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We exploit the introduction of free banking laws in US states during the 1837-1863 period to examine the impact of removing barriers to bank entry on bank competition and economic growth. As governments were not concerned about systemic stability in this period, we are able to isolate the...
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In recent contributions, Weizs cker (2014) and Summers (2014) maintain that mature economies accumulate too much capital. They suggest large and lasting public deficits as a remedy. This paper argues that overaccumulation cannot occur in an economy with land. It presents novel data of aggregate...
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In a climate system that is indifferent about where mitigation is carried out, the logic of comparative advantages … industrialized countries who voluntarily fund climate mitigation activities are not indifferent about the mitigation location. In our … and the verified mitigation of one metric ton of CO2. The treatment condition varied the location of the mitigation …
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