Empirical evidence shows that not all countries with high levels of corruption have suffered poor growth performance. Bad quality governance has clearly been much less damaging (if at all) in some economies than in others. Why this is so is a question that has largely been ignored, and the...

This paper documents the statistical properties of the contemporary business fluctuations in the United Kingdom. The authors study the period 1956-90 using quarterly, detrended data on key aggregate variables. They compute selected moments of the data, compare their results with those for the...