An important implication of "new growth" models is taht they exhibit "scale effects", meaning that variations in the levels of key variables such as the investment rate, research effort, and policy variables (tax rates) exert permanent influences on national growth rates.

In this paper we design two split-sample tests for subsets of structural coefficients in a linear Instrumental Variables (IV) regression. Sample splitting serves two purposes – 1) validity of the resultant tests does not depend on the identifiability of the coefficients being tested and 2) it...

Title IV of the 1990 Clean Air Act Amendments (CAAA) introduced market-based incentives for controlling sulfur dioxide (SO2) emissions from coal burning power plants. Previous regulation under the 1977 CAAA had effectively required the use of scrubbers, but only by new power plants. The 1990...

This paper investigates the relationship between permanent and transitory components of U.S. recessions in an empirical model allowing for business cycle asymmetry. Using a common stochastic trend representation for real GDP and consumption, we divide real GDP into permanent and transitory...

This article reports on a study of whether young adolescents make decisions autonomously, share decisions with their parents, or have decisions made for them by parents. Using a sample of 2,620 12- and 13-year-olds from the National Longitudinal Survey of Youth – Child Study we examine how...