It is often argued that low tax rates on owner-occupied housing divert investment from equipment. This paper demonstrates that if people are heterogeneous in their propensity to save, and if there are constraints on borrowing, favorable tax treatment of owner-occupied housing up to a certain...

The level of private sector labour productivity has been particularly weak since the start of the crisis. In this paper we explore whether impairment to capital reallocation has been contributing to this weakness. The recent increase in the dispersion of output, prices and rates of return across...

Why are millions dying of neglected diseases without vaccines, and is there a way to cheaply change that? Owen Barder, Michael Kremer and Heidi Williams advocate a proposal--Advance Market Commitments--that the G8 finance ministers plan to pilot in 2006.