This paper studies the impact of recessions on the longer-run level of output using data on 23 advanced economies over the past 40 years. We find that severe recessions have a sustained and sizable negative impact on the level of output. This sustained decline in output raises questions about...

The poem contained in the Lille Stesichorus papyrus presents several features that can be usefully compared with aspects of characterization and theme in the Oedipus Tyrannos of Sophocles. If we assume that an Athenian audience in the later 5th century knew the Stesichorean composition, the...

An ethnography-of speaking-approach to proverb-use lets us explore the deployment of this genre as part of personal self-projection and of social life. Greek drama, by presenting proverbs in the mouths of its staged characters, makes use of the ordinary performance value of this “genre of...

House prices in the United Kingdom rose rapidly in recent years. The run-up, larger than any other in U.K. history, leveled off early last year. House prices are currently declining at rates faster than those seen in the early 1990's downturn. The housing downturn, however, is far from complete....

We consider involuntary and voluntary cost increases in Carnegie I and II private research universities, where we find that voluntary cost increases are over three times as high as involuntary cost increases. As is the case with public research universities, private universities economized on...

We study the role an illiquid durable consumption good plays in determining the level of precautionary savings and the distribution of wealth in a standard Aiyagari model (i.e. a model with heterogeneous agents, idiosyncratic uncertainty, and borrowing constraints). Transactions costs induce an...