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Long-Distance Trade in Medieval Europe  

Mika Kallioinen

Online publication date:
Jun 2020
Traditional historiography has overestimated the significance of long-distance trade in the medieval economy. However, it could be argued that, because of its dynamic nature, long-distance ... More

Macroeconomics of the Euro  

Paul Bergin

Online publication date:
Jun 2020
While it is a long-standing idea in international macroeconomic theory that flexible nominal exchange rates have the potential to facilitate adjustment in international relative prices, a ... More

Q-Factors and Investment CAPM  

Lu Zhang

Online publication date:
Jun 2020
The Hou–Xue–Zhang q-factor model says that the expected return of an asset in excess of the risk-free rate is described by its sensitivities to the market factor, a size factor, an ... More

China’s Economic Development  

Lawrence J. Lau

Online publication date:
May 2020
Chinese real gross domestic product (GDP) grew from US$369 billion in 1978 to US$12.7 trillion in 2017 (in 2017 prices and exchange rate), at almost 10% per annum, making the country the ... More

The Indeterminacy School in Macroeconomics  

Roger E. A. Farmer

The indeterminacy school in macroeconomics exploits the fact that macroeconomic models often display multiple equilibria to understand real-world phenomena. There are two distinct phases in ... More

The Italian Economy Before Unification, 1300–1861  

Paolo Malanima

Online publication date:
Apr 2020
Italy played a central role in the Euro-Mediterranean economy during Antiquity, the late Middle Ages, and the Renaissance. Until the end of the 16th century, the Italian economy was ... More

Global House Prices: Trends and Cycles  

Hites Ahir and Prakash Loungani

Online publication date:
Mar 2020
On average across countries, house prices have been on an upward trend over the past 50 years, following a 100-year period over which there was no long-term increase. The rising trend in ... More

Gravity Models and Empirical Trade  

Scott Baier and Samuel Standaert

Online publication date:
Mar 2020
The gravity model of international trade states that the volume of trade between two countries is proportional to their economic mass and a measure of their relative trade frictions. ... More

Economic Development in Spain, 1815–2017  

Leandro Prados de la Escosura and Blanca Sánchez-Alonso

Online publication date:
Feb 2020
In assessments of modern-day Spain’s economic progress and living standards, inadequate natural resources, inefficient institutions, lack of education and entrepreneurship, and foreign ... More

Insider Trading: A Clash Between Law and Economics  

Stephen F. Diamond

Online publication date:
Jan 2020
Insider trading is not widely understood. Insiders of corporations can, in fact, buy and sell shares of those corporations. But, over time, Congress, the courts and the Securities and ... More

Behavioral and Social Corporate Finance  

Henrik Cronqvist and Désirée-Jessica Pély

Online publication date:
Nov 2019
Corporate finance is about understanding the determinants and consequences of the investment and financing policies of corporations. In a standard neoclassical profit maximization ... More

Evolution of the Family: Theory and Implications for Economics  

Ingela Alger and Donald Cox

Which parent can be expected to be more altruistic toward their child, the mother or father? All else equal, can we expect older generation members to be more solicitous of younger family ... More

Time-Domain Approach in High-Dimensional Dynamic Factor Models  

Marco Lippi

Online publication date:
Nov 2019
High-dimensional dynamic factor models have their origin in macroeconomics, more specifically in empirical research on business cycles. The central idea, going back to the work of Burns and ... More

The Biological Foundations of Economic Preferences  

Nikolaus Robalino and Arthur Robson

Modern economic theory rests on the basic assumption that agents’ choices are guided by preferences. The question of where such preferences might have come from has traditionally been ... More

Heterogeneity in Cost-Effectiveness Analysis  

Ciaran N. Kohli-Lynch and Andrew H. Briggs

Online publication date:
Aug 2019
Cost-effectiveness analysis is conducted with the aim of maximizing population-level health outcomes given an exogenously determined budget constraint. Considerable health economic benefits ... More

The Economics of Early Interventions Aimed at Child Development  

Samuel Berlinski and Marcos Vera-Hernández

Online publication date:
Aug 2019
A set of policies is at the center of the agenda on early childhood development: parenting programs, childcare regulation and subsidies, cash and in-kind transfers, and parental leave ... More

Corruption and Development: A Reappraisal  

Alina Mungiu-Pippidi and Till Hartmann

Online publication date:
Jul 2019
Corruption and development are two mutually related concepts equally shifting in meaning across time. The predominant 21st-century view of government that regards corruption as inacceptable ... More

Geography of Growth and Development  

Esteban Rossi-Hansberg

The geography of economic activity refers to the distribution of population, production, and consumption of goods and services in geographic space. The geography of growth and development ... More

International Reserves, Exchange Rates, and Monetary Policy: From the Trilemma to the Quadrilemma  

Joshua Aizenman

The links of international reserves, exchange rates, and monetary policy can be understood through the lens of a modern incarnation of the “impossible trinity” (aka the “trilemma”), based ... More

Machine Learning in Policy Evaluation: New Tools for Causal Inference  

Noémi Kreif and Karla DiazOrdaz

While machine learning (ML) methods have received a lot of attention in recent years, these methods are primarily for prediction. Empirical researchers conducting policy evaluations are, on ... More

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