This paper attempts to provide a coherent general equilibrium explanation for the joint U.S-British evolution during the last thousand years. We typified this period by initial Malthusian stagnation (before 1500); discovery and colonization (between 1500 and 1750); independence of the colony and...

This article considers the question, raised by Beaudry and Portier in their recent articles, of whether "news shocks" can lead to expansions and contractions that look like business cycle movements. News shocks are to be thought of solely as affecting expectations (regarding future events) and...

This article considers the question, raised by Beaudry and Portier in their recent articles, of whether "news shocks" can lead to expansions and contractions that look like business cycle movements. News shocks are to be thought of solely as affecting expectations (regarding future events) and...