The national accounts include the Fed's payments to the Treasury as a component of corporate taxes. These payments constituted 22% of reported corporate profits taxes in 1981. This paper discusses alternative concepts of inflationary finance. Measures for these concepts are reported for the...

The neoclassical growth model is modified to include a variable rate of time preference. With no commitment ability and log utility, the equilibrium features a constant effective rate of time preference and is observationally equivalent to the standard model. The extended framework yields...

Religion has a two-way interaction with political economy. With religion viewed as a dependent variable, a central question is how economic development and political institutions affect religious participation and beliefs. With religion viewed as an independent variable, a key issue is how...

This paper is concerned with three interrelated aspects of financial development in Colombia‐first, the use of monetary correction, which involves the adjustment of various assets and liabilities for changes in the price level; second, the development of efficient capital markets; and, third,...

Models of endogenous economic growth can generate long-term growth without relying on exogenous changes in technology or population. A general feature of these models is the presence of constant or increasing returns in the factors that can be accumulated. I use some models of this type to study...

The coefficient of relative risk aversion is a key parameter for analyses of behavior toward risk, but good estimates of this parameter do not exist. A promising place for reliable estimation is rare macroeconomic disasters, which have a major influence on the equity premium. The premium depends...