Learning the Wealth of Nations

Francisco Buera, Alexander Monge-Naranjo and Giorgio Primiceri

No 14595, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We study the evolution of market-oriented policies over time and across countries. We consider a model in which own and neighbors' past experiences influence policy choices, through their effect on policymakers' beliefs. We estimate the model using a large panel of countries. We find that there is a strong geographical component to learning, which is crucial to explain the slow adoption of liberal policies during the postwar period. Our model also predicts that there would be a substantial reversal to state intervention if nowadays the world was hit by a shock of the size of the Great Depression.

JEL-codes: O4 O43 O50 (search for similar items in EconPapers)
Date: 2008-12
New Economics Papers: this item is included in nep-cba and nep-dev
Note: EFG
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Citations: View citations in EconPapers (9)

Published as Francisco J. Buera & Alexander Monge‐Naranjo & Giorgio E. Primiceri, 2011. "Learning the Wealth of Nations," Econometrica, Econometric Society, vol. 79(1), pages 1-45, 01.

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Related works:
Journal Article: Learning the Wealth of Nations (2011)
Working Paper: Learning the Wealth of Nations (2010)
Working Paper: Learning the Wealth of Nations (2008)
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