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Discussion Paper
A note on dynamic programming with homogeneous functions
This note shows that basic theorems of dynamic programming hold when the return function is homogeneous of degree theta <= 1.
Discussion Paper
Liquidity crises
Report
Giving aid effectively
University of Chicago economist and former Minneapolis Fed adviser Nancy Stokey on the goals and methods of the Copenhagen Consensus, in which 8 prominent economists used benefit/cost analysis to evaluate and prioritize projects to address serious global problems. (Annual Report essay)
Discussion Paper
NAFTA and Mexican development
Using a calibrated growth model, the dynamic effects of NAFTA on Mexican development are studied. Two scenarios are analyzed. In the first, NAFTA is assumed to stimulate inflows of physical capital into Mexico. These inflows reduce the interest rate and raise the wage rates for both skilled and unskilled labor. The skilled wage rises more sharply, however, increasing the skill premium and rapidly accelerating the accumulation of human capital. In the second scenario, NAFTA is assumed to have the effect of fully integrating Mexico with the U.S. and Canada. Integration also reduces the interest ...