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Weil, David N.

Works: 98 works in 488 publications in 4 languages and 3,040 library holdings
Genres: History 
Roles: Author, Editor
Classifications: HB1, 338.9
Publication Timeline
Publications about David N Weil
Publications by David N Weil
Most widely held works by David N Weil
Economic growth by David N Weil( Book )
67 editions published between 2004 and 2016 in 4 languages and held by 675 libraries worldwide
For undergraduate courses in economic growth, and is also of interest to instructors teaching courses on economic development and intermediate macroeconomics, this book examines the question of why some countries are rich and some are poor - why they differ in their levels of income and their rates of economic growth
Population, technology, and growth : from the Malthusian regime to the demographic transition by Oded Galor( Book )
24 editions published in 1998 in English and held by 109 libraries worldwide
This paper develops a unified model of growth, population, and technological progress that is consistent with long-term historical evidence. The economy endogenously evolves through three phases. In the Malthusian regime, population growth is positively related to the level of income per capita. Technological progress is slow and is matched by proportional increases in population, so that output per capita is stable around a constant level. In the post-Malthusian regime, the growth rates of technology and total output increase. Population growth absorbs much of the growth of output, but income per capita does rise slowly. The economy endogenously undergoes a demographic transition in which the traditionally positive relationship between income per capita and population growth is reversed. In the Modern Growth regime, population growth is moderate or even negative, and income per capita rises rapidly. Two forces drive the transitions between regimes: First, technological progress is driven both by increases in the size of the population and by increases in the size of the population and by increases in the average level of education. Second, technological progress creates a state of disequilibrium, which raises the return to human capital and induces patients to substitute child quality for quantity
The genesis and evolution of Social Security by Jeffrey A Miron( Book )
12 editions published in 1997 in English and held by 82 libraries worldwide
We examine the creation of Social Security during the Great Depression, and how it has evolved since, asking in particular to what extent the program as it exists today is the same as that created in 1935 and 1939. We find that there has been surprising continuity. Much of the program's growth was built in from its inception. The replacement rate and the ratio of benefits to payrolls are today roughly at the levels designed into the original legislation. Payroll tax rates today are higher than had been planned, in part because of the failure to accumulate a trust fund during the program's early years. The change in the ratio of contributors to beneficiaries which has taken place over the last 60 years was fully anticipated. The most dramatic changes in Social Security's functioning have come not from legislation, but from changes in the environment in which the program operates. Before the Depression, retirement was unlikely and often involuntary. Higher life expectancy, lower labor force participation, and better health have undermined Social Security's original purpose, which was as a form of insurance. We also find that the Depression itself had surprisingly little influence on the design chosen for Social Security
Comparison utility in a growth model by Chris Carroll( Book )
14 editions published between 1996 and 1997 in English and held by 69 libraries worldwide
This paper compares the dynamics of two general equilibrium models of endogenous growth in which agents have comparison utility.' In the inward-looking' economy, individuals care about how their consumption in the current period compares to their own consumption in the past (one way to describe this is habit-formation' in consumption). In the outward-looking' economy, individuals care about how their own level of consumption compares with others' consumption. Consider the effect of negative shock to capital. In an endogenous growth model with standard preferences, there will be no effect on the saving rate or the growth rate of output. In both of the models that we consider, however, saving and growth will temporarily fall in response to the shock. The initial decline in saving and growth will be larger in the inward-looking case. However, since agents in the outward-looking case do not take into account the externality effect of their consumption, higher growth in this case will lead to lower utility than in the inward-looking case
Intergenerational earnings mobility, inequality, and growth by Ann L Owen( Book )
13 editions published between 1995 and 1997 in English and held by 68 libraries worldwide
Abstract: We examine a model in which per capita income, inequality, intergenerational mobility, and returns to education are all determined endogenously. Individuals earn wages depending on their ability, which is a random variable. They purchase an education with transfers received from their parents, and are subject to liquidity constraints. In the model, multiple steady state equilibria are possible: countries with identical tastes and technologies can reach differing rates of mobility, inequality, and per capita income. Equilibria with higher levels of output also have lower inequality, higher mobility, and more efficient distribution of education
An asset allocation puzzle by Niko Canner( Book )
12 editions published in 1994 in English and held by 66 libraries worldwide
Abstract: This paper examines popular advice on portfolio allocation among cash, bonds, and stocks. It documents that this advice is inconsistent with the mutual-fund separation theorem, which states that all investors should hold the same composition of risky assets. In contrast to the theorem, popular advisors recommend that aggressive investors hold a lower ratio of bonds to stocks than conservative investors. The paper explores various possible explanations of this puzzle. It concludes that the portfolio recommendations can be explained if popular advisors base their advice on the unconditional distribution of nominal returns. It also finds that the cost of this money illusion is small, as measured by the distance of the recommended portfolios from the mean-variance efficient frontier
