This paper addresses the intergeneration transmission of education and investigates the extent to which early school leaving (at age 16) may be due to variations in permanent income, parental education levels, and shocks to income at this age. Least squares estimation reveals conventional...

Monetary developments of recent decades began with much promise with inflation targeting by independent central banks; the financial crisis of 2007 ushered in a period of great monetary instability. There are lessons for a return to more stability. Central banks need to stabilize money supply...

Governments, over much of the developed world, make significant financial transfers to parents with dependent children. For example, in the US the recently introduced Child Tax Credit (CTC), which goes to almost all children, costs almost $1billion each week, or about 0.4% of GNP. The UK has...

This paper investigates the robustness of recent findings on the effect of parental education and income on child health. We are particularly concerned about spurious correlation arising from the potential endogeneity of parental income and education. Using an instrumental variables approach,...

Many countries provide extensive in-kind public transfers for specific needs of particular client groups such as the elderly, the disabled, and children. However, this may crowd out private expenditures on the goods in question and, to some extent, undermine the case for not simply giving cash....

This paper addresses the intergenerational transmission of education and investigates the extent to which early school leaving (at age 16) may be due to variations in parental background. An important contribution of the paper is to distinguish between the causal effects of parental income and...