We examine the short- and long-run effects of financial liberalization on capital markets. To do so, we construct a new comprehensive chronology of financial liberalization in 28 mature and emerging market economies since 1973. We also construct an algorithm to identify booms and busts in stock market prices. Our results indicate that financial liberalization is followed by more pronounced boom-bust cycles in the short run. However, financial liberalization leads to more stable markets in the long run. Finally, we analyze the sequencing of liberalization and institutional reforms to understand the contrasting short- and long-run effects of liberalization.

The views on financial liberalization are quite conflictive. Many argue that it triggers financial bubbles and crises. Others claim that financial liberalization allows markets to function properly and capital to move to its most profitable destination. The empirical evidence on these effects is not robust. This paper constructs a new comprehensive chronology of financial liberalization and shows that a key reason for the inconclusive evidence is that the effects of liberalization are time-varying. Financial liberalization is followed by large booms and busts only in the short run. In the long run institutions improve and financial markets tend to stabilize.

In this paper, I study the potential economic impact of the 2015-18 structural reform agenda in Chile, using the IMF dynamic general equilibrium model (GIMF). I find that the agenda has the potential to significantly increase Chile’s long-run GDP, although it may have some negative effects in the short term. Ensuring a smooth transition to a higher productive potential depends on three key dimensions: the credibility of the reforms, their effectiveness in closing structural gaps, and their speed of implementation. Badly designed reforms that remove only a very small fraction of the existing structural gaps, at a slow speed, and with little credibility, can greatly reduce the positive impact of the reform agenda on GDP.

Recent empirical evidence suggests that job polarization associated with skill-biased technological change accelerated during the Great Recession. We use a standard neoclassical growth framework to analyze how business cycle fluctuations interact with the long-run transition towards a skill-intensive technology. In the model, since adopting the new technology disrupts production, firms prefer to do so in recessions, when profits are low. Similarly, workers also tend to learn new skills during downturns. As a result, recessions are deeper during periods of technological transition, but they also speed up adoption of the new technology. We document evidence for these mechanisms in the data. Our calibrated model is able to match both the long-run downward trend in routine employment and the dramatic impact of the Great Recession. We also show that even in the absence of the Great Recession the routine employment share would have reached the observed level by the year 2012.

Finally, runners at all levels can improve their race times while training less, with the revolutionary Furman Institute of Running and Scientific Training (FIRST) program. Hailed by the Wall Street Journal and featured twice in six months in cover stories in Runner's World magazine, FIRST's unique training philosophy makes running easier and more accessible, limits overtraining and burnout, and substantially cuts the risk of injury, while producing faster race times. The key feature is the "3 plus 2" program, which each week consists of: -3 quality runs, including track repeats, the tempo run, and the long run, which are designed to work together to improve endurance, lactate-threshold running pace, and leg speed -2 aerobic cross-training workouts, such as swimming, rowing, or pedaling a stationary bike, which are designed to improve endurance while helping to avoid burnout With detailed training plans for 5K, 10K, half marathon, and marathon, plus tips for goal-setting, rest, recovery, injury rehab and prevention, strength training, and nutrition, this program will change the way runners think about and train for competitive races. Amby Burfoot, Runner's World executive editor and Boston Marathon winner, calls the FIRST training program "the most detailed, well-organized, and scientific training program for runners that I have ever seen."

Reviews of The Science of Running:"The Science of Running sets the new standard for training theory and physiological data. Every veteran and beginner distance coach needs to have this on their book shelf."-Alan WebbAmerican Record Holder-Mile 3:46.91 "For anyone serious about running, The Science of Running offers the latest information and research for optimizing not only your understanding of training but also your performance. If you want to delve deeper into the world of running and training, this book is for you. You will never look at running the same."-Jackie Areson, 15th at the 2013 World Championships in the 5k. 15:12 5,000m best If you are looking for how to finish your first 5k, this book isn't for you. The Science of Running is written for those of us looking to maximize our performance, get as close to our limits as possible, and more than anything find out how good we can be, or how good our athletes can be. In The Science of Running, elite coach and exercise physiologist Steve Magness integrates the latest research with the training processes of the world's best runners, to deliver an in depth look at how to maximize your performance. It is a unique book that conquers both the scientific and practical points of running in two different sections. The first is aimed at identifying what limits running performance from a scientific standpoint. You will take a tour through the inside of the body, learning what causes fatigue, how we produce energy to run, and how the brain functions to hold you back from super-human performance. In section two, we turn to the practical application of this information and focus on the process of training to achieve your goals. You will learn how to develop training plans and to look at training in a completely different way. The Science of Running does not hold back information and is sure to challenge you to become a better athlete, coach, or exercise scientist in covering such topics as:· What is fatigue? The latest research on looking at fatigue from a brain centered view.· Why VO2max is the most overrated and misunderstood concept in both the lab and on the track· Why "zone" training leads to suboptimal performance.· How to properly individualize training for your own unique physiology.· How to look at the training process in a unique way in terms of stimulus and adaptation.· Full sample training programs from 800m to the marathon.

This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.

This book explores how the European Union designs its trade policy to face the most recent challenges and to influence global policy issues. It provides with an interdisciplinary perspective, by combining legal, political, and economic approaches. It studies a broad set of trade instruments that are used by the EU in its trade policy, such as: trade agreements, multilateral initiatives, unilateral trade policies, as well as, internal market tools. Therefore, the contributions to this volume present the EU’s Trade Policy through different lenses providing a complex view of it.