We provide new measures of ethnic, linguistic, and religious fractionalization for about 190
countries. These measures are more comprehensive than those previously used in the …

The main purpose of Lectures on Macroeconomics is to characterize and explain
fluctuations in output, unemployment and movement in prices. Lectures on Macroeconomics …

This paper studies four classic fiscal-policy experiments within a quantitatively restricted
neoclassical model. Our main findings are as follows:(i) permanent changes in government …

The recent literature on endogenous economic growth allows for effects of fiscal policy on
long-term growth. If the social rate of return on investment exceeds the private return, then …

This paper extends the theory of investment under uncertainty to incorporate fixed costs of
investment, a wedge between the purchase price and sale price of capital, and potential …

Aggregate and sectoral comovement are central features of business cycles, so the ability to
generate comovement is a natural litmus test for macroeconomic models. But it is a test that …

National saving and investment rates are highly positively correlated in virtually all countries.
This is puzzling, as it apparently implies a low degree of international capital mobility. This …

This brief essay is intended to provide readers with an introduction to the real business cycle
approach to business fluctuations. It discusses the basic real business cycle framework; …

We use newly assembled data on regulation in several sectors of many OECD countries to
provide evidence that regulatory reform of product markets is associated with an increase in …

This paper investigates the relationship between inflation and growth in an endogenous
growth framework. Two models that illustrate different channels through which inflation …