Neither democracy nor globalization can explain the doubling of the peacetime public share in many Western countries between World Wars I and II. Here we examine two other explanations that are consistent with the timing of the observed changes, namely, (1) a shift in the demand for public goods...

We Show That a Box-Cox Transformation on the Dependent Variable of Linear Regression Models Is Invariant to Power Transformations of That Variable Even Without the Presence of a Regression Constant And, Consequently, Can Sometimes Be Interpreted As a Simple Power Transformation the Estimation of...

La Litterature Sur L'economique des Pecheries Est Relativement Recente. Deux Articles Publies a Quelques Mois D'intervalle, au Milieu des Annees 50, Fixerent les Grandes Lignes de L'analyse. le Premier,De H.S. Gordon (1954), Est Considere Comme L'etude de Base Sur les Modeles Statiques des...

This paper develops a model of money demand where the opportunity cost of holding money is subject to regime changes. The regimes are fully characterized by the mean and variance of inflation and are assumed to be the result of alternative government policies. Agents are unable to directly...

'A New Idea Does Not Come Forth in Its Mature Scientific Form. It Contains Logical Ambiguities Or Errors; the Evidence on Which It Rests Is Incomplete Or Indecisive; and Its Domain of Application Is Exaggerated in Certain Directions and Overlooked in Others', Wrote Stigler (1965, P.14) in One of...

This paper examines the implications of intergenerational transfers of time and money for labor supply and capital accumulation. Although intergenerational transfers of time in the form of grandparenting are as substantial as monetary transfers in the data, little is known about the role and...

Adjustement is an ongoing process by which factors of reallocated to equalize their returns in different uses. Adjustment occurs though market mechanisms or intrafirm reallocation of resources as a result of changes in terms of trade, government policies, resource availability, technological...