This paper develops a unified growth model that captures the historical evolution of population, technology, and output. It encompasses the endogenous transition between three regimes that have characterized economic development. The economy evolves from a Malthusian regime, where technological...

Standard growth models take the form of a representative consumer maximizing an intertemporally separable utility function. We explore the implications of one kind of nonseparability by allowing utility to depend on a comparison of consumption to a quot;habit stockquot; determined by past...

This paper examines the impact of major demographic changes on the housing market in the United States. The entry of the Baby Boom generation into its house-buying years is found to be the major cause of the increase in real housing prices in the l97Os. Since the Baby Bust generation is now...