|
on Business, Economic and Financial History |
| By: | Diamond, Douglas (University of Chicago) |
| Abstract: | was born in Chicago in 1953. My maternal grandparents were Catholic. My grandmother, Ethel Elizabeth Houlehan Gunkel, was of Irish descent. She was a strong woman who lived to 100 and was lots of fun. My grandfather, Frederick Peter Gunkel, was of Austrian and German descent. He was the executive hog buyer for Oscar Mayer in Madison, Wisconsin, which insulated the Gunkel family from the Great Depression of the 1930s. In that period, the Gunkel family was able to help feed their neighbors with food from Oscar Mayer. My grandfather died in his 50s, and my grandmother became the matriarch of the Gunkel clan. My grandfather had told her to never sell her Oscar Mayer stock, almost her entire net worth, which violated all of investment portfolio theory. She never sold, but she did well when General Foods acquired Oscar Mayer in 1981. |
| Keywords: | Banking; Financial crises; |
| JEL: | E53 G21 G28 |
| Date: | 2023 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2022_012 |
| By: | Johnson, Simon (MIT) |
| Abstract: | Simon Johnson delivered his prize lecture on 8 December 2024 at the Aula Magna, Stockholm University. He was introduced by Professor John Hassler, member of the Committee for the Prize in Economic Sciences in Memory of Alfred Nobel. |
| Keywords: | Prosperity; Institutions |
| JEL: | O11 O43 |
| Date: | 2024–12–08 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2024_004 |
| By: | Acemoglu, Daron (MIT) |
| Abstract: | Daron Acemoglu delivered his prize lecture on 8 December 2024 at the Aula Magna, Stockholm University. He was introduced by Professor John Hassler, member of the Committee for the Prize in Economic Sciences in Memory of Alfred Nobel. |
| Keywords: | Prosperity; Institutions |
| JEL: | O11 O43 |
| Date: | 2024–12–08 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2024_003 |
| By: | Robinson, James A. (University of Chicago) |
| Abstract: | James A. Robinson delivered his prize lecture on 8 December 2024 at the Aula Magna, Stockholm University. He was introduced by Professor John Hassler, member of the Committee for the Prize in Economic Sciences in Memory of Alfred Nobel. |
| Keywords: | Prosperity; Institutions |
| JEL: | O11 O43 |
| Date: | 2024–12–08 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2024_005 |
| By: | Claude DIEBOLT (BETA/CNRS, Université de Strasbourg); Magali JAOUL-GRAMMARE (BETA/CNRS, Université de Strasbourg) |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:afc:wpaper:05-24 |
| By: | Cummins, Neil; Ó Gráda, Cormac |
| Abstract: | We use the universe of probate and vital registers from England between 1838 and 2018 to document the status of the Irish in England. We identify the “Irish” in the records as those individuals with distinctively Irish surnames. From at least the mid-nineteenth century to 2018, we find that the Irish in England have persisted as an underclass, being on average 50 percent poorer than the English. Infant mortality was about 25 percent higher for the Irish between the 1830s and the mid-twentieth century but has subsequently equalized. Sorting, both to urban areas and to the North of England, are important elements in the Irish experience. We discuss the potential roles of selective migration, social mobility, and discrimination in this and signpost directions for future research. |
| JEL: | N0 |
| Date: | 2024–12–27 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:126397 |
| By: | Bernanke, Ben (Brookings Institution) |
| Abstract: | I was born December 13, 1953, in Augusta, Georgia, but spent my childhood and teenage years in Dillon, South Carolina. Dillon, a town of about 6, 000 people, lies just west of the Little Pee Dee River, in the northeastern part of the state. When I lived there, the area was mostly dependent on agriculture – cotton and tobacco – although for a time there also was textile manufacturing. In the 1950s and 1960s, other than high school football, Dillon had little to offer in terms of services or entertainment. A visit to an optometrist or an evening at the movies required a trip to the larger city of Florence, about 30 miles away. Dillon’s main claim to fame when I was living there, and perhaps still today, was South of the Border, a sprawling Mexican-themed tourist attraction just south of the North Carolina state line. Many travelers on I-95 on their way to Florida would be entertained by the pun-filled billboards advertising South of the Border (“Try our honeymoon suite: It’s heir conditioned!”) that lined the highway. I was a serape-clad waiter at one of South of the Border’s four restaurants for several summers during my college years. |
| Keywords: | Banking; Financial crises; |
| JEL: | E53 G21 G28 |
| Date: | 2023 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2022_011 |
| By: | Bernanke, Ben (Brookings Institution) |
| Abstract: | Meet economist Ben Bernanke in a podcast conversation. Bernanke tells us about his childhood interest in the origin of words, which ultimately led him to win spelling competitions as a child. He also speaks about economics and how that field unifies his interest in mathematics with social science and concerns about society. |
| Keywords: | Banking; Financial crises |
| JEL: | E53 G21 G28 |
| Date: | 2023–06–01 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2022_007 |
| By: | Doris Hanzl-Weiss (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | This paper revisits the external economic relations in the former command economies of Central, East and Southeast Europe (CESEE) by exploring historical trade data. It provides a descriptive analysis of foreign trade statistics, drawing on the newly introduced wiiw COMECON Dataset, which contains economic time series of the Council for Mutual Economic Assistance (CMEA or COMECON) countries from 1945 to 1994. While trade with the West was limited, the majority of trade took place among the CMEA members states, with the Soviet Union (USSR) serving as the most important partner. The USSR supplied energy and raw materials to its partners in exchange for manufactured products and other goods. However, when examining historical data from CESEE’s command economies, it is important to consider the limitations of data and distinctive features of this economic system. wiiw COMECON Dataset https //comecon.wiiw.ac.at/ |
| Keywords: | Command economies; Central, East and Southeast Europe; international trade; CMEA; COMECON; economic history, historical statistics |
| JEL: | N74 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:wii:wpaper:256 |
| By: | Dorian Jullien (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Alexandre Truc (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur) |
