In this paper, we conduct a theoretical analysis of why individuals provide care and attention to their elderly parents using a two-period overlapping generations model with endogenous saving and a "contest success function" and test this model using micro data from a Japanese household survey,...

In this paper, we conduct a theoretical and empirical analysis of the impact of bequest motives on the work and retirement behavior of households in Japan using micro data from the Preference Parameters Study of Osaka University. Our empirical findings are consistent with our theoretical model...

This paper examines the effects of working time reduction policy on labour supply (hours of work and whether an individual takes a second job) and household production, by exploiting the Chinese Two-Day Weekend Policy, which effectively reduced weekly working days from six to five in May 1995,...

This paper suggests that if parental nurturing is a dominating force in human capital formation then income redistribution may not promote economic growth. In particular, if, consistently with empirical evidence, parental human capital complements investment in a child’s education and yields...

In this paper, a dynamic general equilibrium (DGE) model of growth–inequality relationships, with missing credit markets, knowledge spillover and self-employed agents, is calibrated to New Zealand data. The model explains how two distinct policy shocks involving redistribution and immigration...

Abnormal trading volumes around scheduled and unscheduled announcements are investigated and Australian stocks are used to establish whether market characteristics affect trading behavior around announcements. In contrast to the results of earlier studies which mainly focus on the U.S. market,...

The traditional emphasis on breaking down output growth according to growth in inputs and growth in TFP is misplaced. More appropriately, we should break it down according to changes in "efficiency" and "technology". These two are equilibrium concepts, rather than purely technical properties of...

Benabou (2002) strengthens the so-called Efficient Redistribution Hypothesis (ERH) by demonstrating how income redistribution can promote growth and welfare by mitigating economic waste from resource misallocation that is caused by credit market frictions to production, which is subject to...

Parental education largely determines a child's opportunity to learn. However, a higher level of trust and a higher frequency of social interactions between adults with significantly different educational attainments shrinks the knowledge-gaps among the adults, making their human capital more...