Intellectual property rights (IPRs) have been identified as key drivers of economic performance in R&D based growth models, but their impact on development has not been fully explored in development accounting exercises. We introduce IPRs to the development accounting literature, using Two-Stage...

This paper presents a generalized autoregressive distributed lag (GADL) model for conducting regression estimations that involve mixed-frequency data. As an example, we show that daily asset market information - currency and equity market movements - can produce forecasts of quarterly commodity...

Models of economic geography posit that the density of economic activity has two e¤ects that oppose each other in equilibrium: decreasing returns to productive activities due to congestion e¤ects and increasing returns that result from information spillovers and local demand externalities. In...

The introduction of the euro generated substantial interest in measuring the impact of currency unions (CUs) on trade flows. Rose’s (2000) initial estimates suggested a tripling of trade and created a literature in search of “more reasonable” CU effects. A recent meta-analysis of this...

The literature measuring the impact of Preferential Trade Agreements (PTA) and WTO membership on trade flows has produced remarkably diverse results. Rose’s (2004) seminal paper reports a range of specifications that show no WTO effects, but Subramanian and Wei (2007) contend that he does not...

This paper shows that for five small commodity-exporting countries that have adopted inflation targeting monetary policies, world commodity price aggregates have predictive power for their CPI and PPI inflation, particularly once possible structural breaks are taken into account. This conclusion...