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. The basic framework considers an economy with a large informal production sector and a heterogeneous work force. The labor … improves competitiveness, and expands the formal sector at the expense of the informal sector. Hence, in a two-sector economy …
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control inflation and influence the economy in the usual ways. The paper discusses models of fiscal limits and their … implications and lays out a research agenda to integrate political economy and empirical considerations with general equilibrium …
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) Fiscal stimulus or “helicopter drops of money” are powerful and, indeed, pull the economy out of the zero lower bound. More …
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We explore the role of government in the nexus of finance and trade starting from the earliest days of organised finance in England and then broadening the analysis to 84 countries from 1960 to 2004. For 18th century England, we find that the government expenditures and international trade did...
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Recent progress in artificial intelligence (AI) – a general purpose technology affecting many industries - has been focused on advances in machine learning, which we recast as a quality-adjusted drop in the price of prediction. How will this sharp drop in price impact society? Policy will...
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