This paper hypothesizes that the structure of macroeconomic governance with its financial and non-financial institutions is, inter alia, a key determinant of economic performance, taking the case of the United States from 1952 Q1 to 2019 Q2. The paper tests its hypothesis by developing three...

Between 1997 and 2014, US corn, soybean and cotton production almost fully converted to genetically modified crops. Starting around 2007, improved tight oil and shale gas technologies turned the declining US fossil fuel production into a booming industry. We study the effects of these two...