This paper analyzes the production process of scientific outputs and its implications on the U.S. economy using variants of a disaggregated Marshallian Macroeconomic Model (MMM). Federal spending on scientific activities produces innovation which we measure using the number of patents awarded....

This study examines the potential for anomalous response behaviour effects within the context of double-bounded contingent valuation applied to community forestry programs in rural Ethiopia. Anomalous responses considered include shift effects, framing effects, anchoring effects, and others...

This paper analyzes substitution between access to fixed-line and mobile telephony in the European Union. We estimate a structural model of household's demand for: (i) fixed-line only; (ii) mobile only; (iii) and both fixed-line and mobile access. We find that decreasing prices for mobile...

The stylized view of the Dutch Cape Colony (1652-1795) is of a poor, subsistence economy, with little progress in the first 143 years of Dutch rule. New evidence from probate inventory and auction roll records show that previous estimates about wealth at the Cape are inaccurate. In contrast to...

This paper uses seven waves of data from the US Health and Retirement Study to investigate the impact of expectations regarding the timing of retirement on pre-retirement wealth accumulation. More specifically, we analyze the effect of the individual's subjective belief that he will work full...

The conventional view is that a monetary policy shock has both supply-side and demand-side effects, at least in the short run. Barth and Ramey (2001) show that the supply-side effect of a monetary policy shock may be greater than the demand-side effect. We argue that it is crucial for monetary...

Emerging market economies (EMEs) have persistently experienced different waves of commodity terms of trade disturbances, generating macroeconomic instabilities. The adoption of in‡flation targeting (IT) by many emerging market economies has raised the questions about its relative suitability...

South African authorities are attempting to limit inflows of illegal immigrants. Evidence for the United States presented in Dixon et al (2011) suggests that a policy-induced reduction in labour supply from illegal immigrants generates a welfare loss for legal residents. I use a similar labour...

The study investigates the criteria used by multinational companies to identify the locations of their African regional headquarters (RHQs) and the importance that multinational companies assign to the respective regional offices. We find that multinationals do assign value to their RHQs but are...

The Dutch disease argument suggests that in commodity exporting countries "overvaluation" of the currency due to increases in commodity prices harms manufacturing even though the economy as a whole benefits, led by the booming natural resources sector. The relationship between the real exchange...