[...]This article explores the inflation puzzle andinvestigates whether compensation has acted as either atemporary restraint on inflation or as the underlying sourceof a new inflation regime.2 After reviewing the recent behavior of inflation, we specify and estimate a traditionalprice-inflation...

This paper revisits the issue of the productivity performance of pre-World War I Britain’s railway system with an improved dataset and with modern time-series econometrics. We find a slowdown in TFP growth between 1850 and 1870, after which it stabilized at about 1.1%. An analysis of...

Among other areas such as housing and urban renewal, economic development was seen as a key factor in the recovery in Leipzig. The City Department of Economic Development and the Economic Initiative Mitteldeutschland, a lobby group representing large regional employers, designed a cluster...