurs equity market development only if a threshold level of legal development has been attained. On the issue of sequencing, we find...
-
作者：Brooks, Eileen L.
作者单位：University of California System; University of California Santa Cruz
摘要：Exporting firms around the world ship only a small fraction of their output overseas. For firms in a large country, such as the United States, this behavior can be explained by the existence of a large domestic market. For firms in a small lower income country, such as Colombia, the lower share of exports remains a puzzle. This paper begins by illustrating the failure of current models to explain plant export patterns in Colombia. Even models that do well in describing the US export distributi...
