Countries within the euro zone are facing three main perils. The first is the problem of nominal divergences, which materialize in unit labor cost differences. The second is the lack of aggregate demand in Europe. This is the main issue in the short run. The third is the high level of public...

Countries within the euro zone are facing three main perils. The first is the problem of nominal divergences, which materialize in unit labor cost differences. The second is the lack of aggregate demand in Europe. This is the main issue in the short run. The third is the high level of public...

This survey reviews the recent research on trust, institutions, and economic development. It discusses the various measures of trust and documents the substantial heterogeneity of trust across space and time. The conceptual mechanisms that explain the influence of trust on economic performance...

This survey reviews the recent research on trust, institutions and growth. It discusses the various measures of trust and documents the substantial heterogeneity of trust across space and time. The conceptual mechanisms and the methods employed to identify the causal impact of trust on economic...