Salaries of academic economists are studied to determine if individuals receive differential returns to publishing articles of varying quality and to coauthored versus single-authored articles. Estimates based on detailed data and a flexible nonlinear least-squares procedure indicate that substantial returns to quality exist and that an individual's return from a coauthored paper with n authors is approximately 1/n times that of a single-authored paper.

[This paper considers two questions: (i) what is the purpose of legal restrictions intended to separate "money" from "credit markets," and (ii) is such a separation desirable? It is argued that historical legal restrictions meant to achieve such a separation were designed to preclude the occurrence of sunspot equilibria. It is also shown that a coherent model can be constructed in which sunspot equilibria exist in the absence of legal restrictions, but not if money and credit markets are separated. Nevertheless, there is no obvious welfare justification for such a separation.]

This paper investigates a general equilibrium model of unemployment and the business cycle in which specialization of labor plays a key role. A rational expectations equilibrium with fully flexible wages and prices can exhibit unemployment in which the marginal product of employed workers exceeds the reservation wage of those who are without jobs. Workers are unemployed either because they are in the process of relocating for a better job or because they are waiting for conditions in the depressed sector to improve. Moreover, seemingly small disruptions in the supplies of primary commodities such as energy could be the source of fluctuations in aggregate employment and can exert surprisingly large effects on real output.

Salaries of academic economists are studied to determine if individuals receive differential returns to publishing articles of varying quality and to coauthored versus single-authored articles. Estimates based on detailed data and a flexible nonlinear least-squares procedure indicate that substantial returns to quality exist and that an individual's return from a coauthored paper with n authors is approximately 1/n times that of a single-authored paper.

It is feared that low fertility and older age distributions in the developed countries might cause lower life cycle consumption because of the increased pension and health cost burden. The theoretical literature on intergenerational transfers has addressed this question but has considered only the consumption of market goods and has made no serious empirical attempt to measure the theoretical concepts necessary to assess the problem. This paper develops a theoretical model of intergenerational transfers incorporating time use. With the aid of time budget and consumer expenditure surveys, empirical estimates of the age profiles of various types of time and goods consumption are presented, and we conclude that (1) the net direction of intergenerational transfers is from younger to older ages; (2) under the golden-rule assumption, these transfers largely constitute an externality to childbearing; and (3) they are not large enough to offset the capital dilution effect that would result from higher fertility and more rapid population growth.

This paper considers two questions: (i) what is the purpose of legal restrictions intended to separate "money" from "credit markets," and (ii) is such a separation desirable? It is argued that historical legal restrictions meant to achieve such a separation were designed to preclude the occurrence of sunspot equilibria. It is also shown that a coherent model can be constructed in which sunspot equilibria exist in the absence of legal restrictions, but not if money and credit markets are separated. Nevertheless, there is no obvious welfare justification for such a separation.

This paper investigates a general equilibrium model of unemployment and the business cycle in which specialization of labor plays a key role. A rational expectations equilibrium with ful ly flexible wages and prices can exhibit unemployment in which the ma rginal product of employed workers exceeds the reservation wage of th ose who are without jobs. Workers are unemployed either because they are in the process of relocating for a better job or because they are waiting for conditions in the depressed sector to improve. Moreover, seemingly small disruptions in the supplies of primary commodities s uch as energy could be the source of fluctuations in aggregate employ ment and can exert surprisingly large effects on real output.

It is feared that low fertility and older age distributions in the developed countries might cause lower life cycle consumption because of the increased pension and health cost burden. The theoretical literature on intergenerational transfers has addressed this question but has considered only the consumption of market goods and has made no serious empirical attempt to measure the theoretical concepts necessary to assess the problem. This paper develops a theoretical model of intergenerational transfers incorporating time use. With the aid of time budget and consumer expenditure surveys, empirical estimates of the age profiles of various types of time and goods consumption are presented, and we conclude that (1) the net direction of intergenerational transfers is from younger to older ages; (2) under the golden-rule assumption, these transfers largely constitute an externality to childbearing; and (3) they are not large enough to offset the capital dilution effect that would result from higher fertility and more rapid population growth.