We show in an exchange economy with liquidity constraints that the volume of trade and asset prices depend on both the supply of liquidity by the Central Bank and on the liquidity of assets and commodities.  As a result, monetary aggregates are informative for the assessment of economic...

In 1984, the world was shocked at the scale of a famine in Ethiopia that caused over half a million deaths, making it one of the worst in recent history.  The mortality impacts are clearly significant.  But what of the survivors?  This paper provides the first estimates the long-term impact...

This paper shows that Zipf's Law for cities can emerge as a property of a clustering process.  If initially uniformly distributed people chose their location based on a specific gravity equation as found in trade studies, they will form cities that follow Zipf's Law in expected value.  This...

This paper develops a revealed preference methodology for exploring whether time inconsistencies in household choice are the product of nonstationarities at the individual level or the result of individual heterogeneity and renegotiation within the collective unit.  An empirical application to...

The conventional view is that an increase in the value of a natural resource can lead to private property over it.  Many Igbo groups in Nigeria, however, curtailed private rights over palm trees in response to the palm produce trade of the nineteenth and early twentieth centuries.  I present a...

In contrast to other studies, this paper examines the determinants of short-term child health by controlling for the long-term health status of children.  Using data from rural Ethiopia and linear mixed models that control for individual heterogeneity, the empirical analysis indicate that the...

The paper contrasts early theories of the utility function (starting with Bentham and elaborated by Jevons) with the modern theory (laid down by Fisher and Samuelson).  The former include in the utility function not only the sensation of current events but also the memory of past events and the...

We undertake a generalization of the cumulative sum of squares (CUSQ) test to the case of non-stationary autoregressive distributed lag models with quite general deterministic time trends.  The test may be validly implemented with either ordinary least squares residuals or standardized...

This paper introduces a class of cointegration tests based on estimated low-pass and high-pass regression coefficients from the same wavelet transform of the original time series data.  The procedure can be applied to test the null of cointegration in a n + k multivariate system with n...

We consider model selection for non-linear dynamic equations with more candidate variables than observations, based on a general class of non-linear-in-the-variables functions, addressing possible location shifts by impulse-indicator saturation.  After an automatic search delivers a simplified...