Fragmented by policies, united by outcomes: This is the picture of the United States that emerges from our analysis of the spatial diffusion of COVID-19 and the scattered lock-down policies introduced by individual states to contain it. We first use spatial econometric techniques to document...

The European sovereign-debt crisis began in Greece when the government announced in December, 2009, that its debt reached 121% of GDP (or 300 billion euros) and its 2009 budget deficit was 12.7% of GDP, four times the level allowed by the Maastricht Treaty. The Greek crisis soon spread to other...

The European sovereign-debt crisis began in Greece when the government announced in December 2009 that its debt reached 121% of GDP (or 300 billion euros) and its 2009 budget deficit was 12.7% of GDP - four times the level allowed by the Maastricht Treaty. The Greek crisis soon spread to other...