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The following notice must accompany the PDF on the Contributing Author's website: This is an electronic version of an article published in The Economic History Review: complete citation information fo...
When Americans decided for independence in the spring of 1776 they faced many difficult decisions. They were declaring there independence as independent states. John Adams, leader of the Congress an...
Self-regulation is common, but comparative analysis of self-regulation and government regulation is rare. This paper identifies conditions determining whether regulation is delegated or centralized, a...
We document cross-country dierences in informal activity, government policies and institutions using a data set covering 118 countries. Five key facts emerge: better institutions are associated with l...
Farm investments in the European Union are supported by the governmental programmes. Th e evaluation of this programme is challenged through the voluntary participation and heterogeneous observation...
IN THE SUMMER OF 2007 at the annual Jackson Hole international conference for central bankers and financial officials I provided evidence that excessively low interest rates set by the United St...
The ongoing financial crisis has given a new urgency to this question. Government officials are now proposing legislation to expand significantly the role of government in the financial sector and b...
Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modelling uncertainty, it is essential that policy evaluations be robust to alternative ...
Because the ARRA grants to state and local government are fungible and not synchronized with purchases, determining the eff ect of ARRA on state and local government purchases is more diffi cult an...
An important issue in addressing the adequacy of regulation and supervision is the problem of regulatory capture, or the tendency for regulated fi rms and their government regulators to develop mutu...
Recent events have stimulated interest in the joint behavior of prices and quantities in credit markets. Data sources such as the Federal Reserve Board’s Flow of Funds Accounts (FFA) provide s...
Local governments can provide services with their own employees or by contracting with private or public sector providers. We develop a model of this ‘make-or-buy’ choice that highlights the trade-o...
Government guarantees of private debt deplete equity. The depletion is greatest during periods when the probability of a guarantee payoff is highest. In a setting otherwise subject to Modigliani-Mille...
During World War II and the Korean War, real GDP grew by about half the increase in government purchases. With allowance for other factors holding back GDP growth during those wars, the multiplier lin...

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