This study examines the utilization of iron ore in India. It takes into account thesignificant reserves of iron ore in India and allays fears that the country's steel industrywill run out of iron ore resources if exports continue at the current level. On the contrary,it says that exports are...

This paper uses the standard one-sector neoclassical growth model to investigate why China's consumption has been low and investment high. It finds that the low cost of capital has been quantitatively an important factor. Theory predicts that the price of capital may have been significantly...

This paper analyses the path of private consumption and its main macroeconomic determinants. These are related to the life-cycle approach which helps explaining consumption smoothing. In that respect, it is important to go beyond the simple correlation between current disposable income and...

We investigate the relevance of aggregate and consumer-specific income uncertainty for aggregate consumption changes in the US over the period 1952-2001. Theoretically, the effect of income risk on consumption changes is decomposed into an aggregate and into a consumer-specific part....

The authors provide empirical evidence on the dynamic effects of tax liability changes in the United States. We distinguish between surprise and anticipated tax changes using a timing convention. We document that pre-announced but not yet implemented tax cuts give rise to contractions in output,...

Earnings dynamics are much richer than typically assumed in macro models with heterogeneous agents. This holds for individual-pre-tax and household-post-tax earnings and across administrative (Social Security Administration) and survey (Panel Study of Income Dynamics) data. We study the...

Chapter 1 Introduction 11 Chapter 2 Reserve pools 23 Chapter 3 Public intervention and financial crises: an empirical study 43 Chapter 4 Credit conditions and durable consumption: evidence of a strong link 67 Chapter 5 The influence of bank ownership on credit supply: evidence from Russia's...