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We use extreme-bounds analysis to assess the sensitivity of numerous control variables identified in the state growth literature. We employ annual panel data on the American states to identi& which variables are robust to small changes in the conditioning information set. The results provide a set of core variables as a starting point for future research that relies on state growth regressions. Thefindings also demonstrate that several important conclusions in the literature depend on how variables are measured. (JEL R11, 023, C23, 018)

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In this paper we estimate the macroeconomic consequences of terrorism using panel data for 147 countries for the period 1968–2002. The results reveal that the potential gains to a country from reducing terrorism are quite large, although the specific estimates depend on a country's population, base level of output, and investment. We present estimates of the impact of terrorism on GDP, GDP growth, investment, consumer spending, and tourism. These estimates of the marginal impact of terrorism provide a threshold against which a country's expenditures on anti-terrorism can be weighed. Copyright Springer Science + Business Media, Inc. 2006Terrorism, International terrorism, Regional terrorism, Homeland security, Macroeconomic performance, Economic performance, Deterrence, Public expenditure,