This timely study fills some serious gaps in the historical record of economic development in Canada and compares it with that in the United States pointing out the parallels in development that have resulted from similarities in tastes and technologies and the high degree of monility between...

Economic inequality continues to contribute to political and social instability around the world. This instability stifles development and results in widening the wealth gap between the "haves" and "have nots," further eroding stability. It has been argued that entrepreneurship is a prime...

Recent high-frequency data suggest a further strengthening of growth momentum, driven by the ongoing tightness of the labour market and the muted response of credit expansion to last year's monetary policy tightening. At the same time, the short- and medium-term fiscal outlook has brightened -...

This paper studies the unemployment-output relationship from 1979 to 2019 in advanced countries. The paper offers three main contributions: it reports (i) structural and (ii) dynamic estimates that (iii) account for idiosyncratic and common shocks in a Structural Panel-VAR framework. The main...

The marked turnaround in Russia's foreign trade in 2023 exerted strong downward pressure on the Russian rouble, which lost around 30% of its value. Global oil prices were declining in the first half of the year, the EU import embargo on Russian oil depressed prices even further; and on top of...

The majority of the literature on fiscal decentralization has tended to stress that the greater capacity of decentralized governments to tailor policies to local preferences and to be innovative in the provision of policies and public services, the greater the potential for economic efficiency...

The coherence of ideological narratives in the Euro Area is a necessary condition for the sustainability of the monetary union. Narratives shape political preferences and if they diverge persistently, cooperation between member states becomes impossible. We measure the evolution of ideological...