Acknowledgements -- Introduction -- National economies compared -- Participants and incentives -- Central banks, interest rates and money -- Domestic policies and global repercussions -- Global trade and trends -- International payments and exchange -- Investor decisions, moving economies --...

Since poor economic conditions can help sustain conflict, conflict mitigation programs often include economic development activities. However, these activities as usually designed may not support broader conflict mitigation goals as well as possible. This is especially the case when conflict...

Much empirical research has highlighted the importance of institutions and initial conditions in the transition to a market economy. However, relatively little is still know about how these factors directly affect growth paths. This paper explores how institutional factors and initial conditions...

Extensive empirical studies on the rationality of expectations as defined by Muth have revolved around tests on a single series of forecast data, with results differing widely across studies. Rationality as an assessor characteristic has long been of interest in economic theory and practice....

A recent impact assessment for a major Eastern European music festival presented some methodological challenges, as well as the chance to test some assumptions that are often taken for granted in impact analyses. Lacking an input-output (I/O) model, the authors used a modified survey based...

Several recent papers argue that contracts provide reference points that affect ex post behavior. We test this hypothesis in a canonical buyer-seller relationship with renegotiation. Our paper provides causal experimental evidence that an initial contract has a highly significant and...

We present an international trade model with multiproduct firms. Firms are heterogeneously endowed with two types of capabilities that jointly determine the trade-off within firms between managing a large portfolio of products and producing at low marginal cost. The model can explain many of the...

This paper reports data from a laboratory experiment on two-period moral hazard problems. The findings corroborate the contract-theoretic insight that even though the periods are technologically unrelated, due to incentive considerations principals can benefit from offering long-term contracts...