We offer the first direct evidence of an implicit contract in a goods market. The evidence comes from the market for Coca-Cola. We demonstrate that the Coca-Cola Company left a written evidence of its implicit contract with its consumers—a very explicit form of an implicit contract. The...

We use U.S. county-level data to estimate convergence rates for 22 individual states. We find significant heterogeneity. E.g., the California estimate is 19.9 percent and the New York estimate is 3.3 percent. Convergence rates are essentially uncorrelated with income levels.

We use U.S. county-level data containing 3,058 cross-sectional observations and 41 conditioning variables to study economic growth and explore possible heterogeneity in growth determination across 32 individual states. Using a 3SLS-IV estimation method, we find that all statistically significant...