NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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30 July 2010

Maternal Health and the Baby Boom

U.S. fertility rose from a low of 2.27 children for women born in 1908 to a peak of 3.21 children for women born in 1932, then dropped to a new low of 1.74 children for women born in 1949 and has stayed at that level. Stefania Albanesi and Claudia Olivetti suggest that this pattern can be explained in part by improvements in maternal health that began in the mid-1930s, and that led to an increase in women’s human capital. They find in particular that the decline in maternal mortality was associated with a rise in fertility for women born between 1921 and 1940, a rise in college and high school graduation rates for women born between 1933 and 1950, and a decline in fertility for women born in the 1940s.

29 July 2010

Privatization versus Nationalization of Resources

Roberto Chang, Constantino Hevia, and Norman Loayza model the choice between private and national regimes for the ownership of natural resources in resource-rich economies. They find that national ownership results in more redistribution of income and thus more equality, but it may undermine incentives for individual effort. Furthermore, external variables such as the commodity price, and domestic variables including the tax system, affect the choice of private versus national regimes.

28 July 2010

Some Results of the 2003 Reductions in Shareholder Taxes

Jennifer Blouin, Jana Raedy, and Doug Shackelford study a 2003 reduction in the dividend and capital gains tax rates for individuals. They find that following the tax code change, corporate directors and officers, but not other individual investors, rebalanced their portfolios to maximize their after-tax returns. Firms also adjusted their distribution policy (specifically, dividends versus share repurchases) in a manner consistent with the altered tax incentives for individuals.
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