This paper uses the Z-transform to develop a method for solving the linearized multidimensional discrete-time systems, which can be used to discuss the e¡èects of policies on economy (including the welfare gains and initial e¡èects on economy) raised by multi-sector...

In this paper, I offer a Schumpeterian model on the rise and decline of nations and empires. The model sheds light on why different nations can reach very different equilibrium states in terms of economic strength and military prowess, how the initial condition, the chance of military campaign,...

This paper outlines a dynamic model with three levels of government: federal, state and local in the Stackelberg game structure with the superor government as the leader and all its subordinate governments the followers.It studies the optimal design of block grants and matching grants from both...

This paper studies regional disparities of educational attainment in China. It explores the causes of the regional inequality of the educational investment measured by the enrolment rate at various school levels. It finds that the return to education, the governmental support and the financial...

Although there are distinct conjectures about the relationship between finance and income inequality, little empirical research compares their explanatory power. We examine the relationship between finance and income inequality for 83 countries between 1960 and 1995. Because financial...

This paper sets up a theoretical model linking the growth rate of the economy to the growth rate and volatility of different government expenditures. On a theoretical basis, it is found that volatility in government spending can be positively or negatively associated with economic growth...

Although theoretical models make distinct predictions about the relation between finance and income inequality, little empirical research has been conducted to compare their relative explanatory power. We examine the relation between financial intermediary development and income inequality in a...

Hyperbolic discounting is not observationally equivalent to exponential discounting. It is always possible to calibrate an exponential model so that it predicts the same level of consumption as a hyperbolic model. However, the two models have radically different comparative statics.