The impact of changes in real interest rates on saving and growth is a central issue in development economics. According to one familiar view, a financial liberalization program which increases real interest rates should encourage saving, thereby boosting investment and growth. While such...

It is well-known that there is a large degree of uncertainty around Rogoff's (1996) consensus half-life of the real exchange rate. To obtain a more efficient estimator, we develop a system method that combines the Taylor rule and a standard exchange rate model to estimate half-lives. Further, we...

We measure differences between altruism toward a family member and toward an unknown foreigner using hypothetical questions in internet surveys across five countries: Germany, the US, Singapore, South Korea, and Japan. Our analysis shows that people in all five countries exhibit greater...