The gender gap, fertility, and growth by Oded Galor( Book )
19 editions published between 1993 and 1995 in English and held by 66 libraries worldwide
This paper examines a novel mechanism linking fertility and growth. Household fertility is determined by relative wages of women and men. Increasing women's wages reduces fertility by raising the cost of children relatively more than household income. Lower fertility raises the level of capital per worker which in turn, since capital is more complementary to women's labor input than men's, raises women's relative wages. This positive feedback leads to the possibility of multiple steady-state equilibria. Countries with low initial capital may converge to a development trap with high fertility, low capital, and low relative wages for women
Mortality change, the uncertainty effect, and retirement by Sebnem Kalemli-Ozcan( Book )
12 editions published in 2002 in English and held by 64 libraries worldwide
We examine the role of changing mortality in explaining the rise of retirement over the course of the 20th century. We construct a model in which individuals make labor/leisure choices over their lifetimes subject to uncertainty about their date of death. In an environment in which mortality is high, an individual who saved up for retirement would face a high risk of dying before he could enjoy his planned leisure. In this case, the optimal plan is for people to work until they die. As mortality falls, however, it becomes optimal to plan, and save for, retirement. We simulate our model using actual changes in the US life table over the last century, and show that this 'uncertainty effect' of declining mortality would have more than outweighed the 'horizon effect' by which rising life expectancy would have led to later retirement. One of our key results is that continuous changes in mortality can lead to discontinuous changes in retirement behavior
Appropriate technology and growth by Susanto Basu( Book )
13 editions published between 1996 and 1997 in English and held by 61 libraries worldwide
We present a model of growth and technology transfer based on the idea that technologies are specific to particular combinations of inputs. We argue that this model is more realistic than the usual specification, in which an improvement in any technique for producing a given good improves all other techniques for producing that good. Our model implies that technology improvements will diffuse only slowly, even if there are no barriers to the flow of knowledge and no adoption costs. On the other hand, although our basic production technology is of the Àk' variety, technology diffusion implies that countries with identical policies and different initial incomes do eventually converge to the same level of per-capita income. We argue that a model with appropriate technology and technology diffusion is more appealing, and has more realistic predictions for long-run convergence and growth, than either the standard neoclassical model or simple endogenous-growth models
African successes : government and institutions ( Book )
in English and held by 60 libraries worldwide
Intergenerational transfers, aging, and uncertainty by David N Weil( Book )
11 editions published in 1993 in English and held by 55 libraries worldwide
Research on intergenerational transmission of wealth has pointed to uncertainty -- about the date of one's own death, for example -- as a potential source of significant bequest flows. In this paper I examine the effects of this same uncertainty on the behavior of those who expect to receive bequests. Potential heirs who are prudent will consume less than would be warranted by the size of their expected bequests, and so on average consumption will rise at the age when actual bequests are received. I examine the effect of this uncertainty on the outcome of population aging. Population aging, by changing the relative sizes of the bequeathing generation and those receiving bequests, raises the average size of bequests received and reduces the saving of the bequest-receiving generation. I show that accounting for the effects of uncertainty slows down the reduction in saving that results from population aging
The effect of news on bond prices : evidence from the United Kingdom, 1900-1920 by Douglas W Elmendorf( Book )
13 editions published in 1992 in English and held by 47 libraries worldwide
We study the relationship of non-quantitative news to bond prices. We select a set of major news events based solely on their significance as judged by historians, and examine the corresponding bond price movements. We find strong evidence that news has some influence on bond price movements, but we find no evidence that news can explain more than a small fraction of those movements
The increasing annuitization of the elderly : estimates and implications for intergenerational transfers, inequality, and national saving by Alan J Auerbach( Book )
14 editions published between 1992 and 1993 in English and held by 47 libraries worldwide
The housing wealth of the aged by Louise Sheiner( Book )
11 editions published in 1992 in English and held by 47 libraries worldwide
This paper examines the degree to which the elderly reduce homeownership as they age, and the factors which influence this process. We find that average levels of homeownership decline significantly with age, even when cohort effects are taken into consideration, and that the amount of housing held by people near death is quite low compared to what is seen in cross sections. We estimate that 42% of households will leave behind a house when the last member dies. We also find that the degree to which households reduce homeownership between age 65 and death does not differ greatly between the upper and lower income halves of our sample; that people who do not have children reduce their homeownership more slowly than those who do; that increases in house prices in a state make it more likely that the elderly in that state reduce their home equity; and that the value of houses sold by elderly people tends not remain in their portfolios after the house is sold
Individual rights and collective agents : the role of old and new workplace institutions in the regulation of labor markets? by David N Weil( Book )
11 editions published in 2003 in English and held by 44 libraries worldwide
