The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...

Monetary policy is superneutral in an overlapping generations model. Previous authors have argued that superneutrality does not hold in such a setting. However, the standard results rely on the counter-factual premise of helicopter money and are overturned if money creation through open market...

This paper examines the long run education and labor market effects from early-life exposure to the Greek 1941-42 famine. Given the short duration of the famine, we can separately identify the famine effects for cohorts exposed in utero, during infancy and at one year of age. We find that...