By incorporating occupational choice into a theory of endogenous fertility, this paper provides an explanation of observed patterns linking parental incomes to fertility. Our approach does not rely on assumptions concerning the relative strength of substitution and wealth effects in parental...

This paper introduces endogenous fertility into a model of occupational choice, and studies its steady states. Three main results are obtained. First, despite the presence of both income and substitution effects in fertility choice, general equilibrium effects operating via endogenous wages in...

This paper synthesizes recent advances in the theoretical and empirical literature on capital controls. We start by observing that international capital flows have both benefits and costs, but some of these are not internalized by individual actors and thus constitute externalities. The...

This paper synthesizes recent advances in the theoretical and empirical literature on capital controls. We start by observing that international capital flows have both benefits and costs, but some of these are not internalized by individual actors and thus constitute externalities. The...