Pronatalist subsidies often vary with birth order (parity). I study the effect of such on timing in a life-cycle model fertility choice. In model, births permanently reduce rate human capital accumulation. While to marginal always accelerate time next birth, higher-order can extend those times for women at low parities. The result is not driven by income effects, quantity-quality substitution, ...

in the market for factors of production usually the equilibrium will be stablished on the based of the equality between the value of marginal products of output and their relative price level. on the other hand the value of marginal product of output is a function of observed rate productivity of output and the market capacity of factors of production. thus the fluctuation in the rate of produc...

We study the interaction between monetary and fiscal policies in a Ramsey-Sidrauski model augmented with environmental capital. Equilibrium solutions are studied through “Green Golden Rule”. Despite non-separability of money utility intertemporally non-separable preferences, is environmentally neutral. Policy impacts environment via marginal rate transformation rather than substitution consumpt...

We study thermodynamic properties, specific heat and susceptibility, of XY quantum chains with coupling constants following arbitrary substitution sequences. Generalizing an exact renormalization group transformation, originally formulated for Ising quantum chains, we obtain exact relevance criteria of Harris-Luck type for this class of models. For two-letter substitution rules, a detailed clas...

Abstract: Central banks have long been interested in obtaining precise estimations of money demand given the fact that the evolution of money demand plays a key role over several monetary variables. One implication of currency substitution is that the exchange rate could serve as another determinant of the demand for money. Due to the recent currency crisis in Iran, it would be important to inv...

For U.S. annual data that include WWII, the estimated multiplier for defense spending is 0.6-0.7 at the median unemployment rate (while holding fixed average marginal income-tax rates). There is some evidence that the spending multiplier rises with the extent of economic slack and reaches 1.0 when the unemployment rate is around 12%. We cannot estimate reliable multipliers for non-defense purch...