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Baumol (1967) showed that the rate of growth of an economy slows down if a sector has lower productivity than others and the demand between goods is inelastic. This paper points out that trade is equivalent to technological progress in the tradable sector. Therefore an open economy has higher...
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This paper examines the determinants of illegal immigration in the United States from Mexico from 1976 to 1995. The main challenge in the empirical work is that the observations are not the number of individuals that attempt to enter the United States illegally, but rather the number of...
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This paper presents a test to discriminate among behaviors of producers of exhaustible resources. The behavior of a competitive producer of an exhaustible resource should follow an Euler equation. The existence of futures markets allows us to sidestep the difficult issues related to estimating...
Persistent link: https://www.econbiz.de/10011542230
This paper studies the empirical links among factor endowments, trade, and personal income distribution. The motivation is that many developing countries have implemented radical trade reforms in recent years. These reforms have changed relative prices, induced a reallocation of resources, and...
Persistent link: https://www.econbiz.de/10011542549
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The focus of this paper is the link between income volatility and the accumulation of human capital in the presence of credit constraints. Also, the effect of income inequality on the accumulation of human capital within the same framework is studied.
Persistent link: https://www.econbiz.de/10011543156
Populists claim to be the only legitimate representative of the people. Does it mean that there is no space for civil society? The issue is important because since Tocqueville (1835), associations and civil society have been recognized as a key factor in a healthy liberal democracy. We ask two...
Persistent link: https://www.econbiz.de/10011978365
Uncertainty over economic policy plays a key role in economic outcomes. But evidence and quantification for emerging markets are elusive because of measurement and reverse causality issues. In this paper, we construct a news-based economic policy uncertainty (EPU) index for Turkey and assess how...
Persistent link: https://www.econbiz.de/10011978593