How do aggregate wealth-to-income ratios evolve in the long run and why? We address this question using 1970 … able to extend our analysis as far back as 1700. We find in every country a gradual rise of wealth-income ratios in recent … recovery (itself driven by changes in capital policies since the world wars) and by the slowdown of productivity and population …

endogenous choice, groups typically vote for the reward option, even though punishment is actually more effective in sustaining …

A key input to inventive activity is human capital. Hence it is important to understand the monetary incentives of … inventors to Finnish employer-employee data. Returns are heterogeneous: Inventors get a temporary reward of 3% of annual …

that is able to bail out the bank either by injecting capital at a fixed return or by receiving an equity claim. This …

depletion are faster than demanded by the Hotelling rule. As a result, the country substitutes away from resources to capital so …

induces moral hazard. Therefore, we introduce a fiscal authority that is able to bail out the bank by injecting capital. This …

regulators try to resolve these problems. We find that liberalizing bank capital flows between economies reduces total welfare by … field' forcing international harmonization of capital requirements and deposit rates across economies. Such a policy is good … for weaker regulators whereas a laissez-faire policy under which each country chooses its own capital requirement is …