In what sense are institutions a deep determinant of growth? In this paper, we address this question by examining the relationship between city growth and institutional reform in 19th century Germany, when some cities experienced deep institutional reform as a result of French rule. Employing an...

The recent macro-finance yield curve literature does not agree neither about term premia empirical properties nor about the importance or even the direction of its relationship with future economic activity. This paper proposes a two-step approach to handle both problems. First, in a VAR...