Working Paper

A Kaleckian model, featuring the complementarity of the public and private sectors and administered pricing of public-sector products, is developed to examine the impact of public enterprises on income distribution between the state, capital, and labor. Public-sector mark-up and relative...

It is commonly believed that firms prefer layoffs to worksharing, in part, because layoffs economize on fringe benefit costs. We find that when labor markets are characterized by optimal implicit contracts, layoffs will never occur in equilibrium, regardless of the...

An empirical analysis of effects of NGO interventions on health and education of women and girls in rural Rajasthan employs an original micro data set to address criticisms of NGO effectiveness. Isolating the effects of the NGO's programs from personal...

Does the well established positive association between education and investment in health hold for education beyond college? This study examines the effect of having a postgraduate degree on investment in health, using an original data set composed of samples of...

This paper explores the influence of Japan and the United States over the geographic distribution of Asian Development Bank (ADB) funds. Although nominally an independent, multilateral organization, the ADB is widely regarded as bowing to the interests of its two...

This paper investigates the relationship between congressional support for foreign aid and the distribution of USAID contract spending across congressional districts within the United States. The extent to which such a relationship matters has become increasingly important in recent years...

This paper provides a survey and synthesis of econometric tools that have been employed to study economic growth. While these tools range across a variety of statistical methods, they are united in the common goals of first, identifying interesting contemporaneous...

The traditional classroom presentation of international macroeconomic issues obscures the link between budget deficits, exchange rates, and the trade deficit. The article offers a simple supply and demand framework to clarify the role of budget deficits in creating trade deficits...

This paper examines the role of U.S. domestic politics in the allocation of foreign aid using panel data on aid to 119 countries from 1960 to 1997. Employing proxies for four aid allocation criteria (development concerns, strategic importance, commercial importance...

This paper presents new results on income distribution in Pakistan from an analysis of the full HIES data tapes for 1984-85, 1985-86, 1986-87, and 1987-88. An explicit social welfare methodology is adopted to measure changes in inequality at the national...

This paper argues that, in economies heavily dependent on imported inputs, the responsiveness of price and output to cost and demand factors are altered by foreign exchange bottlenecks if the government resorts to nonmarket allocation of import licenses. A model...

In orthodox economics, honesty or integrity is treated as either part of the constraint function or the objective function. This is at the origin of the statement, "every man has his price." However, if integrity has a price, why do...

The return of large government budget deficits should encourage us to resume analysis of their effects. Two topics deserving further attention are the importance of correctly modeling the form of intergenerational relationships and clarification of the extent to which deficits...

Many researchers have used a cointegration approach to test for the Fisher effect. This note argues that the cointegration of the nominal interest rate and the inflation rate is consistent with any theory implying a stationary real interest rate and...

In June 2005, the Supreme Court made one of its least popular decisions in recent history. In Kelo v. New London, the Court missed a simple point: that local decision makers make local decisions.

This paper is based on the notion that the nature of current labor market informalization requires rethinking in order to guide action and formulate social policies for eliminating poverty and reducing economic inequality and job insecurity. It explores conceptually and...

This paper presents structural estimates of the probability of validity, and the probability of Type I and Type II errors by courts in patent litigation. Patents are modeled as uncertain property rights, and implications of the model are tested using...

There are numerous examples of assets with identical payout streams being priced differently. These violations of the law of one price result from two factors. First, investors have heterogeneous asset valuations so that if two groups of investors trade in...