The literature on capital controls has (at least) four very serious apples-to-oranges problems: (i) There is no unified theoretical framework to analyze the macroeconomic consequences of controls; (ii) there is significant heterogeneity across countries and time in the control measures...

The authors test Ricardian equivalence within an endogenous growth model for U.S. states, which have high rates of migration relative to most countries. Results are consistent with both Ricardian equivalence and endogenous growth, despite the relative ease of migration. Increases in productive...

Long-term care currently comprises almost 10% of national health expenditures and is projected to rise rapidly over coming decades. A key, and relatively poorly understood, element of long-term care is home health care. I use a substantial change in Medicare reimbursement policy, which took the...

Prior empirical evidence finds that merit-aid programs such as the Georgia Hope Scholarship yield large and significant enrollment effects, whereas need-based aid programs such as the Pell Grant yield modest and often insignificant enrollment effects. This paper uses unpublished panel data on...

We revisit the well-known decomposition of the Gini coefficient into between-groups, within-groups and overlap terms in the context of two groups in which the incomes in one group may be scaled and that groupÂ’s population weight modified. In this more general setting than usual, we focus on...

This paper examines the interactions among immigrants, inbound FDI, and imports in the U.S. In testing the patterns of international movements of factors of production, most existing analyses have omitted the role of international trade. On the other hand, research on the relationship between...

We examine existence and stability under learning of sunspot equilibria in a New Keynesian model incorporating inertia. Indeterminacy remains prevalent, stable sunspots abound, and inertia in IS and AS relations do not significantly impact the policy region containing stable sunspots.

We develop a model of fertility and marriage that implies a magnified effect of marriage rates on the share of births to unmarried women. For U.S. data, plots and regression estimates support the prediction that the share of unmarried births is driven primarily by the square of the share of...

This paper addresses the output-price volatility puzzle by studying the interaction of optimal monetary policy and agents' beliefs. We assume that agents choose their information acquisition rate by minimizing a loss function that depends on expected forecast errors and information costs....