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innovating with respect to their understandings of the world in which they operate, the technologies they master, their … technological evolution; (ii) The theory of the firm in evolving environments; (iii) The formalization of learning processes; (iv …) the theory of production; (v) consumption patterns; (vi) economic interactions and the working of markets; and, (vii) The …
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The paper investigates the role of real exchange rate misalignment on long-run growth for a set of ninety countries using time series data from 1980 to 2004. We first estimate a panel data model (using fixed and random effects) for the real exchange rate, with different model specifications, in...
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The estimation of an ordered probit model for currency reforms trying to end 31 hyperinflations and three big inflations of the 20th century shows that the introduction of an independent central bank and the adoption of a credibly fixed exchange rate are crucial for the success of a currency...
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This paper provides empirical evidence in favor of the hypothesis that the secular price increase in the 16th century is mainly caused by money supply developments as the discovery of new mines in Latin America. First we review price developments for several European countries over the 16th...
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