The rate of time preference (RTP) has traditionally not been regarded as an important source of economic fluctuations. In this paper, I show that it is an important factor influencing economic fluctuations because households must have an expected RTP for the representative household (RTP RH) to...

We document that the gender gap in non-agricultural work in developing countries exists primarily among rural married workers, not singles. Rural married women dedicate a much larger portion of time to home production compared to other groups, making them less likely to pursue non-agricultural...

We document that the gender gap in non-agricultural work in developing countries exists primarily among rural married workers, not singles. Rural married women dedicate a much larger portion of time to home production compared to other groups, making them less likely to pursue non-agricultural...

By examining two-sector models of endogenous growth with physical and human capital, this paper demonstrates that indeterminacy of equilibrium may emerge even in the absence of social increasing returns. The first model we examine assumes that both final good and new human capital production...

This paper demonstrates that preference structure may play a pivotal role in generating indeterminacy in the stylized model of endogenous growth. By examining two-sector models of endogenous growth with human capital formation, we show that if the utility function of the representative family is...

The Kuznets-Kaldor stylized facts are one of the most striking empirical regularities of the development process in industrialized countries: While massive factor reallocation across technologically distinct sectors takes place, the aggregate ratios of the economy are quite stable. This implies...

This study investigates the relationship between per capita output growth and population growth using the Solow growth model when population growth is negative. When the Cobb-Douglas production function is used, the per capita output growth rate is positive even if the technological progress...

Financial intermediation facilitates economic development by providing entrepreneurs with external finance. The relative costs of financing depend on the relative efficiency of the financial sector and the sector using financial intermediation services, the real sector. These costs determine the...

Financial intermediation facilitates economic development by providing entrepreneurs with external finance. The relative costs of financing depend on the efficiency of the financial sector and the sector using financial intermediation services, the production sector. These costs determine the...

Based on a general growth model, this paper finds that the steady-state direction of technological progress is determined by the scale return of the production function and the relative factor supply elasticities. A specific version of that model extends Acemoglu (2002) to provide the underlying...