The paper examines the contentious issue of the extent of surplus labour that remains in China.  China was an extreme example of a surplus labour economy, but the rapid economic growth during the period of economic reform requires a reassessment of whether the second stage of the Lewis model...

Do locational fundamentals such as coastlines and rivers determine town locations, or can historical events trap towns in unfavorable locations for centuries?  We examine the effects on town locations of the collapse of the Western Roman Empire, which temporarily ended urbanization in Britain,...

Little is known about the extent and forces of urban path dependence in developing countries.  Railroad construction in colonial Kenya provides a natural experiment to study the emergence and persistence of this spatial equilibrium.  Using new data at a fine spatial level over one century...

Recent attempts to incorporate optimal fiscal policy into New Keynesian models subject to nominal inertia, have tended to assume that policy makers are benevolent and have access to a commitment technology.  A separate literature, on the New Political Economy, has focused on real economies...

The apparent success of independent central banks in conducting monetary policy has led many to argue that some form of policy delegation should also be applied to the macroeconomic aspects of fiscal policy.  A number of countries have recently established Fiscal Councils, although their role...