This paper surveys the theoretical and empirical literature on the effect of economic and political inequality on institutions. The current understanding suggests that unequal societies develop exploitative and inefficient institutions. Empirical research - which is scant, and has mainly...

This paper studies the distributive impact of institutional change in developing countries. In such economies, property rights systems may preserve the interests of an influential minority, who can control key-markets, access to assets and investment opportunities, especially if they enjoy...

The purpose of the present paper is to provide a simple model which explains how households (or non-experts) form their inflation forecasts. The paper contributes to the existing literature and the understanding of how inflation expectations are formed in two ways. Firstly, we present an...