We use a panel of historical patent data covering a large range of countries over the past century to study the evolution of innovation across time and space and its effect on productivity. We document a substantial rise of international knowledge spillovers as measured by patent citations since...

We use a panel of historical patent data covering a large range of countries over the past century to study the evolution of innovation across time and space and its effect on productivity. We document a substantial rise of international knowledge spillovers as measured by patent citations since...

Inflation can "grease" the wheels of the labor market by relaxing downward wage rigidity but it can also increase uncertainty and have a negative "sand" effect. This paper studies the grease effect of inflation by looking at whether the interaction between inflation and labor market regulations...

This paper documents large cross-country differences in the long run volatility of the real exchange rate. In particular, it shows that the real exchange rate of developing countries is approximately three times more volatile than the real exchange rate in industrial countries. The paper tests...