Numerous studies in the literature demonstrate a positive correlation between church attendance and the worker’s wage. For effective policy application, however, it is necessary to find out whether there exists a causal connection between them. The current study explores the possibility of...

This paper draws on literatures on vouchers and discrimination, and derives an optimal voucher scheme as a supplement to standard anti-discrimination policies, including affirmative action. Surveying current policy methods, it compares efficiency and distributional effects of vouchers to those...

Given demographic trends, public policies in the future may be aimed at stimulating the availability of nursing home care in the U.S. This paper estimates how certificate of need laws, Medicaid reimbursement rates, and state corporate income tax rates affect the availability of nursing home care...

This paper reviews the role of long-term interest rates in international monetary transmission and related policy challenges in the wake of exceptionally easy US monetary policy. It employs a panel VAR model to examine the impact of a very low US term premium on relatively small open Asian...

Since the start of the financial crisis, industrial country public debt levels have increased dramatically. And they are set to continue rising for the foreseeable future. A number of countries face the prospect of large and rising future costs related to the ageing of their populations. In this...

At moderate levels, debt improves welfare and enhances growth. But high levels can be damaging. When does debt go from good to bad? We address this question using a new dataset that includes the level of government, non-financial corporate and household debt in 18 OECD countries from 1980 to...