Synchronization, a basic nonlinear phenomenon, is widely observed in diverse complex systems studied in physical, biological and other natural sciences, as well as in social sciences, economy and finance. While studying such complex systems, it is important not only to detect synchronized...

The question addressed is whether or not childhood epidemics such as measles and chickenpox are characterized by low-dimensional chaos. We propose a new method for the detection and extraction of hidden periodic components embedded in an irregular cyclical series, and study the characterization...

In this paper we assume away standard distributional and staticefficiency arguments for public health and instead seek a dynamic efficiency rationale. We study a lifecycle model wherein young agents make health investments to reduce mortality risk. We identify a welfare rationale for public...

type="main" xml:lang="en" <p>This paper argues that income received via redistributive transfers, unlike labor income, requires no direct sacrifice of leisure; this makes it attractive to many voters even if it leaves them poorer. This point is made within the classic Meltzer and Richard (1981)...</p>

In most demographic transitions, declines in child mortality precede declines in net fertility rates. Variants of the Barro–Becker model of fertility fail to deliver this link. A simple extension, the inclusion of social norms regarding fertility, generates the desired effect.

Two equilibrium possibilities are known to obtain in a standard overlapping-generations model with dynastic preferences: either the altruistic bequest motive is operative for every generation (in which case, Ricardian equivalence obtains) or it is not, for any generation. Dynamic equilibria,...

In this paper, we argue that the observed difference in the cost of intraday and overnight liquidity is part of an optimal payments system design. In our environment, overnight liquidity affects output while intraday liquidity affects only the distribution of resources between money holders and...

Using a pure-exchange overlapping generations model in which money is valued because of legal restriction, we show the following: (a) a benevolent government may make some use of the inflation tax in conjunction with a lump-sum tax on the young, but not if lump-sum taxes on the old are...