The post-1990 period witnessed the adoption of economic reforms by many developing and transition countries. While some countries experienced a single-transition to a free-market system, others underwent a dual-transition to free-markets and democracy. This study examines India and Romania as...

The COVID-19 pandemic is imposing economic and broader development challenges as never before. Policy lessons from Asia and the Pacific's past experience in dealing with shocks show that focusing on economic growth alone is not enough. Rising inequality and environmental challenges increased the...

This paper reconsiders two questions relating to India's economic growth: structural breaks in growth and the impact of equipment investment on aggregate economic growth. First, statistical tests of structural change show that economic growth in post-independence India has witnessed four...

This paper explores the aggregate economic effects from India's National Rural Employment Guarantee Scheme (NREGS), which provides up to 100 days of labor to rural laborers at the mandated minimum wage. We examine the within-district change to night-time lights and banking deposits using the...

This paper explores the aggregate economic effects from India's National Rural Employment Guarantee Scheme (NREGS), which provides up to 100 days of labor to rural laborers at the mandated minimum wage. We examine the within-district change to night-time lights and banking deposits using the...

The objective of this study is to analyse the correlation between initial conditions and cross-country macroeconomic impact of COVID-19 on OECD economies. The study uses group-wise multivariate linear regression modelling to examine the link between macroeconomic variables of interest and the...

The Black Death killed 40% of Europe's population between 1347-1352, making it one of the largest shocks in the history of mankind. Despite its historical importance, little is known about its spatial effects and the effects of pandemics more generally. Using a novel dataset that provides...

Market frictions prevent the efficient allocation of factors of production, slow down structural transformation and lead to costs in terms of lower output and aggregate total factor productivity (TFP). We use a theoretical framework developed by Aoki (2012) featuring sector-specific frictions on...

We propose a theory linking imperfect information to resource misallocation and hence to aggregate productivity and output. In our setup, firms look to a variety of noisy information sources when making input decisions. We devise a novel empirical strategy that uses a combination of firm-level...

This paper explores the causes of India`s productivity surge around 1980, more than a decade before serious economic reforms were initiated. Trade liberalization, expansionary demand, a favorable external environment, and improved agricultural performance did not play a role. We find evidence...