| Abstract: | Existing histories of behavioral and experimental economics (BE-XP) are mostly focused on the intellectual and institutional developments of these approaches in the United States of America -and to a lesser extent in Germany. While a seminal contribution to these approaches was produced in the early 1950s in France by Maurice Allais, the literature is rather silent on how BE-XP developed subsequently in France. We propose to fill this gap by comparing the history of BE-XP in France to international trends previously identified in the literature. We show that after an ambivalent influence of the work of Allais ( 1953) on BE-XP in France during the 1980s, that influence rapidly faded. BE-XP in France then largely follows international trends. We nevertheless identify some heterogeneity across the French territory and the development of at least two national specificities on the measurement of utility and the modeling of social preferences. |
| Keywords: | Scientometrics, Behavioral economics, Experimental economics, History of economics |
| Date: | 2024–11–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:halshs-04810987 |
| By: | Klein, Alexander (University of Sussex, UK, CAGE, CEPR); Matthews, Peter (University of Kent) |
| Abstract: | We construct county-to-county transport cost data set for each decade between 1820 and 1860 in the United States using time-, region-, and direction of transport specific freight rates and the historical transport networks. We document several stylized facts about the effects of canals and railways on the average county-to-county transport cost, market access, and the role of new transportation network in the shaping the direction of domestic trade. We show that by 1860, the canals and railways led to the shift of the highest market access region from the Atlantic coast and Mississippi region to the Midwest and the Great Lakes region, and their absence would have increased the transport costs by more than sixty percent in the Northeast and by almost fifty percent in the South. In addition, by 1840, canals had substantially lowered the costs of transporting goods from the Midwest to the east, making the northern route cheaper than the original route via the Mississippi River and the Atlantic coast. |
| Keywords: | transportation, canals, early railways, freight costs, market access JEL Classification: N71, N91, R40 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:cge:wacage:736 |
| By: | Jennifer R. Withrow; Kendall A. Houghton; Eva Lyubich; Mary Munro; Suvy Qin; John L. Voorheis |
| Abstract: | The Census Bureau’s Environmental Impacts Frame (EIF) is a microdata infrastructure that combines individual-level information on residence, demographics, and economic characteristics with environmental amenities and hazards from 1999 through the present day. To better understand the long-run consequences and intergenerational effects of exposure to a changing environment, we expand the EIF by extending it backward to 1940. The Historical Environmental Impacts Frame (HEIF) combines the Census Bureau’s historical administrative data, publicly available 1940 address information from the 1940 Decennial Census, and historical environmental data. This paper discusses the creation of the HEIF as well as the unique challenges that arise with using the Census Bureau’s historical administrative data. |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:cen:wpaper:24-66 |
| By: | Rémy Herrera (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article analyzes the evolutions of Marx's positions on colonization. It first emphasizes the invariant of his reflections: the denunciation of colonial violence. We initially find an interpretation of colonization as a process of modernization, then as a dynamic of "destruction-regeneration, " linked to the "unification of the world." The author identifies above all the successive inflections of Marx's – resolutely critical – thought about colonial and national issues, the non-linear character of history, and the differentiation of social formations. |
| Abstract: | Cet article analyse les évolutions des positions de Marx à propos de la colonisation. Il souligne tout d'abord l'invariant de ces réflexions : la dénonciation de la violence coloniale. Au départ, on trouve une interprétation de la colonisation comme processus de modernisation, puis comme dynamique de destruction-régénération, liée à l'« unification du monde ». L'auteur identifie spécialement les inflexions successives de la pensée de Marx résolument critique -, au sujet des questions coloniale et nationale, du caractère non linéaire de l'histoire, mais aussi de la différenciation des formations sociales. |
| Keywords: | Marxism, capitalism, colonization, destruction-regeneration, non linearity, social formations, Marxisme capitalisme colonisation violence destruction-régénération nonlinéarité formations sociales Marxism capitalism colonization violence destruction-regeneration non linearity social formations Classification JEL : B14 B51 N10, Marxisme, capitalisme, colonisation, violence, destruction-régénération, nonlinéarité, Formations sociales |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:hal-04796804 |
| By: | Prize Committee, Nobel (Nobel Prize Committee) |
| Abstract: | To Daron Acemoglu, Massachusetts Institute of Technology, Simon Johnson, Massachusetts Institute of Technology, and James A. Robinson, University of Chicago, for studies of how institutions are formed and affect prosperity |
| Keywords: | Prosperity; Institutions |
| JEL: | O11 O43 |
| Date: | 2024–10–14 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2024_002 |
| By: | Goldin, Claudia (Harvard University) |
| Abstract: | I have always wanted to be a detective. As a young child in New York City, I was determined to uncover the secrets of the mummies at the Museum of Natural History. I grew up in the Parkchester section of the Bronx, New York with my parents and older sister, Judy. I was a happy and vivacious child (Fig. 1) filled with curiosity. My mother became an early childhood teacher when I was about five years old (typical of many in her cohort) and later was an assistant principal at Public School 105 in the Bronx. My father was a middle manager, eventually at Burlington Industries, where he was in charge of data processing, programmed an IBM 360, and supervised a bevy of key-punch operators. |
| Keywords: | Gender in the labor market; |
| JEL: | J70 J71 J78 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2023_006 |
| By: | Goldin, Claudia (Harvard University) |
| Abstract: | Claudia Goldin delivered her prize lecture on 8 December 2023 at the Aula Magna, Stockholm University. She was introduced by Professor Peter Fredriksson, member of the Committee for the Prize in Economic Sciences in Memory of Alfred Nobel. |
| Keywords: | Gender in labor markets; |
| JEL: | J70 J71 J78 |
| Date: | 2023–12–08 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2023_003 |
| By: | Diamond, Douglas (University of Chicago) |
