Countries with more developed financial sectors experience smaller fluctuations in real per capita output, consumption, and investment growth. However, the manner in which the financial sector develops matters. The relative importance of banks in the financial system is important in explaining...

We present an endogenous growth model in which both the investment to develop a new technology— that upgrades the quality of machines—and entry of imitators are determined endogenously. According to the model, how soon the new-technology machine is launched after the patent is granted is...

The paper analyzes the effect of a reform granting alimony rights to cohabiting couples in Canada, exploiting the fact that each province extended these rights in different years and required different cohabitation length. A theoretical analysis, based on a collective household model with a...

The Ottoman Empire had a profound impact in Europe, the Middle East, and North Africa at the apogee of its power, covering the era between 1453 and 1699. In this article, I exploit the empire’s unique culture and institutions to examine the roles of ethnicity and religion in conflict and war....