-shedding observed during the recent financial crisis. The paper finds that the rapid growth of the real wage, which outpaced the labor … productivity growth in most sectors, played an important role in suppressing employment creation. The paper also finds that while … and thus contribute to a weak link between real wage growth and labor productivity growth in the short term. This finding …

a similar trajectory over time, seem to have a powerful predictive information for the near-term GDP growth (up to four … relatively high predictive power regarding GDP growth, a further deterioration may imply that economic activity is likely to slow …

In what sense are institutions a deep determinant of growth? In this paper, we address this question by examining the … relationship between city growth and institutional reform in 19th century Germany, when some cities experienced deep institutional … reform as a result of French rule. Employing an instrumental-variables approach, we find there is a hierarchy of growth …