--and potentially more important--all students, even the more highly motivated ones, respond to lower tuition levels by decreasing their …-subsidy, low-tuition policies have both disincentive effects on students' study time and adverse effects on human capital …

investigate the empirical relation between three cointegrated variables: aggregate consumption, asset wealth, and labor income … the following structural question about the short-run dynamics: "How quickly does consumption adjust to changes in income … in income or wealth have been realized. We argue here, however, that a statistical methodology different from that used …

per capita income. Using cross-country data on the prices of investment goods, we find that the model does fairly well in … quantitatively accounting for the observed dispersion in world income. For our baseline parameterization, the model generates thirty …-five-fold income gaps and six-fold productivity differences between the richest and poorest countries in our sample. …