We study a two sector endogenous growth model with environmental quality with two goods and two factors of production, one clean and one dirty. Technological change creates clean or dirty innovations. We compare the laissez-faire equilibrium and the social optimum and study first- and...

A growth model with endogenous innovation and accumulation of high-tech and low-tech human capital is developed. The model accounts for a recently established fact about human capital composition, which stated that \the richest countries are investing proportionally less than middle income...

The purpose of this paper is to contribute to the discussion of the effects of published school rankings based on average scores obtained by students on national exams. We study the effectiveness of this (low-stakes) accountability mechanism; we analyze whether students react to these rankings,...

This paper analyses the efects of public funding of higher education on the welfare of the diferent agents. It takes into account the hierarchical nature of the educational system and also the fact that parents always have the possibility to complement basic public education with private...

PISA uses a complex sampling procedure based on stratification variables chosen by the participating countries’ authorities. In this paper we analyse the representativeness of the samples used in terms of the distribution of students per grade and track of studies for Portugal. For the three...

Evidence of the statistical significance of profits in Q regressions remains one of the principal findings in the empirical investment literature. This result is frequently taken to support the view that capital market imperfections are an important element for understanding investment. This...

This paper explores the behavior of the U.S. economy during the interwar period from the perspective of a model in which the existence of non-convexities in the intermediation process gives rise to a multiplicity of equilibria. The resulting indeterminancy is resolved through a sunspot process...

This paper investigates the quantitative implications of two business cycle models in which aggregate fluctuations arise in response to variations in the process of financial intermediation. In the first, fundamental shocks in the capital accumulation process lead to fluctuations in the real...