An overlapping generations model with parental altruism is examined. The existence of the optimal value function in a model with an endogenous discount rate is proven. Two development regimes are produced: a high fertility, low income and no growth steady state, and a perpetual growth...

This paper documents the existence of a negative cross-sectional correlation between the price of living space as measured by rent per room and fertility using U.S. Census data over the period 1940-2000, the effect strengthening from 1940 to 1970 and weakening thereafter. The negative...

We examine the connection between the creation of stock exchanges and economic growth with a new set of data on economic growth that spans a longer time period than generally available. We find that economic growth increases relative to the rest of the world after a stock exchange opens. Our...

The authors show that estimated productivities of labor and capital, which rationalize trade flows across countries, are related to total factor productivities, which rationalize output differences across countries. They present evidence that these productivities from trade are related to the...

This article introduces original annual average years of schooling measures for each state from 1840 to 2000. The paper also combines original data on real state per-worker output with existing data to provide a more comprehensive series of real state output per worker from 1840 to 2000. These...

This paper presents new estimates of the benets of equal education opportunity for blacks over the period 1820-2000. For the better part of US history, blacks have enjoyed less access to schooling for their children than whites. This paper attempts to quantify the value of this discrimination....

We present a model capable of explaining 200 years of declining fertility, 200 years of rising educational achievement and a significant Baby Boom for the United States and twenty other industrialized market countries. We highlight the importance of secularly declining young adult mortality risk...

We present new data on real output per worker, schooling per worker, human capital per worker, real physical capital per worker for 168 countries. The output data represent all available data from Maddison. The physical capital data represent all available data from Mitchell. One major...

We present a general equilibrium dynamic model that characterizes the gap between optimal and equilibrium fertility and investment in human capital. In the model, the aggregate production function exhibits increasing returns to population arising from specialization but households face the...

We examine the relationship of banking crises with economic growth and recessions. Our data cover 21 economies from around the world, most from 1870 to 2009 with the rest starting in 1901 or earlier. The data include capital investment and human capital formation. We have two major findings....