This paper provides new empirical insights on the joint distribution of consumption, income, and wealth (CIW) in three of the poorest countries in the world - Malawi, Tanzania, and Uganda - all located in sub-Saharan Africa (SSA). Our first finding is that while income inequality is similar to...

This paper studies the secular behavior of worker reallocation across occupations in the US labor market. In the empirical analysis, we use 45 years of microdata to construct consistent time-series and document that the fraction of employment reallocated annually across occupations is remarkably...

The issue of model uncertainty is central to the empirical study of economic growth. Many recent papers use Bayesian Model Averaging to address model uncertainty, but Ciccone and Jarociński (2010) have questioned the approach on theoretical and empirical grounds. They argue that a standard...

This paper proposes a small-scale general equilibrium model of structural transformation with an urban labour market characterized by search frictions. The model is used to investigate the role of sectoral TFPs as main drivers of structural change and a new growth accounting exercise gives a...

Focus - specialization and specific technology - improves productivity but leads to more dependency and opens a door for power problems. We analyze how organizational design and the choice of technology interact with the allocation of ownership in minimizing the holdup problem in the property...

This paper investigates why governments in some developing countries have adopted more liberal policies than others. To construct a composite policy index, the paper applies a robust principal components analysis to Washington Consensus policy variables. The paper shows that income growth is...

This paper shows how to calibrate a two-sector general equilibrium model of production using a small number of parameter assumptions and readily available data. The framework is then used to analyze the costs of labor market dualism. The paper quantiÞes the effects of rural-urban wage...

Using OECD quarterly data on consumption, output and investment from 1980, the balanced growth hypothesis is tested country by country for seven European economies, Belgium, Finland, France, Holland, Italy, Spain and the UK. Output series for each of the countries is then modelled as an output...

This paper studies the effect of market structure and macroeconomic uncertainty on the transmission of monetary policy. We motivate our analysis with a simple model which predicts that: 1) investment and production in more concentrated sectors are more affected by demand changes and 2) high...

We examine the view that high-quality macroeconomic policy is a necessary, but not sufficient, condition for economic growth. We first construct a new index of the quality of macroeconomic policy. We then directly compare growth rate distributions across countries with good and bad policies; use...