We find that each of the past four generations of Americans was better off than the previous one, using a post-tax, post-transfer income measure constructed annually from 1963-2022 based on the Current Population Survey Annual Social and Economic Supplement. At age 36-40, Millennials had a real...

The UK's decision to leave the EU continues to have major economic, political and social implications. It is therefore unsurprising that the reasons behind Brexit have been widely discussed. However, whilst existing empirical evidence has tended to focus on specific factors, we undertake a...

The existence of an environmental limit in the Solow-Swan economy changes the nature of economic growth, but does not preclude it. When atmospheric greenhouse gases reach a predetermined absolute threshold, further growth requires a permanently expanding, resource-intensive mitigation effort. If...

Fifty years ago, China sent more than 16 million urban youths aged 16-19 to rural villages to work and they spent between 1 and 10 years there. This is known as the "sent-down youth" (SDY) program. This paper examines how this internal migration impacted rural economic development in the regions...

Industrial policies, such as infrastructure investments and export tariffs, affect the allocation of labor and incomes across sectors, attracting substantial lobbying efforts by special interest groups. Yet, the link between structural change and lobbying remains underexplored. Using more than...

This paper analyses the impact of credit expansions arising from increases in collateral values or lower interest rate policies on long-run productivity and economic growth in a two-sector endogenous growth economy with credit frictions, with the driver of growth lying in one sector...