Hence they seek to explain events like the Industrial Revolution in terms of changes in institutions, not people.
Longer intervals would better allow for lags in knowing the impact of university reforms, including changes in institutions' missions and social mobility among graduates.
The second dimension pertains to changes in demand, and the third includes changes in institutions and public policy.
Following their approach, we interpret the large change in (beta ) as incorporating changes in institutions and policies affecting investment markets in Spain.
The results in Figs. 4 and 5 suggest that a large part of these changes in institutions and policies occurred in the 1980s.
It is possible that some of the increase in (beta ) can be ascribed to changes in institutions and policies that followed the change in political regime initiated with the death of the dictator Francisco Franco.
This provided rather mixed results, especially after allowing for changes in institutions over time, but gave broad support to coordination mechanisms as a means of dealing with macro shocks, or at least in ameliorating the rougher edges of union impact.
In terms of the methodology of Kehoe and Prescott (2002), this means that we are implicitly incorporating changes in institutions and policies that affected investment markets and, to a lesser extent, labor markets, over the period 1975 2015.
However, this tradition has begun to shift in response to a variety of changes in institutions, administrative boundaries, climate variability, urbanization, and economic development (Fernández-Giménez et al. 2012; John et al. 2013; Chen et al. 2015a; Zhang et al. 2017).
According to this paper, final outcomes require prior structural changes in institutions, systems, beliefs and commitments (ibid).