| Abstract: | “I think economics is getting closer and closer to being a respectable science. Even when we were not the most respectable science, we still needed to keep pushing forward because the topic actually matters to the planet, to the humans on the planet, and to the animals on the planet.” Douglas Diamond is a strong advocate for economics as a scientific field. His passion for economics was sparked at a young age when he accidentally took an undergraduate course in the topic. In this conversation, conducted in February 2023, Diamond reflects on the working environment at University of Chicago – a work place that has become his home after working there 30 years – and how he sees more and more women enter the field of economics, something he thinks is a very positive development. He also tells us about the “No” bell that he received from Richard Thaler – a tool to helps him say no as a newly awarded laureate. |
| Keywords: | Banking; Financial crises; |
| JEL: | E53 G21 G28 |
| Date: | 2023–05–04 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2022_009 |
| By: | Goldin, Claudia (Harvard University) |
| Abstract: | Interview with the 2023 economic sciences laureate Claudia Goldin on 6 December 2023 during the Nobel Week in Stockholm, Sweden. |
| Keywords: | Gender in labor markets; |
| JEL: | J70 J71 J78 |
| Date: | 2023–12–06 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2023_005 |
| By: | Prize Committee, Nobel (Nobel Prize Committee) |
| Abstract: | This year’s laureates have provided new insights into why there are such vast differences in prosperity between nations. One important explanation is persistent differences in societal institutions. By examining the various political and economic systems introduced by European colonisers, Daron Acemoglu, Simon Johnson and James A. Robinson have been able to demonstrate a relationship between institutions and prosperity. They have also developed theoretical tools that can explain why differences in institutions persist and how institutions can change. |
| Keywords: | Prosperity; Institutions |
| JEL: | O11 O43 |
| Date: | 2024–10–14 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2024_001 |
| By: | Wladislaw Mill; Tobias Ebert; Jana B. Berkessel; Thorsteinn Jonsson; Sune Lehmann; Jochen E. Gebauer |
| Abstract: | Does war make people more religious? Answers to this classic question are dominated by the lack of causality. We exploit the Vietnam Draft Lottery -- a natural experiment that drafted male U.S. citizens into military service during the Vietnam War -- to conclusively show that war increases religiosity. We measure religiosity via religious imagery on web-scraped photographs of hundreds of thousands of gravestones of deceased U.S. Americans using a tailor-made convolutional neural network. Our analysis provides compelling and robust evidence that war indeed increases religiosity: people who were randomly drafted into war are at least 20% more likely to have religious gravestones. This effect sets in almost immediately, persists even after 50 years, and generalizes across space and societal strata. |
| Keywords: | War, Religion, Vietnam Draft Lottery, Grave |
| JEL: | Z12 N30 N40 P00 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2024_614 |
| By: | Dybvig, Philip (Washington University) |
| Abstract: | This biography is intended to talk about how my early life contributed to my development as a scholar. This is necessarily speculative, since I have no evidence of what would have happened if my early life had been different. However, my impression is that my development as a scholar built on using my brain on various passions when I was young. I have always been curious about many things, and for me the breadth of interests provided a lot of ideas that could be combined in doing research. I read most of the mystery and science fiction books and many biographies in the local public library, and I read a lot of math and science outside the relatively small amount required for school. I did a lot of experiments with my chemistry set, which unlike chemistry sets today that have been regulated down to a few experiments with dyes, had a lot of interesting chemicals including a lot of chemicals I bought that were not in the original set. I also spent a lot of time solving puzzles. I was also interested in astronomy, and I participated in a regional astronomy club where I attended meetings and built my own telescope, grinding and polishing the mirror myself. In this essay, I will focus on two other interests that seemed to have a profound impact on my development, playing music and playing games. |
| Keywords: | Banking; Financial crises |
| JEL: | E53 G21 G28 |
| Date: | 2023 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2022_013 |
| By: | Galán, Juan Sebastián (Universidad de los Andes) |
| Abstract: | This paper examines the persistent effects of Crown versus settler colonialism. Exploiting a spatial regression discontinuity design in Mexico, I document that regions where the relative power of the colonial state over settler elites was higher exhibit higher historical and contemporary economic prosperity. In contrast to the view that Crown judges disproportionately weakened property rights, court records analyzed with natural language processing algorithms suggest they constrained settlers from expropriating indigenous lands. In the long-run, a feedback loop appears to have consolidated an emerging rural middle class, whose relative enfranchisement tied it less to patronage politics, encouraging public good provision and labor mobility out of agriculture. |
| Keywords: | Colonialism; courts; property rights; economic development; Mexico. |
| JEL: | D73 K40 N46 O12 P14 |
| Date: | 2024–12–02 |
| URL: | https://d.repec.org/n?u=RePEc:col:000089:021268 |
| By: | Easaw, Joshy (Cardiff Business School); Sun, Yang (Cardiff Business School) |
| Abstract: | Recent studies show that significant historical events, particularly the slave trade, had an impact on contemporary African economies. The transmission mechanisms, however, are not well established. The purpose of the present paper is to consider two such transmission mechanisms, notably militarism and economic institutions. The present paper explores the impact of the historical slave trade, or exports, on institutions in two ways. Firstly, its impact on contemporary militarism as a political institution and, secondly, its impact on economic institutions, in particular property rights enforcement. The analysis uniquely shows the causal link between an important aspect of the historical slave trade, notably the import of military arms, and current African institutions. Finally, we also show that contemporary militarism, especially in the affected African economies, has a direct impact on their incomes. |
| Keywords: | African slave exports, militarism, property rights, institutions, average incomes |
