We prove that in a closed economy without distortionary taxation, the welfare of a representativeconsumer is summarized to a …rst order by the current and expected future values of the Solowproductivity residual in level and by the initial endowment of capital. The equivalence holds if...

We study whether cultural attitudes towards gender, the young, and leisure are signi…cantdeterminants of the evolution over time of the employment rates of women and of the young, andof hours worked in OECD countries. Beyond controlling for a larger menu of policies, institutionsand structural...