Private grazing fees differ substantially and systematically across states in the West. In contrast, federal policy establishes the same grazing fee on federal lands, regardless of location. We analyze locational differences in private grazing fees with an econometric model. Differences in...

Any demand equation satisfying Lau’s (1982) Fundamental Theorem of Exact Aggregation and 0° homogeneity in prices and income will have a Gorman (1981) functional form for each income term. This property does not depend on symmetry or adding up. The implications of this result are illustrated...

In this paper we investigate long-run optimal social security and public health and their effects on fertility, longevity, capital intensity, output per worker and welfare in a dynastic model with altruistic bequests. Under empirically plausible conditions, social security and public health...

This paper provides an empirical analysis of the role of intergovernmental relations on a country's effort to enforce the objectives of an international environmental agreement on an open access resource. Intergovernmental interaction allows signatory countries to observe compliance behavior of...

This paper makes methodological and empirical contributions to the study of HIV awareness, knowledge, incidence and safe sex practice in the context of Botswana, one of the most HIV prone countries in the world. While the focus is on Botswana, the paper presents comparable evidence from India to...

We show the importance of endogenous oil prices and production in the real business cycle framework. Endogenising these variables improves the model's predictions of business cycle statistics, oil related and non-oil related, relative to a situation where either is exogenous. This result is...

This paper studies empirically the dynamic interactions between asset prices, monetary policy, and aggregate fluctuations during the Volcker-Greenspan period. Using a simple structural vector autoregression framework, we investigate the effects of monetary policy on output, inflation and asset...

This paper develops a model of banking frictions and banking riskiness, the importance of which is highlighted by the recent Global Financial Crisis (GFC). We propose a model-based approach to decompose the effect of a banking riskiness shock into a pure default effect and a risk effect when...

Though the various improvements and different measures of many aspects related to well being proposed by the Sarkozy Report will be very useful, an overall national success indicator to supplement/replace the traditional focus on GDP is needed. As an ultimate indicator, it has to be...