Friedman Rule in a Model with Endogenous Growth and Cash-in-advance Constraint

This paper introduces money into an overlapping generations model with endogenous growth. The model, due to Docquier et al. (2007), exhibits a positive intergenerational externality which precludes its laissez-fair equilibrium to be optimal even if the government can control the level of physical capital and set it to satisfy the modified golden rule. The main message of the paper is that, as long as the modified golden rule is attained, Friedman rule is optimal. The result holds regardless of the ability of the government to internalize the externality and control the level of human capital. Other results include: (i) violation of Friedman rule for a different second-best environment wherein human capital accumulation is controlled but not physical capital accumulation; (ii) existence of a negative relationship between money growth rate and the economy’s endogenous growth rate, and (iii) non-uniqueness of Friedman rule.Friedman rule, endogenous growth, investment in human capital, overlapping generations, second best

Is there a link between unemployment and criminality in the us economy? Further evidence

Using Markov-Switching models, this paper studies the existence of a relationship between the unemployment rate and four different types of crimes in the U.S. economy. After it, using the non-parametric Concordance Index of Harding and Pagan (2002, 2006), the correlation between the cycles of unemployment rate and crime variables is determined. Results confirm that there is no significant relationship between the unemployment rate, burglary and motor-vehicle theft. However, the unemployment rate has a significant relationship with robbery and larceny. The contemporaneous relationship is positive for robbery and negative for larceny. However, it turns to be positive between the lagged values of the unemployment rate and larceny.Markov-Switching Models, Cycles, Unemployment, Crime.

Transfers in Cash and In Kind: Theory Meets the Data

We review theoretical explanations for in-kind transfers in light of the limited empirical evidence. After reviewing the traditional paternalistic arguments, we consider explanations based on imperfect information and self-targeting. We then discuss the large literature on in-kind programs as a way of improving the efficiency of the tax system and a range of other possible explanations including the "Samaritan's Dilemma", pecuniary effects, credit constraints, asymmetric information amongst agents, and political economy considerations. Our reading of the evidence suggests that paternalism and interdependent preferences are leading overall explanations for the existence of in-kind transfer programs, but that some of the other arguments may apply to specific cases. Political economy considerations must also be part of the story.

A Novel Metric Approach Evaluation For The Spatial Enhancement Of Pan-Sharpened Images

Various and different methods can be used to produce high-resolution multispectral images from high-resolution panchromatic image (PAN) and low-resolution multispectral images (MS), mostly on the pixel level. The Quality of image fusion is an essential determinant of the value of processing images fusion for many applications. Spatial and spectral qualities are the two important indexes that used to evaluate the quality of any fused image. However, the jury is still out of fused image's benefits if it compared with its original images. In addition, there is a lack of measures for assessing the objective quality of the spatial resolution for the fusion methods. So, an objective quality of the spatial resolution assessment for fusion images is required. Therefore, this paper describes a new approach proposed to estimate the spatial resolution improve by High Past Division Index (HPDI) upon calculating the spatial-frequency of the edge regions of the image and it deals with a comparison of various analytical techniques for evaluating the Spatial quality, and estimating the colour distortion added by image fusion including: MG, SG, FCC, SD, En, SNR, CC and NRMSE. In addition, this paper devotes to concentrate on the comparison of various image fusion techniques based on pixel and feature fusion technique.Comment: arXiv admin note: substantial text overlap with arXiv:1110.497