In Localizing Development, Mansuri and Rao survey theory and evidence for development strategies based on local community empowerment. This note extends their theoretical argument by focusing on local government as a vital source of new leadership. Local leaders who provide better public service...

This paper considers a simple model of credit cycles driven by moral hazard in financial intermediation. Financial agents or bankers must earn moral-hazard rents, but the cost of these rents can be efficiently spread over an agent's entire career by promising large late-career rewards if the...

De Figueiredo et al. (this issue) have argued that, to model the American Revolution, game-theoretic consistency assumptions need to be relaxed. In response, we review the methodological rationale for such consistency assumptions, and we find a possible exception in international relations. Any...