Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue … that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to … back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution …

After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the … Global Financial Crisis. We identify 14 “active diversifiers,” defined as countries that purchased gold and raised its share … diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold …

This paper examines innovation, deregulation, and firm dynamics over the life cycle of the U.S. ATM and debit card … debit card function) interacted with banking deregulation drove the industry shakeout. Calibrating the model to a novel … deregulation played in the industry evolution …

Labor market deregulation, intended to boost productivity and employment, is one plausible, yet little studied, driver … the impact of job protection deregulation in a sample of 26 advanced economies over the period 1970-2015, using a newly … grounded in theory-namely that job protection deregulation should have larger negative effects in industries characterized by …

full-day child care and full-day schooling, and iii) the further deregulation of the professional services sector. The … deregulation reform are relatively small due to the small size of professional services in Germany. Policy reforms i) and ii) have …

The paper investigates the economic effects of major product market reforms in some of the historically most protected … reform, including underweak macroeconomic conditions. These findings provide a clear case for intensifying product market …

This paper studies the macroeconomic effects and sequencing of (LMRs) and product (PMRs) market reforms in Morocco. It …

exporting firms, to compete and grow in the global market over time. These findings suggest that the muted price and volume …