This paper investigates the effect of cyclical macroeconomic policy and financial sector characteristics on growth. Using cross-country, cross-industry OECD data, it yields two main findings. First, countercyclical fiscal and monetary policies foster growth disproportionately in more...

"The solution to inequality, environmental degradation, and other deficits of capitalism is better capitalism. The Power of Creative Destruction draws on cutting-edge research to argue that what we need today is not revolution but reform: pro-competitive policies that enable innovation while...

The 'Gulf Falcons'-the countries of the Gulf Cooperation Council-have high living standards as a result of large income flows from oil. The decline of oil prices between summer 2014 and fall 2015 underscores the urgency for the Gulf Falcons to diversify away from their current heavy reliance on...