We examine the impact of large-scale asset purchases of government bonds on real GDP and the CPI in the United Kingdom and the United States with a Bayesian VAR, estimated on monthly data from 2009 M3 to 2013 M5. We identify an asset purchase shock with sign and zero restrictions. In contrast to...

Using data from the Turkish University Entrance Exam, we investigate the extent of the gender gap in college placement, its underlying causes, and potential policy interventions. We estimate preferences using a novel approach which improves our ability to capture substitution patterns and find...

When analysing any social phenomenon, encounters among different social science disciplines and fields of investigation dispersed over time and space may well produce illusory rapprochements. Such encounters nevertheless have great potential for producing truly common knowledge. In matters of...

Compared with the period 1920-1990, the current monetary policy implementation techniques are relatively well-focused and transparent. In particular, (i) they mostly aim at achieving a well defined operational target (typically the overnight interest rate), (ii) monetary policy operations are...

In this paper I analyze the work on exchange rates and external imbalances by University of Chicago faculty members during the university's first hundred years, 1892-1992. Many people associate Chicago's views with Milton Friedman's advocacy for flexible exchange rates. But, of course, there was...

In studies concluding that public debt may hamper GDP, the debt tipping effects are estimated as if there were a single world currency. This means that such studies ignore the likely biggest cause of changes in growth rates, namely damage from exchange rate liquidity shocks because we do not...