Women are fecund for a shorter period of their lives than men. In monogamous societies with divorce and remarriage, fecund women are relatively scarce. This paper studies how parents, who maximize discounted dynastic consumption, invest in the survival of their sons and daughters. The theory...

Recent empirical work finds that R&D expenditures are quite procyclical, even for firms that are not credit-constrained during downturns. This has been taken as strong evidence against Schumpeterian-style theories of business cycles that emphasize the idea that downturns in production may be...