| JEL: | N17 N47 O43 O55 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:cdf:wpaper:2024/22 |
| By: | Mitchener, Kris James (Santa Clara University, CAGE, CESifo, CEPR & NBER); Wandschneider, Kirsten (University of Vienna) |
| Abstract: | The Great Depression is the canonical case of a widespread currency war, with more than 70 countries devaluing their currencies relative to gold between 1929 and 1936. What were the currency war’s effects on trade flows? We use newly-compiled, high- frequency bilateral trade data and gravity models that account for when and whether trade partners had devalued to identify the effects of the currency war on global trade. Our empirical estimates show that a country’s trade was reduced by more than 21% following devaluation. This negative and statistically significant decline in trade suggests that the currency war destroyed the trade-enhancing benefits of the global monetary standard, ending regime coordination and increasing trade costs. |
| Keywords: | currency war, monetary regimes, gold standard, competitive devaluations, “beggar thy neighbor, †gravity model JEL Classification: F14, F33, F42, N10, N70 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:cge:wacage:740 |
| By: | Heng-fu Zou (The World Bank) |
| Date: | 2024–11–23 |
| URL: | https://d.repec.org/n?u=RePEc:cuf:wpaper:705 |
| By: | Andres Blanco; Corina Boar; Callum J. Jones; Virgiliu Midrigan |
| Abstract: | We develop a tractable sticky price model in which the fraction of price changes evolves endogenously over time and, consistent with the evidence, increases with inflation. Because we assume that firms sell multiple products and choose how many, but not which, prices to adjust in any given period, our model admits exact aggregation and reduces to a one-equation extension of the Calvo model. This additional equation determines the fraction of price changes. The model features a powerful inflation accelerator—a feedback loop between inflation and the fraction of price changes—that significantly increases the slope of the Phillips curve during periods of high inflation. Applied to the U.S. time series, our model predicts that the slope of the Phillips curve ranges from 0.02 in the 1990s to 0.12 in the 1970s and 1980s. |
| Keywords: | Phillips curve; inflation; price rigidities |
| JEL: | E31 E32 E52 |
| Date: | 2024–09–23 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedawp:99192 |
| By: | Angel De la Fuente |
| Abstract: | This Working Paper provides a brief description of the latest update of RegData, a database containing the main economic and demographic aggregates for Spanish regions over the last seven decades. This Working Paper provides a brief description of the latest update of RegData, a database containing the main economic and demographic aggregates for Spanish regions over the last seven decades. |
| Keywords: | homogeneous series, series homogéneas, income, renta, RegData, RegData, regional population of Spain, población regional de España, jobs, empleos, Spain, España, Macroeconomic Analysis, Análisis Macroeconómico, Regional Analysis Spain, Análisis Regional España, Public Finance, Finanzas Públicas, Working Paper, Documento de Trabajo |
| JEL: | E01 R1 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:bbv:wpaper:2501 |
| By: | Vasily Astrov (The Vienna Institute for International Economic Studies, wiiw); Branimir Jovanović (The Vienna Institute for International Economic Studies, wiiw) |
| Abstract: | This article examines trends in population, labour, prices, incomes and consumption across eight Eastern European countries – Bulgaria, Czechoslovakia, East Germany, Hungary, Poland, Romania, the Soviet Union and Yugoslavia – between 1950 and 1990. It finds that, despite persistent shortages, economic and social conditions generally improved until the late 1970s. Incomes and consumption rose steadily, and access to education and health care expanded, often at rates comparable to or even surpassing those in some Western European economies. However, the 1980s brought mounting economic challenges, as the state increasingly lost labour to the informal sector, wages and incomes stagnated, inflation surged in several countries, and consumption growth began to slow significantly. wiiw COMECON Dataset https //comecon.wiiw.ac.at/ |
| Keywords: | population, labour, incomes, prices, consumption, living standards, well-being, Eastern Europe, socialism |
| JEL: | N34 P22 P23 P24 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:wii:wpaper:255 |
| By: | David Escamilla-Guerrero; Miko Lepistö; Chris Minns |
| Abstract: | This paper uses newly digitized Canada-Vermont border crossing records from the early twentieth century to document substantial differences in how female and male migrants sorted across US desti nation counties by earnings potential. Income maximization largely explains sorting patterns among men. For single women, gender-based labor market constraints were important, with locations offering more work opportunities attracting women with higher earnings capacity. Among married women, destination choices were much less influenced by labor market characteristics. These findings reveal how labor market constraints based on gender and marriage influence the allocation of migrant talent across destinations. |
| Date: | 2025–01–07 |
| URL: | https://d.repec.org/n?u=RePEc:oxf:esohwp:_214 |
| By: | Michael D. Bordo; Edward Simpson Prescott |
| Abstract: | We evaluate the decentralized structure of the Federal Reserve System as a mechanism for generating and processing new ideas on banking policy in the 1950s and 1960s. We document that demand for research and analysis was driven by banking industry developments and legal changes that required the Federal Reserve and other banking regulatory agencies to develop guidelines for bank mergers. In response to these developments, the Board and the Reserve Banks hired industrial organization economists and young economists out of graduate school who brought in the leading theory of industrial organization at the time, which was the structure, conduct, and performance (SCP) paradigm. This flow of ideas into the Federal Reserve from academia paralleled the flow that was going on in monetary policy and macroeconomics at the time and contributed to the increased professionalization of research at the Federal Reserve. We document how several Reserve Banks, particularly Boston and Chicago, innovated by creating dissertation support programs, collecting specialized data, and creating the Bank Structure Conference, which became the clearinghouse for academic work on bank structure and later for bank risk and financial stability. We interpret these examples as illustrating an advantage that a decentralized central bank has in the production of knowledge. |
| Keywords: | Federal Reserve System; banking; industrial organization; financial regulation; governance |
