5,588 research outputs found
A Reformulation of the Economic Theory of Fertility
When parents are altruistic toward children, the choices of fertility and consumption come from the maximization of a dynastic utility function. The maximization conditions imply first, an arbitrage condition for consumption across generations, and second, the equation of the benefit from an extra child to the net cost of rearing that child. These conditions imply that fertility in open economies depends positively on the world interest rate, on the degree of altruism, and on the growth of child-survival probabilities; and negatively on the rate of technical progress and the growth rate of social security. The growth of consumption across generations depends on changes in the net cost of rearing children, but not on interest rates or tirne preference. Even when we include life-cycle elements, we conclude that the growth of aggregate consumption per capita depends in the long run on the growth of consumption across generations. Thereby we show that real interest rates and growth rates of consumption per capita would be unrelated in the long run.
Barro's fertility equations: the robustness of the role of female education and income
Barro and Lee (1994) and Barro and Sala-i-Martin (1995) find that real per-capita GDP and both male and female education have important effects on fertility in their cross-country empirical studies. In order to assess the robustness of their results, their estimated models are subjected to specification and diagnostic testing, the effects on the model of using the improved Barro and Lee (1996) cross-country data on educational attainment of the population aged 15 and over are examined, and the different specifications used by Barro and Lee and by Barro and Sala-i-Martin compared. The results obtained suggest that their fertility equations do not perform well in terms of diagnostic testing, and are very sensitive to the use of different vintages of the educational attainment proxies and of the Summers-Heston cross-country income data. A robust explanation of fertility, to link with empirical growth equations, has, therefore, not yet been found; further work is required in this area
The impact of health on professionally active people's incomes in Poland. Microeconometric analysis
The outcome of the research confirms the occurrence of positive interaction between professionally active people's incomes and the self-assessed state of health. People declaring a bad state of health have incomes by 20% on average lower than people who enjoy good health (assuming that the remaining characteristics of the surveyed person are the same). In case of men, the impact of health state on incomes is slightly greater than in case of women.Wyniki badaĆ potwierdzajÄ
istnienie pozytywnej zaleĆŒnoĆci dochodĂłw osĂłb aktywnych zawodowo od stanu zdrowia mierzonego jego samoocenÄ
. Osoby deklarujÄ
ce zĆy stan zdrowia osiÄ
gajÄ
dochody przeciÄtnie o 20% niĆŒsze niĆŒ osoby, ktĂłre cieszÄ
siÄ dobrym stanem zdrowia (przy zaĆoĆŒeniu, ĆŒe pozostaĆe charakterystyki badanej osoby sÄ
takie same). W przypadku mÄĆŒczyzn zaleĆŒnoĆÄ dochodĂłw od stanu zdrowia jest nieznacznie silniejsza niĆŒ w przypadku kobiet
Testing stock market convergence: a non-linear factor approach
This paper applies the Phillips and Sul (Econometrica 75(6):1771â1855, 2007) method to test for convergence in stock returns to an extensive dataset including monthly stock price indices for five EU countries (Germany, France, the Netherlands, Ireland and the UK) as well as the US between 1973 and 2008. We carry out the analysis on both sectors and individual industries within sectors. As a first step, we use the Stock and Watson (J Am Stat Assoc 93(441):349â358, 1998) procedure to filter the data in order to extract the long-run component of the series; then, following Phillips and Sul (Econometrica 75(6):1771â1855, 2007), we estimate the relative transition parameters. In the case of sectoral indices we find convergence in the middle of the sample period, followed by divergence, and detect four (two large and two small) clusters. The analysis at a disaggregate, industry level again points to convergence in the middle of the sample, and subsequent divergence, but a much larger number of clusters is now found. Splitting the cross-section into two subgroups including euro area countries, the UK and the US respectively, provides evidence of a global convergence/divergence process not obviously influenced by EU policies
Inequality, Fiscal Capacity and the Political Regime: Lessons from the Post-Communist Transition
Using panel data for twenty-seven post-communist economies between 1987-2003, we examine the nexus of relationships between inequality, fiscal capacity (defined as the ability to raise taxes efficiently) and the political regime. Investigating the impact of political reform we find that full political freedom is associated with lower levels of income inequality. Under more oligarchic (authoritarian) regimes, the level of inequality is conditioned by the stateâs fiscal capacity. Specifically, oligarchic regimes with more developed fiscal systems are able to defend the prevailing vested interests at a lower cost in terms of social injustice. This empirical finding is consistent with the model developed by Acemoglu (2006). We also find that transition countries undertaking early macroeconomic stabilisation now enjoy lower levels of inequality; we confirm that education fosters equality and the suggestion of Commander et al (1999) that larger countries are prone to higher levels of inequality.http://deepblue.lib.umich.edu/bitstream/2027.42/57211/1/wp831 .pd
Spatially resolved kinematics in the central 1 kpc of a compact star-forming galaxy at z=2.3 from ALMA CO observations
We present high spatial resolution (FWHM0.14'') observations of the
CO() line in GDS-14876, a compact star-forming galaxy at with
total stellar mass of . The spatially resolved
velocity map of the inner ~kpc reveals a continous velocity
gradient consistent with the kinematics of a rotating disk with km s and . The
gas-to-stellar ratios estimated from CO() and the dust continuum emission
span a broad range, and
, but are nonetheless consistent given the
uncertainties in the conversion factors. The dynamical modeling yields a
dynamical mass of which is
lower, but still consistent with the baryonic mass, (M=
M + M/M), if the smallest
CO-based gas fraction is assumed. Despite a low, overall gas fraction, the
small physical extent of the dense, star-forming gas probed by CO(),
smaller than the stellar size, implies a strong concentration
that increases the gas fraction up to
in the central 1 kpc. Such a gas-rich center, coupled with a high
star-formation rate, SFR 500 M yr, suggests that
GDS-14876 is quickly assembling a dense stellar component (bulge) in a strong
nuclear starburst. Assuming its gas reservoir is depleted without
replenishment, GDS-14876 will quickly ( Myr) become a
compact quiescent galaxy that could retain some fraction of the observed
rotational support.Comment: Accepted for Publication in ApJL. Kinematic maps are shown in Figures
2 and
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