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Learning the Wealth of Nations


Francisco Buera


University of California, Los Angeles (UCLA) - Department of Economics; National Bureau of Economic Research (NBER)

Alexander Monge-Naranjo


Pennsylvania State University

Giorgio E. Primiceri


Northwestern University - Department of Economics; National Bureau of Economic Research (NBER)
September 2010

CEPR Discussion Paper No. DP8030

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 and find that it fits a large fraction of the policy choices observed in the postwar data, including the slow adoption of liberal policies. Our model also predicts that there would be reversals to state intervention if nowadays the world was hit by a shock of the size of the Great Depression.

Number of Pages in PDF File: 50

Keywords: beliefs, development, growth, market-oriented policy

JEL Classification: O11, O43, P00

working papers series


Date posted: November 22, 2010  

Suggested Citation

Buera, Francisco Javier, Monge-Naranjo, Alexander and Primiceri, Giorgio E., Learning the Wealth of Nations (September 2010). CEPR Discussion Paper No. DP8030. Available at SSRN: http://ssrn.com/abstract=1711043

Contact Information

Francisco Javier Buera (Contact Author)
University of California, Los Angeles (UCLA) - Department of Economics ( email )
Box 951477
Los Angeles, CA 90095-1477
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Alexander Monge-Naranjo
Pennsylvania State University ( email )
University Park
State College, PA 16802
United States
Giorgio E. Primiceri
Northwestern University - Department of Economics ( email )
2003 Sheridan Road
Evanston, IL 60208
United States
HOME PAGE: http://faculty.econ.northwestern.edu/faculty/primiceri
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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