Conventional univariate Dickey-Fuller tests tend to produce spurious stationarity when there exist additive outlying observations in the time series. Correct critical values are usually obtained by adding dummy variables to the Dickey-Fuller regression. This is a nice theoretical result but not...

Should a benevolent social planner subsidise family size? Typically, contributions assuming exogenous fertility yield an a¢rmative answer, while those assuming endogenous fertility do not reach de…nite conclusions. We re-examine the endogenous fertility model, and …nd that when...

Progress is traditionally measured by the improvement of an economy's average characteristics from year to year. Some deeper insight might be gained by splitting the averages into explicit parameters for the new and old technologies at work within the same year, and recognising that innovative...