During World War I there was much lamentation over the "defects of the draft," and the word "shocking" was in frequent use with reference to the condition of a large proportion of men of military age. When, more recently, it became necessary again for society to interpose a shield of human lives between itself and disaster, its cerebral cells once more became agitated over the report that its y...

Stability tests for cointegrating coefficients are known to have very low power with small to medium sample sizes. In this paper we propose to solve this problem by extending the tests to dependent cointegrated panels through the stationary bootstrap. Simulation evidence shows that the proposed panel tests improve considerably on asymptotic tests applied to individual series. As an empirical il...

What is the impact of China’s population-control policies on its economic growth? This paper has developed and tested a simple theory of demographic dynamics and economic take-off. It is shown in this paper that the standard econometric estimation conceals the “take-off effect” and therefore underestimates the economic impact of demographic changes. We have shown that the economic impact of Chi...