The paper estimates the correlation between tariffs and economic growth in the late nineteenth century, in the context … accumulation models. It does so for a panel of ten countries between 1875 and 1914. Tariffs were positively correlated with growth …

We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States … volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to … financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a …

We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States … primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of … that financial development has important consequences for efficiency and specialization (or diversification) of investments …

micro-based banking production, enables a contrasting characterization of the two great volatility cycles over the … historical period of 1919-2004, and enables this puzzle to be addressed more easily. The volatility divergence is explained by … the upswing in the credit volatility that kept money supply variability from translating into inflation and GDP volatility. …

investment funds traces out a mean-variance tradeoff for the growth rate of the economy. In particular, the volatility of these … and volatility. …