This paper develops data on the history of wages and prices in Beijing, Canton, Suzhou/Shanghai in China from the eighteenth century to the twentieth and compare them with leading cities in Europe, Japan and India in terms of nominal wages, the cost of living, and the standard of living. In the...

This study analyzes a two-country dynamic general equilibrium model with nominal rigidities,monopolistic competition and producer currency pricing. A quadratic approximation to the utility ofthe consumers is derived and assumed as the policy objective function of the policymakers.It is shown...

This paper provides a new theory of international capital ows. In a frameworkthat integrates factor-proportions-based trade and nancial capital ows, a novel forceemerges: capital tends to ow towards countries that become more specialized incapital-intensive industries. This `composition' eect...

This paper presents a two-country dynamic general equilibrium model with imperfectcompetition and nominal price rigidities in which productivity shocks coexist withmarkup shocks. After analyzing the features of the optimal cooperative solution, we showthat this allocation can be implemented in a...

Recent literature on the design of optimal monetary policy has shown that deviations fromprice stability are small whenever prices are sticky. This paper reconsiders this issue byintroducing capital accumulation in the model. Optimal monetary policy in this setupimplies small deviations from...

This paper exploits data on the pattern of violence across regionsand over time to estimate the impact of the peace process in NorthernIreland on house prices. We begin with a linear model that estimatesthe average treatment effect of a conflict-related killing on house prices-showing a negative...

This paper uses a unique data set on more than 600,000 mortgagecontracts to estimate a credit supply function which allows for risk-heterogeneity. Non-linearity is modeled using quantile regressions. Wepropose an instrumental variable approach in which changes in the taxtreatment of housing...

[...]This article adds to the literature by estimating andevaluating a comprehensive set of liquidity measures for theU.S. Treasury securities market. High-frequency data from theinterdealer market allow for an analysis of trading volume,trading frequency, bid-ask spreads, quote sizes, trade...

[...]In this article, we analyze the effects of September 11 on thelonger run prospects for the New York City economy. We findthat, on the one hand, several downside risks to the city’sgrowth outlook have arisen. In a worst-case scenario, theconcentration of the attack on Lower Manhattan has...

[...]Because of these concerns, this article examines the value ofthe Senior Loan Officer Opinion Survey in predicting bothlending and output.1 We find that the changes in commercialcredit standards reported by loan officers are indeed linked toaggregate loan growth. Commercial lending by U.S....