This paper finds that fertility responds to productivity differently depending on the economy's stage of development. At low levels of development, productivity increases will increase fertility, while at the more advanced stages of development, productivity increases lower fertility. During the...

This study examines households’ fertility variations in response to expected permanent shifts in the return to education. Wage premiums measure␣the return to education because their long-run movements are driven by factors exogenous to the fertility process. The results indicate that high...

This paper shows that financial intermediation can influence fertility and labor allocation decisions by raising market wages. The increase in wages induces some households to abandon "traditional" labor intensive methods of production managed at the household level and supply labor to "modern"...

This paper presents evidence that disturbances originating in the banking sector can generate business cycles. The banking shocks are measured as innovations to the banking sector’s conversion of deposits into loans: a measure of intermediation efficiency. Positive banking efficiency shocks...