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This article conceives poverty in terms of the consumption of essential
food, makes use of a new deprivation (or poverty) function, and
examines the effects of changes in the mean and the variance of the income
distribution on poverty, assuming a log-normal income distribution.
The presence of a saturation level of consumption can be treated
as a poverty-line threshold as opposed to an exogenous income-based
poverty line. Within such a consumption deprivation approach, the article
proves analytically that rising mean income reduces poverty while
rising variance of income distribution increases poverty.

This paper attempts an eclectic synthesis on long-term growth, which integrates two standard models - the neoclassical model with the endogenous growth and export-led model of growth. A vector autoregressive (VAR) model has been used for India from 1950 to 1995 using Johansen's multivariate cointegration approach to derive latent equilibrium relationships, and the short-run error correction equations are then estimated. Two cointegrating relationships for real output and real private investment, respectively, were found. Output is determined by private investment, human capital, real interest rate and public investment. Private investment is driven by public investment, domestic credit to the private sector, real interest rate and human capital. This seems to support a McKinnon-Shaw model in the long run and a Keynesian/Structuralist view in the short run. The long-run model also validates the hypothesis that growth has not been export-led in India, rather it is growth-driven exports.

Abstract The effects of monetary policies remain always an important topic in macroeconomics. In the literature (closed and open economy), there is no theoretical as well as empirical consensus regarding the effects of monetary policies. In this paper we examine the real effects of inflation in an open economy. Australia is a classic example of a small open economy and is known to exercise inflation targeting. Using quarterly data from Australia and employing vector autoregressive (VAR) analysis, we provide evidence that inflation, both in the short and long run, negatively affects durable and non‐durable consumption and investment, and has a positive effect on the current account. Further, we show that consumption of durable goods is more sensitive than the consumption of non‐durables during the initial periods following inflationary shocks.

AbstractUsing the NBER‐CES Manufacturing Industry Database, the authors identify a positive relationship between total factor productivity and the skilled‐to‐unskilled labour and wage ratios. Highlighting the skill premium for skilled workers, they find that technology has become more favourable to skilled labour since the 1980s. The productivity differentials between skilled and unskilled labour increase relative demand for the former when they are imperfect substitutes. The authors show that the relationships between technology and both ratios are positive in science‐based and production‐intensive industries, and negative in supplier‐dominated industries, suggesting industry heterogeneity in technological knowledge. From a policy perspective, governments should promote science‐based innovation.

ResumenCon datos de la NBER‐CES Manufacturing Industry Database, los autores identifican una relación positiva entre la tecnología inferida a partir de la productividad total de los factores y las razones entre trabajadores calificados y no calificados y entre sus salarios, pero solo en sectores de base científica e intensivos en producción, mientras que es negativa en los dominados por el proveedor. Confirman la prima salarial por calificación y el aumento del sesgo tecnológico hacia el trabajo calificado desde 1980. Las diferencias de productividad entre trabajadores calificados y no calificados aumentan la demanda relativa de los primeros cuando ambos no son intercambiables. Concluyen que los gobiernos deberían promover la innovación de base científica.

RésuméUne analyse exploitant la base NBER‐CES sur l'industrie manufacturière états‐unienne révèle une corrélation positive entre la productivité totale des facteurs et les rapports entre effectifs et salaires qualifiés et non qualifiés, signalant une prime à la compétence et, dès les années 1980, un biais technologique accru en faveur du travail qualifié. Les écarts de productivité entre les deux facteurs accroissent la demande relative du facteur ≪qualifié≫ en cas de substitution imparfaite. Enfin, l'impact de la technologie varie selon la branche et son caractère plutôt scientifique, ≪axé sur la production≫ ou ≪dominé par le fournisseur≫. L'innovation à caractère scientifique est celle qu'il convient de promouvoir.