Based on long series of per capita GDPs, we characterize the economic divergence of Argentina in the 20th century relative to a group of countries with comparable initial income per capita. We find the divergence to be considerably longer than usually conjectured, with two marked tranches in the...

Monetary policy implementation in a federal country requires both vertical (national and subnational governments) and horizontal (between subnational jurisdictions) institutional coordination. The optimal centralized monetary policy is blind and potentially nonheterogeneous at the subnational...