Implementation of workplace policies--whether through enforcement of laws or administration of programs--raises the question of the interaction between institutions created to carry out laws and the activities of workplace based agents that directly (e.g. unions) or indirectly (e.g. insurance companies) represent the interests of workers. This paper argues that there are two distinctive roles required for agents in the implementation of workplace policies. First, the agent must somehow help solve the public goods problem inherent in workplace regulation. Second, the agent must be able to reduce the marginal cost of exercising rights conferred to workers that are an important feature of most regulatory programs. This article examines these issues in regard to implementing workplace policies in the U.S. and analyzes the comparative effectiveness of different workplace agents- from labor unions to alternative dispute resolution systems- in fulfilling these roles
Accounting for the effect of health on economic growth by David N Weil( Book )
11 editions published between 2005 and 2006 in English and held by 41 libraries worldwide
I use microeconomic estimates of the effect of health on individual outcomes to construct macroeconomic estimates of the proximate effect of health on GDP per capita. I use a variety of methods to construct estimates of the return to health, which I combine with cross-country and historical data on several health indicators including height, adult survival, and age at menarche. My preferred estimate of the share of cross-country variance in log income per worker explained by variation in health is 22.6%, roughly the same as the share accounted for by human capital from education, and larger than the share accounted for by physical capital. I present alternative estimates ranging between 9.5% and 29.5%. My preferred estimate of the reduction in world income variance that would result from eliminating health variations among countries is 36.6%
A contribution to the empirics of economic growth by N. Gregory Mankiw( Book )
14 editions published between 1990 and 1992 in English and held by 40 libraries worldwide
This paper examines whether the Solow growth model is consistent with the international variation in the standard of living. It shows that an augmented Solow model that includes accumulation of human as well as physical capital provides an excellent description of the cross-country data. The model explains about 80 percent of the international variation in income per capita, and the estimated influences of physical-capital accumulation, human-capital accumulation, and population growth confirm the model's predictions. The paper also examines the implications of the Solow model for convergence in standards of living -- that is, for whether poor countries tend to grow faster than rich countries. The evidence indicates that, holding population growth and capital accumulation constant, countries converge at about the rate the augmented Solow model predicts
Historical perspectives on the monetary transmission mechanism by Jeffrey A Miron( Book )
10 editions published between 1993 and 1995 in English and held by 39 libraries worldwide
This paper examines changes over time in the importance of the lending channel in the transmission of monetary shocks to the real economy. We first use a simple extension of the Bernanke-Blinder model to isolate the observable factors that affect the strength of the lending channel. We then show that based on changes in the structure of banks assets, reserve requirements, and the composition of external firm finance, the lending channel should have been stronger before 1929 than during the post-World War II period, especially the first half of this period. Finally, we demonstrate that conventional indicators of the importance of the lending channel, such as the spread between the loan rate and the bond rate and the correlation between loans and output, do not show the predicted decline in the importance of lending over time. From this we conclude that either the traditional indicators are not useful measures of the strength of the lending channel or that the lending channel has not been quantitatively important in any era
Population aging by David N Weil( Book )
10 editions published in 2006 in English and held by 35 libraries worldwide
Population aging is primarily the result of past declines in fertility, which produced a decades long period in which the ratio of dependents to working age adults was reduced. Rising old-age dependency in many countries represents the inevitable passing of this "demographic dividend." Societies use three methods to transfer resources to people in dependent age groups: government, family, and personal saving. In developed countries, families are predominant in supporting children, while government is the main source of support for the elderly. The most important means by which aging will affect aggregate output is the distortion from taxes to fund PAYGO pensions
The dynamics of the age structure, dependency, and consumption by Heinrich Hock( Book )
9 editions published in 2006 in English and held by 34 libraries worldwide
We examine the dynamic interaction of the population age structure, economic dependency, and fertility, paying particular attention to the role of intergenerational transfers. In the short run, a reduction in fertility produces a "demographic dividend" that allows for higher consumption. In the long run, however, higher old-age dependency can more than offset this effect. To analyze these dynamics we develop a highly tractable continuous-time overlapping generations model in which population is divided into three groups (young, working age, and old) and transitions between groups take place in a probabilistic fashion. We show that most highly developed countries have fertility below the rate that maximizes steady state consumption. Further, the dependency-minimizing response to increased longevity is to raise fertility. In the face of the high taxes required to support transfers to a growing aged population, we demonstrate that the actual response of fertility will likely be exactly the opposite, leading to increased population aging
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Alternative Names
Weil, D.
Weil, D. N.
Weil, David
Weil, David A.
Weil, David Nathan
와일, 데이비드 N
ワイル, デイヴィッド・N
English (291)
Spanish (6)
Italian (2)
Chinese (2)
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