In this paper we examine the concept of “vulnerability” within the context of incomemobility of the poor. We test for the dynamics of vulnerable households in the UKusing Waves 1 - 12 of the British Household Panel Study and find that, of threedifferent types of risks that we test for,...

Acemoglu, Johnson, & Robinson (2002) have claimed that the world incomedistribution underwent a "Reversal of Fortune" from 1500 to the present, wherebyformerly rich countries in what is now the developing world became poor whilepoor ones grew rich. We question their analysis with regard to both...

We introduce a model of redistributive income taxation and public expenditure. Thisjoint treatment permits analyzing the interdependencies between the two policies: onecannot be chosen independently of the other. Empirical evidence reveals that partisanconfrontation essentially falls on...

Specific functional forms are often used in economic models of distributions;goodness-of-fit measures are used to assess whether a functional form is appropriatein the light of real-world data. Standard approaches use a distance criterion based onthe EDF, an aggregation of differences in...

In this paper we examine the concept of "vulnerability" (Townsend 1994) within thecontext of income mobility of the poor. We test for the dynamics of vulnerablehouseholds in the UK using Waves 1 - 12 of the British Household Panel Survey andfind that, of three different types of risks that we...

We examine associations of mass media and information and communicationstechnologies (ICT) as knowledge-based infrastructures on some economicdevelopment outcomes. We .nd that several mass media and ICT penetration variablesare negatively associated with three development outcomes: corruption,...

This paper documents the convergence of incomes across Indian states over theperiod 1965 to 1998. It departs from traditional analyses of convergence by trackingthe evolution of the entire income distribution, instead of standard regression and timeseries analyses. The findings reveal twin-peaks...

An optimizingmodel, with a flexible-price sector and a sticky-price sector, ispresented to analyze the effects of relative-price changes on inflation fluctuations. Therelative price of the flexible-price good represents a shift parameter of the NewKeynesian Phillips curve. The optimal monetary...

We describe a behavior of a central bank when its measures of current inflation and outputare subject to measurement errors, in a framework of optimizing models with nominal pricestickiness. In our model, a central bank sets the interest rate equal to its current estimate of theso-called...

The 1990s were characterized by substantial financial sectorconsolidation across a large number of industrializedcountries...