The authors investigate the impact of 'credit shocks' on real activity by using changes in reserve requirements to measure shocks to financial intermediation. Reserve requirement changes are often made for bank regulatory reasons and, hence, are far more exogenous with respect to macroeconomic...

This paper is the first to explore the effects of school accountability systems on high-achieving students' long-term performance. Using exceptional data from a large highly-selective state university, we relate school accountability pressure in high school to a student's university-level grades...

In this paper, the authors assert that most studies that have sought to determine the validity of purchasing power parity are flawed for two reasons. First, post-1973 data contain, by definition, only a very limited amount of the low-frequency information relevant for examination of long-run...