Economic policies are often judged by a handful of statistics, some of which may be biased during periods of change. We estimate the income growth implied by the evolution of food demand and durable good ownership in post-reform Brazil and Mexico, and find that changes in consumption patterns...

Accurate and timely measures of cross-country real incomes are still a rarity. As the share of expenditure devoted to food is readily available, we use of Engel's law in reciprocal form to measure affluence. Analysis of real income data for the OECD countries indicates that this approach is...

This paper demonstrates that globalization, taking the form of a higher import component of consumption and a larger export component of GDP, is the cause of the apparent breakdown in the relationship between excess demand and inflation. Within a parsimonious empirical framework, we show that...

We consider a model for utility over consumption with first order loss aversion and look at its properties. We find consumption strategies that maximize expected utility for complete markets with pricing kernels generated by Levy processes. Both the discrete-time and continuous-time consumption...

There is growing interest in using messaging to drive prosocial behaviors, which contribute to investment in public goods. We worked with a leading nongovernmental organization in Peru to randomize nine different prorecycling messages that were crafted on the basis of best practices, prior...

When preferences are homothetic, utility can be expressed in terms of current consumption and a variable that captures all information about future opportunities. We use this observation to express the differential equation that characterizes utility as a restriction on the information variable...

A long literature has developed econometric methods for estimating individual-consumer-level demand systems that accommodate corner solutions. The increasing access to transaction-level customer purchase histories across a wide array of markets and industries vastly expands the prospect for...

Long-run economic growth in Turkey : sources, pitfalls, and prospects / M. Aykut Attar -- Puzzling out the feldstein-horioka paradox for Turkey by a time-varying parameter approach / Dilem Yildirim and Onur A. Koska -- Regional dynamics and outlook -- The effects of economics incentive packages...

Correct estimates of import demand elasticities are essential for measuring the gains from trade and predicting the impact of trade policies. We show that estimates of import demand elasticities hinge critically on whether they are derived using trade quantities or trade values, and this...