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Is Inequality Harmful for Growth
Is inequality harmful for growth? The authors suggest that it is. In a society where distributional conflict is important, political decisions produce economic policies that tax investment andExpand
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Culture and Institutions: Economic Development in the Regions of Europe
Does culture have a causal effect on economic development? The data on European regions suggest that it does. Culture is measured by indicators of individual values and beliefs, such as trust andExpand
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A Positive Theory of Fiscal Deficits and Government Debt
This paper considers an economy in which policymakers with different preferences alternate in office as a result of elections. Government debt is used strategically by each policymaker to influenceExpand
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Unemployment, Growth and Taxation in Industrial Countries
To the layperson, the upward trend in European unemployment is related to the slowdown in economic growth. We argue that the layperson’s view is correct. The increase in European unemployment and theExpand
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Political and monetary institutions and public financial policies in the industrial countries
Institutions and policies Vittorio Grilli, Donato Masciandaro and Guido Tabellini Why do countries as similar as the industrialized OECD countries go through such different experience in terms ofExpand
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The Economic Effects of Constitutions
The authors of The Economic Effects of Constitutions use econometric tools to study what they call the "missing link" between constitutional systems and economic policy; the book is anExpand
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The Scope of Cooperation: Values and Incentives
What explains the range of situations in which individuals cooperate? This paper studies a model where individuals respond to incentives but are also influenced by norms of good conduct inheritedExpand
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Rules and Discretion with Non-coordinated Monetary and Fiscal Policy
The time inconsistency of optimal monetary policy is due to the effects of tax distortions. Thus, the issue of how to im prove upon the time-consistent suboptimal monetary policy is related to thatExpand
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Bureaucrats or Politicians? Part I: A Single Policy Task
This paper investigates the normative criteria that guide the allocation of a policy task to an elected politician versus an independent bureaucrat. The bureaucrat is preferable for technical tasksExpand
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Seigniorage and Political Instability
The importance of seignorage relative to other sources of government revenue differs markedly across countries. The main theoretical implication of this paper is that countries with more unstable andExpand
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