This paper examines climate change impacts on South American agriculture using a set of Ricardian regressions estimated across different samples of farms in South America. Regressions are run for the whole sample and for subsamples of crop-only, mixed, and livestock-only farms. The results indicate that climate sensitivity varies a great deal across each type of farm. The analysis also reveals ...

We reevaluate fi scal illusion in local public fi nance. The Ricardian Equivalence Theorem suggests that the fi nancing of a public program using either taxation or debt shouldn’t affect outcomes, because debt is capitalized into property values. In contrast, we show individuals may rationally prefer public debt if governments can borrow on more favorable terms. We also propose a new test for t...

The main issue raised in this note is the nonequivalence between the infinitehorizon model where agents are infinitely lived and the successive generations model with altruistic finitely lived agents: in the presence of a nonnegative bequest requirement, endowment heterogeneity imposes a revision of the acritical adoption of the infinitely lived agent representation in modern macro-economics. B...

This study tests the importance of Ricardian technology di¤erences for international trade. Panel regressions …nd technology growth increases manufacturing exports. To establish a causal relationship between technology and trade, instrumental-variables speci…cations exploit uneven technology di¤usion from the US through ethnic scienti…c networks. The instrumented elasticity of export growth to ...

We analyze the effect of the fiscal structure upon the trade-off between inflation and output stabilization in presence of technological shocks and deficit or debt objectives in a DGE model with nominal inertia. The model is calibrated to reproduce the main long-run and business cycle features of European economies, and it integrates a rich menu of fiscal variables, including fiscal rules. Thes...

There is an enormous literature on the concept of class that consists mostly of debates about which properties should be included in the concept. The result is a variety of class schemes and arguments that center around which class scheme is most appropriate for capturing the class structure of modern society. Dahrendorf (1959) argues that classes should be identified with authority relations. ...

This paper studies the origins of Ricardian comparative advantage. I develop an endogenous growth model where productivity differences across firms and countries emerge from R&D investment by incumbent firms with heterogeneous R&D capabilities. Less productive firms have an advantage of backwardness and spillovers depend upon the productivity frontier in each country. The theory characterizes h...