We analyze GDP estimates for Italy, Portugal, and Spain during the period 1850-1913. The time series analysis indicates that Italy experienced a break in trend growth during the late 1890s while Spain had constant, deterministic growth during this period. Economic growth in Portugal is...

The paper explains the fall in the NAIRU from more than six pecent in the '80s to below five percent in the '90s. There is a high degree of persistence in unemployment rates across U.S. states over longer time spans. We use cross-sectional and time-series variations in U.S. regional unemployment...

We examine conditions under which group consumption is likely to involve informal and tacit reciprocity agreements rather than formal contracts and the price system. Our model shows that informal reciprocity agreements are more likely to be used when transaction costs of formal agreements are...