The policy debate views offshoring as job destruction. Theoretical models of offshoring mostly assume full employment. We develop a model of task trade that allows for equilibrium unemployment. In this model, there are two margins of adjustment. At the extensive margin, moving tasks offshore...

We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries over the 1980-2008 period, using pooled mean group estimator in a dynamic heterogeneous panel setting. We show that financial development does not have a linear positive...

A growing body of post-global financial crisis (2007-2008) literature documents several undesirable effects of enlarged financial sectors. One of these effects is the 'growth cost' of excessive finance, which reports that the finance-growth relationship is non-monotonic, and that a credit...

Ground-level ozone concentrations have adverse effects e.g. on human health and crops. Ozone is not emitted, but atmospheric reactions involving nitrogen oxides (NOx) and volatile organic compounds (VOCs) cause its formation. However, functions that relate precursor emissions to ozone...