The combination of consumer preferences, technological changes, and different income elasticities among goods and services can generate inequalities among agents leading to winners and losers. Inspired by these mechanisms, we pose the following research question: "Can immiserizing growth (IG)...

We document that U.S. employment polarization in the 1980-2008 period is largely generated by women. Female employment shares increase both at the bottom and at the top of the skill distribution, generating the typical U-shape polarization graph, while male employment shares decrease in a more...

We use a two-sector model of structural transformation and balanced growth to show that the real interest rate, measured as the return on capital in units of GDP or in units of aggregate consumption, declines as income grows. This is due to the differential TFP growth in the goods producing...

We document the twin crisis that affected Spain in the mid-1860s. First, we trace back its origins to the international crisis of 1864-66. Next, we describe the particular banking sector of Spain, characterized by the coexistence of the Bank of Spain with multiple local banks of issue. We...