production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are … adapted to be produced using unskilled labor. Our framework highlights a number of novel results. First, standardization is … standardization rate (and of competition). Second, we characterize the growth and welfare maximizing speed of standardization. We show …

During the past two decades, there has been a dramatic change in IPO activity around the world. Though vibrant IPO … the U.S. has fallen compared to the rest of the world and U.S. firms go public less than expected based on the economic …

recorded since the end of World War II, surpassing the heights reached during the First World War and the Great Depression. At …

that accelerated even more up to 1950-1975. What explains the spread of the industrial revolution world-wide and this … to have taken resource advantages away from the European and North American leaders, and integrating world financial …

In recent years, large fluctuations in world food prices have renewed interest in the question of how monetary policy …-superior to alternative policy rules once the variance of food price shocks is as large as in real world data …