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We extend Romer and Romer's (2004) analysis of the estimation and the effects of monetary policy shocks by controlling for (1) changes in the monetary policy reaction function and (2) changes in the response of output and prices over time with an extended data set. The results suggest that the post 1979 responses of output and prices to a monetary policy shock are significantly different from what has been reported for the whole sample: While output and prices respond significantly and negatively if their response is estimated for the whole sample period (1969–2005), the response of output is insignificant for the period of 1979–2005, and the response of prices is much weaker. The analysis of the changes in the monetary policy conducted over time allows us to partly attribute the diminished price and output responses to a successful monetary policy which led to a less volatile economy during the great moderation. (JEL E52, E32, C50)

Abstract While intellectual property rights (IPRs) are the key drivers of economic performance in R&D based growth models, they have not been fully explored in empirical development studies. We introduce IPRs to this literature, using Two‐Stage Least Squares Bayesian Model Averaging to address endogeneity and model uncertainty at the instrument and income stages. We show that IPRs exert effects similar to 'Rule of Law' and therefore provide robust evidence that both physical and intellectual property rights are crucial development determinants. We document that unenforced IPRs exert no effect on development. Instead, it is the level of enforced IPRs that causes development.

Cover -- Contents -- I. Introduction -- II. Literature Review -- III. Stylized Facts -- IV. Determinants of Gender Inequality-Frequentist Approach -- A. Empirical Specification -- B. Results -- V. Identifying Robust Determinants of Gender Inequality-Application of the Bayesian Model Averaging Approach -- VI. Quantifying the Effect of Policies Across Regions -- VII. Conclusions and Policy Implications -- References -- Tables -- 1. Determinants of the Gender Gap in Education -- 2. Determinants of the Gender Gap in Labor Force Participation -- 3. Labor Market Protection and Labor Force Participation by Men and Women -- 4. Gender Gap in Education: A BMA Exercise: BMA Results -- 5. Determinant of Gender Gap in Labor Force Participation: BMA Results -- Figures -- 1. Determinants of Education Gaps -- 2. Determinants of Labor Force Participation Gaps -- 3. Quantifying the Drivers of Labor Force Participation Gaps across Regions -- 4. Quantifying the Impact of Policies on the Gender Gap in Labor Force Participation across Regions -- Annexes -- I. Data -- II. Labor Market Protection Index

AbstractA large and growing literature has associated gender equality with better macroeconomic outcomes. However, understanding the channels through which gender equality impacts the economy requires a deeper dive in the main constraints within an economy. Using theoretical and empirical evidence, we explore how gender equality in education feeds into higher human capital levels and thus better macroeconomic outcomes. We also analyse the impact of inequities in the labour market, focusing also on the role of the informal sector. Finally, we provide an overview on policy options to address various gender gaps.