This paper compares the growth prospects of China and India through a growth accounting analysis. Consistent time series for capital stock and employment are constructed using available survey data, and recent revisions to the national accounts for both countries are incorporated. The results allow for a discussion of the sources of growth in both countries, and a consideration of each country’...

Despite success along some dimensions, international business cycle models have difficulty replicating several salient features of international capital flows among developed countries. In particular, net exports and current account balances are much more persistent in the data than in standard models. We account for this feature of the data with a simple onegood two-country model in which tech...

This paper explores long wave theory, including Kondratieff’s theory of cycles in production and relative prices; Kuznets’ theory of cycles arising from infrastructure investments; Schumpeter`s theory of cycles due to waves of technological innovation; Goodwin`s theory of cyclical growth based on employment and wage share dynamics; Keynes – Kaldor – Kalecki demand and investment oriented theori...

An ordering of multidimensional alternatives is separable on a set of dimensions if fixing values on the complementary dimensions always produces the same induced ordering. Most often, studies of separability assume continuous alternative spaces; as we show, separability has different properties when alternative spaces are discrete. For instance, two well-known theorems of Gorman—that common se...

The Ben-Porath (1967) model suggests that a rise in life expectancy, and the associated rise in the lifetime labor input, brings about a rise in investment in human capital. We incorporate the leisure decision into the model and develop a necessary condition regarding the lifetime labor input for the Ben-Porath mechanism to have a positive effect on investment in human capital. We show that thi...

Payments systems operate virtually unnoticed in our daily lives and yet are crucial to a wellfunctioning economy and financial system. Because they explicitly link financial institutions, payments systems provide a way to transmit risk within, and between, financial systems. Ideally, payments systems should be designed and operated so as not to add risk in the event of a crisis. The author exam...

Unanimity is the optimal voting rule in a world of zero transactions costs, when side payments are impossible. When side payments are available and transactions costs are zero, the voting rule is irrelevant to the ultimate outcome. In the more realistic situation where side payments are allowed but transactions costs are positive, a unanimity voting rule creates situations where the collective ...

This study investigates the impact of monetary policy on balance of payments (BOP) adjustment in Nigeria within the periods, 1980-2015. The study used the bound testing approach to show the relationship that exists among monetary policy variables (money supply, domestic credit, inflation and exchange rate), output growth, and trade balance and BOP adjustment in Nigeria. The study shows that the...