Observed international investment positions and cross-country heterogeneity in rates of return to capital are hard to reconcile with frictionless capital markets. In this paper, we develop a theory of international capital allocation: a multi-country dynamic spatial general equilibrium model in...

Why do some firms lobby consistently while others never lobby at all? We argue that most firms lack information about the market for lobbying services. This implies that even when there are large returns associated with a political presence, most firms will not lobby. We present comprehensive...

There is a rapidly advancing literature on the macroeconomics of climate change. This review focuses on developments in the construction and solution of structural integrated assessment models (IAMs), highlighting the marriage of state-of-the-art natural science with general equilibrium theory....