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Learning the Wealth of Nations

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Author Info
Francisco J. Buera
Alexander Monge-Naranjo
Giorgio E. Primiceri

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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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14595.

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Date of creation: Dec 2008
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Handle: RePEc:nbr:nberwo:14595

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Find related papers by JEL classification:
O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
O50 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - General

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  1. Alessandra Fogli & Laura Veldkamp, 2008. "Nature or Nurture? Learning and the Geography of Female Labor Force Participation," NBER Working Papers 14097, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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