partnerships. Without these additional institutional elements, society risks fragmentation that imperil both income growth and … that shape market outcomes) with minimum risks. However,when societies become more equitable in ways that lead to greater …

Past research on aid and growth is flawed because it typically examines the impact of aggregate aid on growth over a … positive, causal relationship between this 'short-impact' aid and economic growth (with diminishing returns) over a four …-year period. The impact is large: at least two-to-three times larger than in studies using aggregate aid. Even at a conservatively …

Any attempt to measure the impact of the 9/11 attacks is faced with the difficulty of separating the effects of the … attacks from the impact of a wider economic recession and other simultaneous events. This study attempts to isolate the effect … of their spatial and temporal impact. While the New York office market as a whole has demonstrated remarkable resiliency …

We examine firm managers' incentives to commit fraud in a model where firms seek funding from investors and investors … can monitor firms at a cost in order to get more precise information about firm prospects. We show that fraud incentives … funded without committing fraud, whereas in bad times investors are more vigilant and it is harder to commit fraud …