We measure and examine data error in health, education and income statistics used to construct the Human Development Index. We identify three sources of data error which are due to (i) data updating, (ii) formula revisions and (iii) thresholds to classify a country’s development status. We...

This paper investigates the time to first birth treating coresidence with husband's parents and labor force participation as endogenous using representative data on Taiwanese married women born over 1933-1968. We utilize a full information maximum likelihood estimator for a duration model with...

We study the U.S. origination-to-distribution mortgage financing market from the mid 1990s to the late 2000s. Mortgage loan brokers originated close to two thirds of the mortgage loans in this period. We examine whether stricter licensing requirements of loan brokers raise lending standards by...

We examine the impact of a stylized pay-as-you-go (PAYGO) Social Security program in an economy of overlapping generations with equilibrium growth. We adopt realistic mortality and other demographic assumptions and allow for the presence or absence of full life annuities. In all cases we find...

This paper first confirms and extends findings in the previous literature that for major commodity exporters with market-based exchange rates, the world price of their primary commodity exports is an important and robust determinant for their real exchange rate values. However, despite inducing...

A generalized measure of the excess burden of a tax system is proposed which integrates the distribution of taxes, along with standard efficiency and compliance costs, as a source of excess burden. In the absence of compliance and efficiency costs, the generalized excess burden measures the...