This article uses data from Jordan to show the importance of accounting for the level of Effective Excess Reserves (EER) when analysing the overnight interbank rate in emerging markets. Our econometric model quantifies the classic liquidity effect, uncovers a liquidity distribution effect on...

We examine the contribution of human capital to economy-wide technological improvements through the two channels of innovation and imitation. We develop a theoretical model showing that skilled labour has a higher growth-enhancing effect closer to the technological frontier under the reasonable...