| JEL: | B2 E58 G2 H1 L1 |
| Date: | 2025–01–06 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedcwq:99372 |
| By: | Wu, Qiang; Tong, Guangyu; Zhou, Peng (Cardiff Business School) |
| Abstract: | This paper attempts to describe and explain the long-term evolution of wage inequality in imperial China, covering over two millennia from the Han dynasty to the Qing dynasty (202 BCE-1912 CE). Based on historical government records of official salaries, commodity prices, and agricultural productivity, we convert various forms of salaries to equivalent rice volumes and comparable salary benchmarks. Wage inequality is measured by salary ratios and (partial) Gini coefficients between official and peasant classes as well as within the official class. The inter-class wage inequality features an “inverted U†pattern—first rose before the Tang dynasty and then declined afterwards (the “inverted U†trends) with “inverted u†dynastic cycles. The intra-class wage inequality has a secular decline trend. We propose a unified framework incorporating technological, institutional, political, and social (TIPS) mechanisms to explain both long-term and short-term patterns. It is concluded that the technological mechanism dominated the rise of wage inequality, while the political mechanism (emperor-bureaucracy power tensions) drove the decline. |
| Keywords: | Inequality; Growth; Social Norms; China |
| JEL: | D31 P16 N15 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:cdf:wpaper:2024/23 |
| By: | Claude DIEBOLT (BETA/CNRS, Université de Strasbourg et Association Française de Cliométrie); Faustine PERRIN (Department of Economic History, Lund University, Lund, Sweden) |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:afc:wpaper:03-24 |
| By: | Irene Jacqz; Tugba Somuncu; John Voorheis |
| Abstract: | Tens of millions of people in the U.S. may be exposed to drinking water contaminated with perand poly-fluoroalkyl chemicals (PFAS). We provide the first estimates of long-run economic costs from a major, early PFAS source: fire-fighting foam. We combine the timing of its adoption with variation in the presence of fire training areas at U.S. military installations in the 1970s to estimate exposure effects for millions of individuals using natality records and restricted administrative data. We document diminished birthweights, college attendance, and earnings, illustrating a pollution externality from military training and unregulated chemicals as a determinant of economic opportunity. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:cen:wpaper:24-72 |
| By: | Claude DIEBOLT (BETA/CNRS, Université de Strasbourg et Association Française de Cliométrie); Faustine PERRIN (Department of Economic History, Lund University, Lund, Sweden) |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:afc:wpaper:04-24 |
| By: | Abramitzky, Ran (Stanford University, NBER); Greska, Lena (University of Munich); Pérez, Santiago (UC Davis, NBER); Price, Joseph (Brigham Young University (BYU), NBER); Schwarz, Carlo (Bocconi University, CEPR); Waldinger, Fabian (University of Munich, CEPR) |
| Abstract: | We explore how socio-economic background shapes academia, collecting the largest dataset of U.S. academics’ backgrounds and research output. Individuals from poorer backgrounds have been severely underrepresented for seven decades, especially in humanities and elite universities. Father’s occupation predicts professors’ discipline choice and, thus, the direction of research. While we find no differences in the average number of publications, academics from poorer backgrounds are both more likely to not publish and to have outstanding publication records. Academics from poorer backgrounds introduce more novel scientific concepts, but are less likely to receive recognition, as measured by citations, Nobel Prize nominations, and awards. |
| Keywords: | Academics, Socio-economic Background, Science, U.S. census JEL Classification: |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:cge:wacage:739 |
| By: | Giorgio Brosio (Department of Economics, University of Torino, Italy) |
| Abstract: | This paper provides a comprehensive examination of the evolution of fiscal federalism literature, challenging the widely held belief that it began with the First Generation Theory. It highlights the foundational contributions of Tocqueville, Stuart Mill, and other classical thinkers, illustrating how their insights on centralization, decentralization, and government motivations laid the groundwork for later developments. The paper critically evaluates the generational classifications in fiscal federalism theory, arguing that such divisions risk obscuring diverse and significant contributions. Key phases of the literature, including the "Golden Period" from the 1950s to the 1990s and the subsequent Second Generation Theory, are explored, with attention to landmark ideas like Musgrave's stabilization-allocation framework, TieboutÕs mobility model, and Buchanan's club theory. The paper concludes by addressing contemporary challenges in fiscal federalism, including global risks, decentralized governance in developing countries, and the intersection of political economy with local government studies. |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:ays:ispwps:paper2409 |
| By: | Goldin, Claudia (Harvard University) |
| Abstract: | There are many roads one can take in life. But to what extent will your life choices decide what kind of person you become? Listen to our podcast conversation with economist and laureate Claudia Goldin, as we discuss the choices that brought her to this moment in time. |
| Keywords: | Gender in labor markets; |
| JEL: | J70 J71 J78 |
| Date: | 2024–06–06 |
| URL: | https://d.repec.org/n?u=RePEc:ris:nobelp:2023_004 |
| By: | Fotouhi, Babak (University of Maryland College Park); Tohidi, Amir; Touserkani, Rouzbeh; Bushman, Brad J. |
| Abstract: | This study analyzes trends of violence in movie dialogues over the past 50 years using a dataset of over 160, 000 films. Results show that mentions of violent actions have an overall increasing trend. After controlling for genre, non-crime movies also exhibit such an increasing trend, across the cases of male characters, female characters, as well as all characters combined. |
| Date: | 2025–01–03 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:akuqn |
| By: | Mathias Drehmann; Mikael Juselius; Sarah Quincy |
