In a controversial policy paper, Bachmann et al. (2022) argued back in March 2022 that the economic effects for Germany of a complete immediate stop of energy imports from Russia would be small, between 0.5% and 3% of GDP. Baqaee et al. (2022) even presented 0.3% GDP loss in the case of an...

The paper considers Milton Friedman’s interventions in U.S. public debate in the period from 1950 to 1968 on matters related to the Cold War between the United States and the Soviet Union. Following a discussion of Friedman’s general posture regarding the U.S./USSR conflict, three specific...

This is the first study of bread regulation in a post-World War II democratic country. Under Israel’s Labor Socialist regime, bread was mostly privately supplied. In setting prices, policymakers faced tradeoffs between producer profits/viability of small-scale producers and consumer welfare,...

This Policy Letter presents two event studies based on the pre-war data that foreshadows the remarkable way in which Russian economy was able to withstand the pressure from unprecedented package of international sanctions. First, it shows that a sudden stop of one of the two domestic producers...