This paper presents evidence that disturbances originating in the banking sector can generate business cycles. The banking shocks are measured as innovations to the banking sector’s conversion of deposits into loans: a measure of intermediation efficiency. Positive banking efficiency shocks...

This paper examines households’ fertility variations in response to expected permanent shifts in the returns to education. Wage premiums are used to measure the returns to education because their longrun movements are driven largely by factors exogenous to the fertility process. Drawing...

This paper examines the pattern of consumption and savings when heterogeneous agents enter into marriage and have the option of dissolving the marriage if there exists no set of consumption allocations that can preserve the union. The research presents an analysis of this scenario using dynamic...

This paper finds that fertility responds to productivity differently depending upon the economy’s stage of development. At low levels of development, productivity increases will increase fertility while at the more advanced stages of development, productivity increases lower fertility. During...

This study examines households’ fertility variations in response to expected permanent shifts in the return to education. Wage premiums measure␣the return to education because their long-run movements are driven by factors exogenous to the fertility process. The results indicate that high...

This paper shows that financial intermediation can influence fertility and labor allocation decisions by raising market wages. The increase in wages induces some households to abandon "traditional" labor intensive methods of production managed at the household level and supply labor to "modern"...

This paper finds that fertility responds to productivity differently depending on the economy's stage of development. At low levels of development, productivity increases will increase fertility, while at the more advanced stages of development, productivity increases lower fertility. During the...