| Abstract: | This paper reviews the debt service ratio (DSR) as a theoretically well-grounded indicator of systemic risk. The DSR has the desirable feature that it fluctuates around a stable level which makes its early warning signals easy to understand and communicate. In contrast, current early warning indicators (EWIs) based on credit-developments lack clear economic interpretations and require statistical detrending, which can reduce their accuracy and usefulness for macroprudential policymakers. The review of the literature shows that the DSR provides highly accurate early warning signals for crises and future economic slowdowns, outperforming traditional credit-based indicators. By extending the measurement of the DSR back to the 1920s – a novel contribution in this paper – we demonstrate its EWI effectiveness across different historical periods and show that the DSR acts as an upper limit on benign financial deepening. The paper also outlines questions for future research. |
| Keywords: | macroprudential policy, early warning indicators, financial crises, debt service ratio, financial deepening, economic history |
| JEL: | E32 E44 G01 N20 |
| URL: | https://d.repec.org/n?u=RePEc:bis:biswps:1235 |
| By: | Cormun, Vito; Ristolainen, Kim |
| Abstract: | Leveraging Wall Street Journal news, recent developments in textual analysis, and generative AI, we estimate a narrative decomposition of the dollar exchange rate. Our findings shed light on the connection between economic fundamentals and the exchange rate, as well as on its absence. From the late 1970s onwards, we identify six distinct narratives that explain changes in the exchange rate, each largely non-overlapping. U.S. fiscal and monetary policies play a significant role in the early part of the sample, while financial market news becomes more dominant in the second half. Notably, news on technological change predicts the exchange rate throughout the entire sample period. Finally, using text-augmented regressions, we find evidence that media coverage explains the unstable relationship between exchange rates and macroeconomic indicators. |
| Keywords: | Exchange rates, big data, textual analysis, macroeconomic news, Wall Street Journal, narrative retrieval, scapegoat |
| JEL: | C3 C5 F3 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:bofrdp:306349 |
| By: | McLaughlin, Eoin (Heriot-Watt University); Sharp, Paul (University of Southern Denmark, CAGE, CEPR); Skovsgaard, Christian Volmar (University of Southern Denmark); Vedel, Christian (University of Southern Denmark) |
| Abstract: | Agricultural cooperation is seen as a way to solve collective action problems and has been associated with high social capital and other beneficial impacts in the countryside beyond productivity increases. But what if it comes into conflict with existing private concerns? The Irish dairy cooperatives from the 1890s entered a contested market for milk, and soon became associated with various degrees of conflict: legal disputes and physical violence. We hypothesize that this led to poor social capital, manifesting in conflict during the Irish War of Independence. We analyze novel data on cooperative and private creameries, as well as measures of conflict. Our findings indicate a significant positive correlation between the presence of cooperatives and local conflict intensities, persisting even after controlling for various confounders. An instrumental variable approach based on prior specialization in dairying validates this. Cooperation might thus both reflect social capital but also have pernicious impacts on it. |
| Keywords: | Ireland, Cooperatives, Social Capital, Market Contestation JEL Classification: N53, N54, Q13, Z13 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:cge:wacage:737 |
| By: | Rémy Herrera (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This article intends to return to Marx's theory of the State to show that this author left us numerous and fruitful elements, the analyzes of which deserve to be meditated on today. From the conception of the State as an alienated expression of civil society to that of the organization of the dominant class, then from that of the apparatus or machine to that of the lever of the revolution, Marx's interpretation has evolved to become more complex, and enriched. We should also know how to situate this State at the heart of the dynamic of capital accumulation, in particular through its role relative to money, itself located between value and profit, but also in its interventions in colonial and commercial policies. Finally, the article insists on the fact that capitalism is today in an impasse and doomed, its State being experiencing more and more difficulties in the face of the deep contradictions of this system. This is the reason why Marxism still remains an essential theoretical reference. |
| Keywords: | Marxian theory, State, capitalism, crisis, revolution |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:hal-04796811 |
| By: | Artem Kochnev |
| Abstract: | This paper examines labour productivity convergence in manufacturing of the planned and market economies in the setting of the oil price shocks of the 1970s. Using the wiiw COMECON Dataset and the KLEMS dataset, the paper constructs a single-digit industry-level productivity metric for selected industries and applies a difference-in-difference estimator to estimate the impact of the oil price shocks on convergence in productivity levels across industries between 1970 and 1985. Although the paper does not find an impact of the oil price shocks on convergence of the command economies, it does detect an accelerating impact on the convergence process of the market economies. wiiw COMECON Dataset https //comecon.wiiw.ac.at/ |
| Keywords: | Labor Productivity, Convergence, Planned Economies, Oil price shocks, Manufacturing, Productivity, Competitiveness, Difference-in-Difference, COMECON Dataset, KLEMS Dataset, Structural change |
| JEL: | O47 N64 P23 L60 Q43 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:wii:wpaper:257 |
| By: | Deepa Dhume Datta; Nitzan Tzur-Ilan |
| Abstract: | To better understand the stalled progress of women in economics, we construct new data on women's representation and research output in one of the largest policy institutions—the Federal Reserve System. We document a slight increase in women’s representation over the past 20 years, in line with academic trends. We also document a significant gender gap in research output, especially for years in which economists have greater domestic responsibilities, but nearly absent gender gaps in policy output and career progression. This work complements existing research on women in academia, allowing a more comprehensive examination of progress in the economics profession. |
| Keywords: | Central banks; Diversity; Gender inequality; Leaky pipeline; Research output |
| JEL: | J16 A14 E58 |
| Date: | 2024–12–05 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfe:2024-92 |
| By: | Heng-fu Zou (The World Bank) |
| Date: | 2024–11–28 |
| URL: | https://d.repec.org/n?u=RePEc:cuf:wpaper:707 |
| By: | Federle, Jonathan; Meier, André; Müller, Gernot J.; Mutschler, Willi; Schularick, Moritz |
