Macro cross-country data and micro US county data indicate that resource rich regions have small and productive manufacturing sectors and large and unproductive non-manufacturing sectors. We suggest a process of specialization to explain these facts. Windfall revenue induces labor to move from...

During the 90s the increase in health spending which compared to the overall growth had taken place at a rather rapid pace experienced a worldwide slow-down. In relation to overall economic growth and the expansion of other countries' health care systems, Austria's system grew below average- a...

We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...