in the U.S. where credit markets function efficiently. In contrast, in Europe, job creation is constrained by credit … slower growth in the most credit dependent industries in Europe relative to the U.S., but the share of employment in these … industries is lower than in the U.S.. This suggests that although credit market imperfections are unlikely to have been the major …

inequality in the U.S. and the LDCs, and thanks to the induced skill-biased technical change, this can happen without the usual … intervening mechanism of standard trade models, a rise in the relative prices of skill-intensive goods in the U.S.. I also show … leader, the U.S., may actually reduce skill premia in medium skill …