| Abstract: | Amid escalating geopolitical tensions, we offers insights into the far-reaching consequences of wars. Based on a new dataset on major conflicts since 1870, the findings show that wars cause a substantial decline in GDP and spike in inflation within war zones. Interestingly, countries geographically close to war zones experience significant economic disruptions, even when neutral to the conflict, whereas countries far from the conflict may see minimal to slightly positive spillovers. The study demonstrates how wars represent a massive negative supply shock, with geographical proximity and trade integration explaining the varying effects on different countries. |
| JEL: | E50 F40 F50 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwkie:307007 |
| By: | Andersson, Fredrik W. (Statistics Sweden); Wadensjö, Eskil (Stockholm University) |
| Abstract: | The number of immigrants to Sweden has increased significantly in the last two decades. In 1990, 9 percent of the population was born abroad. Just over 60 percent of them were born in Finland, Norway and Denmark. Thirty years later, the corresponding figure of foreign born is 20 percent. The composition has also changed. Many have arrived as refugees mainly from countries outside Europe until the great wave of refugees from Ukraine in 2022. We concentrate in this article on one group, those who have come from Afghanistan, and examined how it has gone for them to establish themselves in the labour market in Sweden. |
| Keywords: | Swedish labour market, employment, migrants, Afghanistan |
| JEL: | F22 J15 J21 J60 J61 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17562 |
| By: | Patrice T. Robitaille; Brent Weisberg; Tony Zhang |
| Abstract: | In the late 1990s and early 2000s, Brazil, Chile, Colombia, Mexico, and Peru (hereafter referred to as the Latin 5) adopted inflation targeting frameworks as their monetary policy strategy, allowing greater exchange rate variability than in the past. By taking this step, policy makers aimed to put an end to a historical record of high and variable inflation. |
| Date: | 2024–12–20 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedgfn:2024-12-20-2 |
| By: | Jarod Coulter; Braden Strackman; Mark A. Wynne |
| Abstract: | The problem of accurately measuring inflation in the face of constant improvement in the quality of goods is a long-standing one in economics. This paper uses a novel dataset on the prices of the travel guidebooks published by the German publishing house Baedeker between 1832 and 1944 to construct a hedonic price index for guidebooks. Comparing these indexes to the list prices of these guidebooks, we show that the failure to adjust for improvements in the quality of the guidebooks over time imparts a substantial upward bias to measured inflation. For example, for German-language guidebooks, nominal prices increased 76 percentage points more than quality-adjusted prices between 1843–1913, suggesting an average upward bias over this period of 1.1 percentage points a year. Similarly, we find substantial average upwards bias of 1.5 and 1.7 percentage points a year for French-language guidebooks over 1859–1913 and English-language guidebooks over 1868–1913, respectively. |
| Keywords: | inflation measurement; quality change; measurement bias |
| JEL: | C8 E3 N1 |
| Date: | 2024–11–26 |
| URL: | https://d.repec.org/n?u=RePEc:fip:feddwp:99213 |
| By: | Rémy Herrera (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This new volume of Research in Political Economy is devoted to themes related to various "trajectories of declining and destructive capitalism, " within the framework of contemporary Marxism. To discuss these themes, we brought together 15 texts, written by 20 social scientists from 10 countries. These authors are, for some, internationally renowned and experienced personalities, and for others, young researchers starting their careers, but all working in their own way to strengthen Marxism in order to apply its powerful methods to the interpretation and, above all, the transformation of the world. Their contributions deal with 12 economies, covering five continents: Germany, Great Britain, France, Spain, Senegal, South Africa, Lebanon, Iran, India, Papua New Guinea and Chile in the current period or very near pastplus two other countries, China and Cuba, in their more distant past preceding their respective socialist revolutions. |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:hal-04796827 |
| By: | WASHIDA Yuichi; HIGO Ai |
| Abstract: | In-house design organizations in Japanese companies have a history spanning over 70 years, during which their organizational roles have evolved. However, investment in design as a managerial resource is still often regarded as mainly a cost-increasing factor, and the integration of design into the upstream stages of management processes remains insufficient. In recent years, the adoption of design thinking has gained traction, but its dissemination has been limited. It can be concluded that addressing both the downstream stages of design within individual business units and the upstream stages remains necessary. This study provides critical insights for considering the future role of design organizations within corporations. |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:eti:rdpsjp:24029 |
| By: | Heng-fu Zou (The World Bank) |
| Date: | 2024–12–02 |
| URL: | https://d.repec.org/n?u=RePEc:cuf:wpaper:713 |
| By: | Federle, Jonathan-Julian; Mohr, Cathrin; Schularick, Moritz |
| Abstract: | We study the political consequences of inflation surprises, focusing on votes for extremist and populist parties in 365 elections in 18 advanced economies since 1948. Inflation surprises are regularly followed by a substantial increase in vote shares of extremist, anti-system, and populist parties. An inflation surprise of 10 percentage points leads to a 15% increase in their vote share, comparable to the increase typically seen after financial crises. We show that the change in voting behavior is particularly pronounced when real wages decline, and less evident when real wages are not affected. Our paper points to considerable political after-effects of unexpected inflation. |
| Keywords: | Inflation, Economic Voting, Extremism, Populism, Radicalization |
| JEL: | D72 E31 N40 N10 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ifwkwp:308099 |
| By: | Tomohiro Hirano (Royal Holloway, University of London); Alexis Akira Toda (Emory University) |
