Welcome to my research page. Here you will find my papers published in refereed journals, in volumes, and my working papers that have not been published yet.

Papers in Refereed Journals

“Investment as a Process of Search,” Journal of Political Economy, 95 (1987), 204-210.

“Risk and Capital Accumulation in a Small Open Economy,” Quarterly Journal of Economics, 102 (1987), 265-279.

“Precautionary Saving and Risk Aversion: An Anticipated Utility Approach,” with Uzi Segal and Avia Spivak, Economics Letters, 27 (1988), 223-227.

“Inflationary Inertia in a Wage Price Spiral Model,” European Economic Review, 33 (1989), 1665-1683.

“Cost Uncertainty and the Rate of Investment,” Journal of Economic Dynamics and Control, 14 (1990), 53-63.

“Fiscal Policy and the Real Exchange Rate Under Risk,” Journal of International Money and Finance, 10 (1991), 264-278.

“Credit Rationing in an Open Economy,” International Economic Review, 32 (1991), 959-972.

“Cash-in-Advance or Delayed Deposits: Implications for Inflation and Growth,” Economics Letters, 36 (1991), 159-163.

“Income Distribution and Macroeconomics,” with Oded Galor, Review of Economic Studies, 60 (1993), 35-52. Also in Dilip Mookerjee and Debraj Ray (ed.) Readings in the Theory of Economic Development, Blackwell, Oxford, 2000. Also in Oded Galor (ed.) Inequality and Economic Development, Edward Elgar, Cheltenham, UK, 2009. Selected as one of the 11 top papers published in the Review of Economic Studies in its first 80 years.

“Informational Cycles,” Review of Economic Studies, 61 (1994), 31-44. 94 res.

“Workers, Machines, and Economic Growth,” Quarterly Journal of Economics, 113 (1998), 1091-1117.

“Informational Overshooting, Booms and Crashes,” Journal of Monetary Economics, 43 (1999), 237-257.

“What Determines Education Expenditure in Israel?” with Michel Strawczynski, Israel Economic Review, 1 (2003), 11-33.

“Commodity Money Inflation: Theory and Evidence from France in 1330-1436,” with Nathan Sussman, Journal of Monetary Economics, 50 (2003), 1769-1793.

“Timing of Purchase and Aggregate Fluctuations,” with John Leahy, Review of Economic Studies, 72 (2005), 1127-1151.

“Cyclicality of Fiscal Policy in Israel,” with Michel Strawczynski, Israel Economic Review, 5 (2007), 47-66, also in Hebrew in Bank of Israel Review, 80 (2007), 43-71.

“Wage Inequality, Technology and Trade,” Journal of Economic Theory, 137 (2007), 79-103.

“Inequality and Mobility,” with John Hassler and José V. Rodriguez Mora, Journal of Economic Growth, 12 (2007), 235-259.

“Why and How Education Affects Economic Growth?” Review of International Economics, 17 (2009), 602-614.

“Technical Progress and Early Retirement,” with Avner Ahituv, Economic Journal, 121 (2011), 171-193.

“Israel 1983: A Bout of Unpleasant Monetarist Arithmetic,” with Thomas J. Sargent, Review of Economic Dynamics, 14(2011), 419-431.

“Innovations, Patent Races and Economic Growth,” Journal of Economic Growth, 16 (2011), 135-156.

“Economic Growth and Sector Dynamics,” with Hosny Zoabi, European Economic Review, 79 (2015), 1-15.


Papers in Volumes

“Risk Reducing Fiscal Policies and Economic Growth,” in Elhanan Helpman, Assaf Razin and Efraim Sadka (eds.), The Economic Effects of the Government Budget, The MIT Press, Cambridge MA, 1988.

“Reducing the Relative Size of Government in Israel after 1985,” with Michel Strawczinski, in Avi Ben-Bassat (ed.), The Israeli Economy, 1985-1998: From Government Intervention to Market Economics, The MIT Press, Cambridge MA, 2002. Also published in Hebrew by Am Oved, 2001.

“From Socialism to Capitalism? Government Intervention in the Israeli Economy, ” in Moshe Naor (ed.), State and Community, Magness Press, Jerusalem (in Hebrew), 2004.

“An Outline of the Economic Issues of a Final Status Agreement in Jerusalem,” with Samir Hazboun, Sharon Hadad, Youssef Daher, and Tewfic Habesch, in Arie Arnon and Saeb Bamia (eds.), Economic Dimensions of a Two-State Agreement between Israel and Palestine, The AIX Group, 2007.

“Trading Peacefully: How to Increase Trade in MENA after a Comprehensive Arab-Israeli Peace,” with Suleiman Abu Bader and Saad O. Khatib, in Arie Arnon and Saeb Bamia (eds.) The Arab Peace Initiative and Israeli-Palestinian Peace: The Political Economy of a New Era, The AIX Group, 2012.


Work in Progress

“Finance and Growth: Theory and New Evidence,” with Paul Harrison and Oren Sussman, 2004.

“Money and the Size of Transactions,” 2005.

“Machines as Engines of Growth,” 2010.

“The Evolution of Paper Money,” with Oren Levintal, 2011.

“Cyclicality of Fiscal Policy: Permanent and Transitory Shocks,” with Michel Strawczynski, 2012.

“Modern Sectors vs. Traditional Sectors and Economic Growth,” with Hosny Zoabi, 2013.

“Globalization and Divergence,” 2013.

“Global Divergence and Growth Regressions,” with Michele Battisti and Gianfranco Divaio, 2014.

“Technology and Labor Regulation: Theory and Evidence,” with Alberto Alesina and Michele Battisti, 2015.


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