We study competition between monies that provide separate payment and non-payment (e.g., store-of-value) functions. Our central insight is that payment adoption is governed not by absolute payment superiority, but by comparative advantage between payment and non-payment roles. A money that is...

This study contributes to the limited body of research on mergers and acquisitions in primary agriculture by examining how large corporate agroholdings achieve profitable post-acquisition growth for the farms they acquire. Using System GMM estimation, we analyse farm-level data from 648 farms...

In both Italy and Spain, as in many other countries, there is a large and persistent productivity gap between less and more developed regions. The underlying drivers of these gaps can reflect many different factors. This paper leverages balance-sheet microdata to identify those drivers in the...

The international co-movement of interest rates reflects correlated business-cycle fluctuations, largely driven by demand shocks. Monetary policy in advanced economies follows domestic mandates – inflation and the output gap – and does not respond to foreign policy shocks. We derive this...

The international co-movement of interest rates reflects correlated business-cycle fluctuations, largely driven by demand shocks. Monetary policy in advanced economies follows domestic mandates - inflation and the output gap - and does not respond to foreign policy shocks. We derive this result...

The educational distribution of U.S. immigrants shifted significantly to the right in recent decades as the share without a high school diploma fell and the share with a bachelor's degree rose. This improvement coincided with a shift in immigrants' origins toward Asia and rising global education...