| Abstract: | Historical trends suggest the decline in the importance of land as a production factor, as evidenced by the decline in the employment and GDP shares of land-intensive industries. However, land continues to be a prominent store of value, as over half of household wealth in major countries is real estate. To explain this apparent disconnection between land output and land value, in a plausible economic model with land and aggregate risk, we theoretically study the long-run behavior of land prices and identify economic conditions under which land becomes overvalued relative to the fundamentals defined by the present value of land rents. Unbalanced growth together with the elasticity of substitution between production factors plays a critical role. We establish the Land Overvaluation Theorem: when the elasticity of substitution between land and non-land factors exceeds 1 (which is natural because we can create more space by constructing taller buildings with fixed land) and technological progress is faster in nonland sectors, land overvaluation necessarily emerges. As applications of the Theorem, we present three examples. (i) Land overvaluation emerges along the long-run transition from the Malthusian agricultural economy to the modern knowledge- and service-based economy. (ii) With aggregate uncertainty, land prices exhibit recurrent stochastic fluctuations around the trend, with expansions and contractions in the size of land overvaluation. (iii) In modern economies, land use is also changing and urban land has high value. We present a model of urban land prices and show that land overvaluation emerges in the process of urban formation characterized by unbalanced growth. |
| Keywords: | aggregate uncertainty, bubble, elasticity of substitution, land price, unbalanced growth |
| JEL: | D53 G12 O41 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:cfm:wpaper:2442 |
| By: | Galán, Juan Sebastián (Universidad de los Andes) |
| Abstract: | This study examines the intergenerational effects of providing land to the rural poor. I use ID numbers to track applicants to the 1968 Colombian agrarian reform and their children in various administrative data. Exploiting discontinuities in the allocation of parcels, I find that the children of recipients exhibit higher intergenerational mobility. In contrast to the view that land would tie them to the countryside, today these children participate more in the modern economy. They have better living standards and are more likely to work in formal and high-skilled sectors. These findings appear driven by a relief of credit constraints that allowed recipient families to migrate to urban centers and invest in the education of their children. |
| Keywords: | Intergenerational mobility; agrarian reform; modern economy; Colombia. |
| JEL: | E24 J62 N36 O15 Q15 |
| Date: | 2024–11–28 |
| URL: | https://d.repec.org/n?u=RePEc:col:000089:021266 |
| By: | Heng-fu Zou (The World Bank) |
| Date: | 2024–11–28 |
| URL: | https://d.repec.org/n?u=RePEc:cuf:wpaper:709 |
| By: | Rémy Herrera (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The texts collected here and made available to Spanish-speaking readers constitute a body of work of immense theoretical and practical value. Although they are not the complete works of Isabel Monal - her writings would not fit into a single volume, far from it - what they do offer a glimpse of is an invaluable body of work. I shall endeavour to explain, briefly, how the availability of these works on Marx and Marxism represents an opportunity and a considerable contribution for us all, but also to relate them to and put them in dialogue with other major writings by the author, in particular those she devoted to José Martí and Cuba, in order to show their general organisation and their profound coherence. |
| Date: | 2024–02 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:hal-04796790 |
| By: | Kim, Yong Jin |
| Abstract: | The paper presents a theoretical model and its simulation to explore the process of the fall of nations by focusing on moral and cultural decline, as well as military overstretch. In the model, a representative agent divides his time among military spending, material production, the consumption of scientific ideas and that of religious ideas. Both religious and scientific capital accumulate through learning-by-doing mechanism of the consumption of religious ideas and that of scientific ideas, respectively, at the national level. ‘Religious’ means ‘decadent’ or ‘nonproductive emotional’. Scientific capital boosts income, while religious capital does not. And wealthier nations experience increased decadence and military overstretch, which in turn accelerates moral and cultural decline, increasing the growth rate of religious capital and reducing that of scientific capital and income. The pseudo saddle path with a higher substitutability between religious and scientific idea consumption leads to a steady state like equilibrium. But it endogenously forks into one of two extreme potential outcomes, a religion (decadence) dominated path with slow income growth or a science dominated path with rapid growth, based on the initial conditions and policies. Affluent nations with a high level of decadence or of military overstretch are more prone to rapid decline after peaking, forking into a religion dominated path with slow income growth. The paper suggests that effective policy interventions, such as reducing decadence and military overstretch, increasing the consumption of scientific ideas, and maintaining balanced military spending, could help guide nations toward a science dominated path with sustained growth. These policies could prevent nations from veering into a religion dominated path with slow income growth. |
| Keywords: | the rise and fall of nations, decadence, overstretch, saddle path equilibrium, learning by doing |
| JEL: | H56 N10 O43 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:307914 |
| By: | James (Jim) C. MacGee; Joel Rodrigue |
| Abstract: | Gross domestic product (GDP) per adult in Canada fluctuated between 70% and 90% of that of the United States between 1960 and 2020. Behind this gap lie large, systematic differences in relative incomes across the Canadian and US income distributions. There are small differences in average incomes among lower percentiles of the income distribution while large gaps exist for high-income earners, with larger gaps for business owners and the university-educated. Using data from the World Inequality Database, we find that the top 10% of the income distribution accounts for three-quarters of the gap in GDP per adult between Canada and the United States and up to two-thirds of the measured labour productivity gap. While average hours worked per working-age adult in Canada and the United States were similar in 1970 and 2019, persistent shifts in relative hours worked per adult appear to play a significant role in measured labour productivity differences between 1970 and 2019. Our work suggests that selective emigration of high-ability workers—commonly referred to as brain drain—to the United States may play a significant role in accounting for the gaps in GDP per adult and labour productivity. The lower level of innovative activities in Canada is consistent with larger income gaps for high-income earners. |
| Keywords: | Productivity |
| JEL: | D31 E24 J24 J61 N12 O47 O51 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:bca:bocawp:24-49 |