Despite advances in transactions technologies, paper currency still constitutes a notable percentage of the money supply in most countries. For example, it constitutes roughly 10% of the US Federal Reserve?s main monetary aggregate, M2. Yet, it has important drawbacks. First, it can help...

Both global and regional economic linkages have strengthened substantially over the past quarter century. We employ a dynamic factor model to analyze the implications of these linkages for the evolution of global and regional business cycles. Our model allows us to assess the roles played by the...

Better-educated countries have better governments, an empirical regularity that holds in both dictatorships and democracies. Possible reasons for this fact are that educated people are more likely to complain about misconduct by government officials and that more frequent complaints encourage...

The paper proposes that degree/amount relative clauses are derived via overt Degree Phrase raising out of the CP. I show that there exist two distinct types of degree relative clauses whose properties can be deduced from the differences between the two types of DegP argued to be present in the...

The literature on knowledge diffusion shows that knowledge decays strongly with distance. In this paper we document that the probability a product is added to a country?s export basket is, on average, 65% larger if a neighboring country is a successful exporter of that same product. For existing...

An important implication of the expected utility model under risk aversion is that if agents have the same probability belief, then the efficient allocations under uncertainty are comonotone with the aggregate endowment, and if their beliefs are concordant, then the efficient allocations are...

BACKGROUND: Public health research has turned towards examining upstream, community-level determinants of cardiovascular disease risk factors. Objective measures of the environment, such as those derived from direct observation, and perception-based measures by residents have both been...

Durante los noventa se han registrado procesos de desarrollo económico local que han respondido a factores de diversos tipos. Muchos de estos han sobrepasado lo que estrictamente pueda explicarse como factor económico, para enmarcarse en lo que se llaman factores enraizados en redes sociales y...

Models of ambiguity aversion have recently found many applications in dynamic settings. This paper shows that there is a strong interdependence between ambiguity aversion and the preferences for the timing of the resolution of uncertainty, as dened by the classic work of Kreps and Porteus...