One of the most puzzling aspects about the functioning of the floating exchange rate regime of the 1980s has been that huge swings in exchange rate have had only muted effects on anything real. To understand this phenomenon, we study the relationship between communism and value neutrality and monetary neutrality. We find that the symmetry of communism is bound to lead to value neutrality. In th...

Using book translations as a measure of the flow of ideas across countries, we test the effect of the collapse of Communism in Eastern Europe on the international transmission of ideas. We find that translations of Western European titles into former Communist countries increased by a factor of five with the fall of Communism, while translations between Communist countries decreased by a factor...