This paper assesses the relationship between institutions, output, and productivity, when official output is corrected for the size of the shadow economy. Our results confirm the usual positive impact of institutional quality on official output and total factor productivity, and its negative...

This paper investigates the determinants of time and money gifts. We first develop a behavioural model which accounts for both types of donations, as well as for decisions about domestic and market hours of work. We then investigate the issue empirically, using survey data for Italy. Results...

This paper introduces new data on the term in office of central bank governors in 137 countries for 1970-2004. Our panel models show that the probability that a central bank governor is replaced in a particular year is positively related to the share of the term in office elapsed, political and...

This paper analyzes whether nation-state governments can increase their credibility by becoming members of international organizations. Credibility is an important asset because it determines the real interest rate and is expected to have an important impact on investment and growth. It is...

Using microdata on the 1995 cohort of Italian high school graduates, this paper studies the relationship between the type of high school attended (general versus technical; private versus public) and indicators of subsequent performance. Simultaneity issues that potentially bias this type of...