We estimate and then simulate a model of Kenyan economic development from 1965 to 1997 with two objectives in mind. The first is to demonstrate the degree of volatility of cyclical shocks that developing countries experience and to calculate the domestic nominal adjustments required by these...

An intergenerational model is developed, nesting heritable earning abilities and credit constraints limiting human capital investments in children. Estimates on a large, Finnish data panel indicate very low transmission from parental earnings, suggesting that the parameter of inherited earning...

Countries of the Southeast Europe (SEE) region have witnessed significant economic improvement since the beginning of their transition to market economies in the early 1990s. Growth has been particularly strong in the past six years, but still lower than in other fast growing countries in the...