Why might there be a long-run trade-off between growth and unemployment? In general equilibrium, the returns on the factors of production are interdependent. This paper develops a model where the determination of the wage is central to the evolution of these incentives. The incentive to hire...

This paper presents a simple model of an Ethiopian farm household which captures three important aspects of the policy regime characterising the Derg period. These aspects are compulsory grain delivery, rationing in manufactured consumer goods, and rationing in modern farm inputs. The model...

This note determines the precise connection between an agent`s attitude towards income risks and his attitude over risks in the underlying consumption space. Our results follow a general mathematical theory connecting the curvature properties of an objective function with the ray-curvature...

Exploiting new data from a survey and behavioral experiment conducted in Peru we analyze indvidual`s preferences for securing income in old age. We identify a group that is unrationed by the mandate to save in Peru`s pension system, and draw insights from their affiliation and contribution...

A common theme in the theory of demand aggregation is that market demand can acquire properties which are not always individually present among the agents who make up that market, a phenomenon we call heterosis in this paper. This paper focusses on the well known result that with a suitable...

In this paper two sets of issues are addressed using panel data from the manufacturing sector of five African countries. First, how high are the returns to human relative to physical capital. Second, what is the relative importance of technology and endowments of human and physical capital in...

Differential labour market returns to male and female education are one potential explanation for large gender gaps in education in Pakistan. We empirically test this explanation by estimating private returns to education separately for male and female wage earners. This paper contributes to the...

This paper is an account of the re-construction of a macroeconomic dataset for Uganda. The sources of data, the splicing together of consumer price indices and interpolation of missing quarterly observations, the interpolation of quarterly GDP and the estimation of quarterly monetary GDY and...

Little is known about the length of the working year in pre-industrial times. This paper develops a new method for analysing patterns of time-use in the past. Witnesses accounts in court records, it will be argued, reflect the actual behaviour of a group that is representative of the population...

This paper examines conditions which guarantee that the excess demand function of an exchange economy will satisfy the weak axiom in an open neighborhood of a given equilibrium price. This property ensures that the equilibrium is locally stable with respect to Walras tatonnement. A related issue...