We examine the connection between the creation of stock exchanges and economic growth with a new set of data on economic growth that spans a longer time period than generally available. We find that economic growth increases relative to the rest of the world after a stock exchange opens. Our...

We examine the relationship of banking crises with economic growth and recessions. Our data cover 21 economies from around the world, most from 1870 to 2009 with the rest starting in 1901 or earlier. The data include capital investment and human capital formation. We have two major findings....

An overlapping generations model with parental altruism is examined. The existence of the optimal value function in a model with an endogenous discount rate is proven. Two development regimes are produced: a high fertility, low income and no growth steady state, and a perpetual growth...

This paper documents the existence of a negative cross-sectional correlation between the price of living space as measured by rent per room and fertility using U.S. Census data over the period 1940-2000, the effect strengthening from 1940 to 1970 and weakening thereafter. The negative...

This paper introduces new estimates of physical capital and land for the states of the United States covering up to 150 years, from 1850{2000. The estimates of physical capital are decomposed into estimates for agriculture, manufacturing, and a residual sector, while the estimates of land are...

We explore the role of skill non-neutral productivity differences and barriers to technology adoption in explaining cross-country income differences. Using a model of directed technological change modied to include physical capital, technology diffusion and barriers to entry, and a new data set...

This paper introduces new data on state-level physical capital by sector and land in the farm sector for the states of the United States from 1840 to 2000. These data are incorporated into aggregate accounting exercises with the aim of comparing cross-state results to those found in...