A growing body of work has shown that aggregate shocks affect the formation of preferences and beliefs. This article reviews evidence from sociology, social psychology, and economics to assess the relevance of aggregate shocks, whether the period in which they are experienced matters, and...

The share of e-commerce in total credit-card spending boomed during Covid in Spain. In particular, women, youth, and urban consumers used e-commerce proportionally more during the pandemic, especially for services. Using a unique proprietary dataset on credit card transactions, we test...

Are there any differences in how workers of different skill levels respond to regional shocks? This paper addresses that question using the methodology of Blanchard and Katz (1992) and a unique data set on working-age population, labor force, and employment for five educational groups (ranging...

This paper considers the adjustment of physical capital within a country in the long run and in the short run. It uses a unique data set on income, labor, human capital, and private and public physical capital in the Spanish regions over the past two decades. In the long run, the movement of...

Intro -- Contents -- I. MOTIVATION AND RELATED STUDIES -- II. OUTPUT DROPS -- III. SHOCKS -- IV. MULTIVARIATE PROBIT ANALYSIS -- V. ROBUSTNESS AND EXTENSIONS -- VI. CONCLUSIONS -- APPENDIX TABLES AND FIGURES -- APPENDIX I. HODRICK-PRESCOTT-FILTER BASED DEFINITION OF EVENTS -- APPENDIX II. KERNEL...

Intro -- Contents -- I. INTRODUCTION -- II. BEHAVIOR OF DIFFERENT TYPES OF FINANCIAL FLOWS -- III. BEHAVIOR DURING SUDDEN STOPS IN FINANCIAL FLOWS -- IV. CONCLUSIONS AND POSSIBLE EXTENSIONS -- REFERENCES.

Which structural reforms affect the speed the regional convergence within a country? We found that domestic financial development, trade/current account openness, better institutional infrastructure, and selected labor market reforms facilitate regional convergence. However, these reforms have...

Do foreign-educated individuals play a role in promoting democracy in their home countries? Despite the large amount of private and public resources spent on foreign education, there is no systematic evidence that foreign-educated individuals foster democracy in their home countries. Using a...

This paper evaluates the performance of fiscal policy in Russia since the 1998 crisis along several dimensions, using a variety of indicators. Russia has progressed tremendously in recent years on public debt sustainability, largely thanks to the fact that the real interest rates on public debt...

After the large exchange rate depreciations following the 1997 East Asian crisis, export volumes from East Asian countries responded with a notable lag. Two main explanations for this lag have been proposed: that the policy of high interest rates limited access to domestic credit and hence...