In this paper, we employ total factor productivity data adjusted for factor utilisation over the cycle, to model the dynamic interaction between TFP and employment. Our data spans twenty 2-digit SIC code manufacturing sectors in the US. There are two key results. First, we show that the impact...

We propose a model of food allocation in an economy in which property rights exist in human beings. We assume that a slave-owner allocates food over the slave's lifetime so as to maximise his own wealth. The slave's productive capacity is determined endogenously by food consumption. Food...

The article re-examines Sweden's price-level targeting during the 1930s which is regarded as a precursor of today's inflation targeting. According to conventional wisdom, the Riksbank was the first central bank to adopt price-level targeting, although in practice giving priority to exchange-rate...

In historical accounts of the world economic crisis of the 1930s, Switzerland is known for its staunch defense of the gold standard and the rise of corporatist policies. Yet, so far, the literature has not discussed the implications of these two features. This paper tries to show how the...

Applying stochastic frontier analysis, we estimate distance to frontier of countries in the production of success at the Summer Olympic Games since the 1950s. Our measures of success are medal shares and a broader concept including Olympic diplomas. Following Bernard and Busse (2004), population...