Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, an...

International capital flows can boost global growth and reduce inequality, but numerous geopolitical barriers distort where investment goes – often away from developing countries where it is most prod...

Abstract. Observed international investment positions and cross-country heterogeneity in rates of return to capital are hard to reconcile with frictionless

Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, an...

Abstract. Transfers from parents—either in the form of gifts or inheritances—have received much attention as a source of inequality. This paper uses admini

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Abstract. We develop and formalise an equilibrium concept for a dynamic economy in which production takes place in worker cooperatives. The concept rules o