In a dynamically efficient economy, can a government roll its debt forever and avoid the need to raise taxes? In a series of examples of economies with zero growth, this paper shows that such Ponzi games may be infeasible even when the average rate of return on bonds is negative, and may be...

This paper examines the short run and long run responses of unemployment to credit and labor market shocks in a world in which both credit and labor market frictions keep the economy away from full employment. We examine the respective contributions to equilibrium unemployement of stochastic...

Time-diary data from 27 countries show a negative relationship between GDP per capita and gender differences in total workfor pay and at home. In rich non-Catholic countries men and women average about the same amount of total work. Survey results show scholars and the general public believe...