We study how macroeconomic shocks affect U.S. public debt dynamics using a VAR with debt feedback. Following a fiscal austerity shock, the debt ratio initially declines and then returns to its pre-shock path. Yet, the effect is not statistically significant. In a weak economic environment, the...

We shed new light on the determinants of growth by tackling the blunt and weak instrument problems in the empirical growth literature. As an instrument for each endogenous variable, we propose average values of the same variable in neighboring countries. This method has the advantage of...

We observe two waves of overseas programs offered by U.S. universities: A supply driven wave in the late 1980s to the mid 1990s, and a current wave beginning in the early 2000s, with distinctly different players. We compile a comprehensive dataset on overseas degree programs and host country...