This paper looks at the implications of heterogeneous beliefs for inflation dynamics. Following a monetary policy shock, inflation peaks after output, is inertial, and can be characterized by a Hybrid Phillips Curve. It presents a novel channel through which systematic monetary policy can affect...

The way in which agents manipulate the distribution of performance outcomes in strategic settings has received increasing attention in the game theory literature. This paper uses an evolutionary approach to examine the optimal adaptation of strategic variability in corporate promotion...

Over 755 million adults worldwide are unable to read and write in any language. Yet the widespread introduction of information and communication technology offers new opportunities to provide standardized distance education to underserved illiterate populations in both developed and developing...

Many existing classifications of developing countries are dominated by income per capita (such as the World Bank’s low, middle, and high income thresholds), thus neglecting the multidimensionality of the concept of ‘development’. Even those deemed to be the main ‘alternatives’ to the...

Middle class values have long been perceived as drivers of social cohesion and growth. In this paper we investigate the relation between class (measured by the position in the income distribution), values, and political orientations using comparable values surveys for six Latin American...

Agriculture can serve as an important engine for economic growth in developing countries, yet yields in these countries have lagged far behind those in developed countries for decades. One potential mechanism for increasing yields is the use of improved agricultural technologies, such as...

For a typical developing country, this paper shows that once inter-sectoral linkages are taken into account, closing the productivity gap in a number of services gives bigger gains in aggregate productivity than closing it in agriculture or in manufacturing. This is performed in the context of...

Conditional and unconditional cash transfers often help improve development outcomes, yet their costs to program recipients and implementing agencies are rarely discussed. Mobile money transfer systems in many developing countries now offer more cost-effective implementation of cash transfer...

Much of the growth in Sub-Saharan Africa in the past decade has come from extractive industries, rather than from private, entrepreneurial activity. Furthermore, non-extractive activity in the private sector is often dominated by firms owned by ethnic minorities. This paper analyzes the...

This paper addresses two important economic issues for Africa: the contribution of national borders and ethnicity to market segmentation and integration between and within countries. Market pair regression analysis provides evidence of higher conditional price dispersion for both a grain and a...