This paper investigates the long-run effects of climate change on conflict by examining cooling from 1400-1900 CE, a period that includes most of the Little Ice Age. We construct a geo-referenced and digitized database of conflicts in Europe, North Africa, and the Near East from 1400-1900, which...

When per capita income is low, increases in income inequality make macroeconomic cycles less severe. We present a model in which access to credit is based on earnings potential. If low as well as middle income individuals are credit constrained, increases in income inequality lead to smaller...

Countries with more developed financial sectors experience fewer fluctuations in real per capita output, consumption, and investment growth. But it matters how the financial sector develops: the proportion of credit provided to the private sector is important in explaining volatility. Countries...

I study the potential effects of setting mandatory standards in primary and secondary education on student performance. To that end, I present a model in which investment in education is indivisible. Thus, if demand exceeds supply at any level of education, allocation is carried out - at least...

We distinguish learning in a static environment from that in a dynamic environment to show the existence of an important interaction between the development of new technologies and human capital accumulation. Since technological progress creates a more dynamic and uncertain environment, it not...