geopolitical factors. Using data on foreign reserves of 19 countries before World War I, for which the currency composition of … hypothetical scenario where the U.S. withdraws from the world, our estimates suggest that long-term U.S. interest rates could rise …

An ongoing controversy in the literature on the economics of higher education centers on whether the success of a …

believe utilitarianism to be insufficiently egalitarian. Second, utilitarianism does not give independent weight to other …

A long-standing challenge for welfare economics is to develop welfare criteria that can be applied to allocations with …

We suggest that the geographical patterns of income differences across the world have deep underpinnings. We emphasize … that geography's effects on development occurred exclusively through its effects on this historical institutional … characteristics of economies. Per capita incomes differ around the world in no small part because of sharp differences across regions …

We study the relationship between geography and growth. To do so, we first develop a dynamic spatial growth theory with … realistic geography. We characterize the model and its balanced growth path and propose a methodology to analyze equilibria with … different levels of migration frictions. We bring the model to the data for the whole world economy at a 1°×1° geographic …