This paper reviews the stories that economists tell about the growth effects of inflation. Informal accounts of inflation's effects are common, but there are few models which get to grips with the effects that are probably central. Partly as a result of this, and partly as a result of many...

This paper argues that dual economy models deserve a central place in the analysis of growth in developing countries. The paper shows how these models can be used to analyse the output losses associated with factor misallocation, aggregate growth in the presence of factor market distortions,...

In this paper I discuss three econometric problems that are rarely given adequate discussion in textbooks: model uncertainty, parameter heterogeneity, and outliers. I show how Leamer's extreme bounds analysis can be adapted to address all three problems simultaneously, and present two examples...