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This article investigates whether China’s foreign aid is particularly prone to capture by political leaders of aid-receiving countries. We examine whe

We use a double-calibrated general equilibrium model to decompose the growth of the high-skilled wage premium in the UK from 1979 to 2000 into a range o

This paper analyzes Germany’s unusual labor market experience during the Great Recession. We estimate a general equilibrium model with a detailed labo

If the monetary authority lacks commitment, a monetary union can dominate flexible exchange rates. With forward-looking staggered pricing, inertia in th

The literature on economic systems and corresponding empirical studies have largely focused on a classification for developed countries, while other world regions have only partly been included and/or not compared to established OECD prototypes on an...

We exploit employment data from 10,528 parishes across nineteenth century England and Wales and find that a one standard deviation increase in finance e

This paper uses firm-level survey for more than 100 countries to examine whether firms’ female managers or female owners were better at bringing innov

We establish a causal role for banking access in the spread of the Industrial Revolution over the period 1817–1881 by exploiting unique employment data from 10,528 parishes across England and Wales and a novel instrument. We estimate that a one...

We analyze the implications of trend growth for optimal monetary policy in the presence of search and matching unemployment. We show that trend growth inter- acts importantly with the inefficiencies stemming from the labor market. Higher trend growth...