Powerful currents have reshaped the structure of families over the last century. There has been (i) a dramatic drop in fertility and greater parental investment in children; (ii) a rise in married female labor-force participation; (iii) a significant decline in marriage and a rise in divorce; (iv)...

This paper examines how increases in regulatory uncertainty may affect employment and presents empirical evidence that the employment effects of regulatory uncertainty are unequal for workers with different levels of educational attainment. VAR estimations suggest that a regulatory uncertainty...

Heater, Nallareddy, and Venkatachalam (2021), hereafter HNV, find that aggregate merger and acquisition (M&A) activity explains the ability of aggregate accruals to predict market-wide returns. In this discussion, we delineate HNV’s contribution to accounting literature and provide a review of...

This review article tries to answer four questions: (i) what are the stylized facts about uncertainty over time; (ii) why does uncertainty vary; (iii) do fluctuations in uncertainty matter; and (iv) did higher uncertainty worsen the Great Recession of 2007-2009? On the first question both macro...

This paper develops a gravity model framework to estimate the impact of infectious diseases on bilateral tourism flows among 38,184 pairs of countries over the period 1995-2017. The results confirm that international tourism is adversely affected by disease risk, and the magnitude of this...

In the last few decades there has been little convergence of income levels in Latin America with those in the United States, in sharp contrast with both emerging Asia and emerging Europe. This paper argues that lack of convergence was not the result of low investment. Latin America is poorer...

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...

This paper evaluates the relations between industrial activity and the structure of financial systems, corporate sectors and legal arrangements in different countries. Using data from 20 OECD countries in 27 industries over the period 1970 to 1995, we evaluate whether there is a link between...

The present paper provides an overview of literature on the shift to services. It follows the three dimensions of structural change - final demand, the inter-industry division of labor and inter-industry productivity differences. It first looks at the "classics", however (Fisher (1935), Clark...

Die Digitalisierung hat mittlerweile sehr viele Wirtschaftsbereiche erfasst. In Zukunft wird sie - vorausgesetzt die Gesellschaft entscheidet sich dafür - die Wirtschaft noch stärker durchdringen. Der Autor findet sowohl wachstumsfördernde als auch wachstumsdämpfende Effekte. Die Entwicklung...