The impact of changes in real interest rates on saving and growth is a central issue in development economics. According to one familiar view, a financial liberalization program which increases real interest rates should encourage saving, thereby boosting investment and growth. While such...

This paper presents a generalized two-step maximum likelihood estimation method for partially identified vector autoregressive models. We suggest a likelihood ratio test for over-identification in a sub-system and derive the asymptotics for impulse responses and forecast-error variance...

International comparisons of economic understanding generally require a translation of a standardized test written in English into our own languages. We suspect that test results can differ based on how the researcher translates the English written exam into one in his/her own language. In order...