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A Natural History of Markets Economics professor John McMillan explores markets ranging from ancient bazaars to eBay and explains what makes or breaks a marketplace  
A Proposal to Eliminate Sales and Use Taxes Hal R. Varian proposes eliminating all state and local sales taxes and replacing them with a revenue-equivalent state income or consumption tax  
Asia economic and currency crisis Readings and links, by Nouriel Roubini, Stern School of Business  
Asia economic crisis Getting Caught: Identity Builders and the Asian Economic Crisis- by Dave McCaughan, Summer 1998  
Bank Capital Regulation ... In contemporary banking theory: a review of the literature  
Bargaining Economic theories of bargaining, game-theoretic models. Short article  
Business Cycle Indicators Lecture notes by Nouriel Roubini and David Backus TOP
Business Cycles in History This paper is an introduction to modern economic history for historians and economists. Accordingly this paper has to two objectives: Firstly, it presents economic theory explaining business cycles to historians. Secondly, for economists it illustrates both the possibilities and problems to detect and understand business cycles in the past. pdf-file 2002  
Can Inflation Targeting Regimes be Effective  in Emerging Economies?: The Turkish Experience In  2002 the the Central Bank of Turkey (CBT) shifted to an implicit inflation targeting framework (IIT), which encompassed core attributes of an IT regime. Succesful disinflation and progress in the policy environment led to the introduction of full-fledged IT in 2006, which brought further transparency to the monetary policy framework. We found Turkey’s new monetary approach to be an effective framework with more progress to come. doc-file. 2006  
Capital Market Liberalization Size Matters: The Impact of Capital Market Liberalization on Individual Firms. Pdf-file 2002  
Clusters of Innovation - U.S. National Report  This report distills lessons from five regional economies and 15 clusters around the United States and explains how clusters enhance productivity and spur innovation. Pdf-file 4489 KB  
Collective Bargaing: Unity is Strength Unity is Strength: An Experimental Study of Decentralized and Collective Bargaining. Pdf-file   
Comparing monetary policy operating procedures across the United States, Japan and the euro area    
Competition and Financial Stability Competition policy in the banking sector is complicated by the necessity of maintaining financial stability. Greater competition may be good for (static) efficiency, but bad for financial stability. From the point of view of welfare economics, the relevant question is: What are the efficient levels of competition and financial stability? pdf-file. 2003  
Contradictions Coming Home to Roost?  Income Distribution and the Return of the Aggregate Demand Problem  
Cooperative Commonwealth What is the meaning of "Cooperative Commonwealth?"   
Country-Specific and Global Shocks in the Business Cycle Industrial production in G7 countries is assumed to be driven by two exogenous disturbances. Those disturbances are identified in a VAR model so they can be interpreted as country-specific and global supply shocks. Pdf-file  
Creative Deconstruction and Globalization Innovations that stimulate general economic growth simultaneously destroy specific jobs as emerging technologies replace older technologies. Creative destruction has gotten more attention recently because it is a major component of globalization, and many prominent job losses have been attributed to import competition. pdf-file 70 KB. 2003  
Deflation Why Deflation is Different. The effects of deflation on an economy do not simply mirror the effects of inflation—a low and stable deflation rate can have a greater adverse impact than an identically low and stable inflation rate.  
Determinants of product differentiation The purpose of this work is to examine the impact of the market structure on price competition and equilibrium differentiation. Pdf-file  
Do Forecasters use Monetary Models? Do financial market analysts use structural economic models when forecasting exchange rates? The paper examines this question  
Does Europe have a Single Market ten years on? The underlying microeconomic foundations in Europe are fundamentally different. February 2003  
Does Monetary Policy Have a Future? Pdf-file. Fall 2001  
Duopoly Markets Simultaneous and Sequential Price Competition on Heterogeneous Duopoly Markets: Experimental Evidence. Discussion Paper. Pdf-file 2002  
Ecological Tax Reform and Unemployment This paper examines potential economic dividends from revenue-neutral ecological tax reforms by systematically distinguishing between an efficiency dividend and an employment dividend.  Pdf-file 93 KB July 2002  
Economic and Social Aspects of Productivity What is missing from standard analyses of productivity and how should one incorporate social concerns in an analysis of productivity. Pdf-file  
Economic Indicators explained Explains key economic indicators by definition, source, frequency, availability and reason  
Economic inequality and economic growth The paper enquires into the relationship between economic inequality and economic growth, but different from others, it also studies the relationship between inequality and economic growth in the situation where consideration of effect of factor movement is included. pdf-file  
Economic Value, the Value of Economists, and the Meaning of Life    
Economics and the Ordinary Person: Re-reading Adam Smith    
Electronic Trading The implications of electronic trading in financial markets   
Equity, Savings, and Growth In this paper, we develop a model of the micro-economic behavior of poor households that accounts for the episodes of equitable, poverty-reducing growth from low initial income levels in East Asia and for selected periods in other settings.   
Exchange Rate Regimes... ... Capital Flows and Crisis Prevention. Pdf-file  
Explaining the Increased Variability in Long-Term Interest Rates The variability of changes in long-term interest rates increased dramatically in the 1980s and 1990s. Can such increased variability be accounted for by changes in the behavior of short-term interest rates? While changes in short-term interest rates have become less variable, they have become more persistent.  
Exports and Hedging Exchange Rate Risks This paper examines the optimal production, export allocation and hedging decisions of a risk-averse international firm that exports to several foreign markets with different currencies.   
Financial Institutions in Transition Economies Building Financial Institutions in Developing and Transition Economies. Pdf-File  
Financial Intermediation and Growth: Causality and Causes This paper evaluates (1) whether the exogenous component of financial intermediary development influences economic growth and (2) whether cross-country differences in legal and accounting systems explain differences in the level of financial development.   
Forecast-based monetary policy This article analyses the welfare consequences of delegating to the central bank the task of minimizing deviations of forecasts of goal variables from their target values.   
Foreign Currency for Long-Term Investors Conventional wisdom holds that conservative investors should avoid exposure to foreign currency risk. This paper argues that conventional wisdom may be wrong for long-term investors. Pdf-file 2002  
Free Trade, Business Strategy and Globalisation This paper links the economist's analysis of free trade with the business strategist's analysis of the forces behind the globalization of competition. Pdf-file  
Game theory Articles by. David K. Levine  
Game theory as a part of empirical economics    
Game Theory as a Tool for Market Design  pdf-file  
Game theory II on-line bibliography with over 2000 references to published and working papers in economic and game theory  
Global Order and the Future of the Euro The performance of the euro can be assessed in relation to recent developments in the global economy as well as in relation to the vision of the architects of the European Monetary Union. Pdf-file 38 KB. 2004  
Global Price of Foreign Exchange Risk pdf-file 2003  
Globalisation, labour standards and economic development In recent years a few advanced countries have been advocating multilateral rules permitting punitive trade measures to be taken against countries not upholding core labour standards. Pdf-file 2003  
Globalization and Redistribution Feasible Egalitarianism in a Competitive World   
Globalization and the Middle Class Stuck In The Tunnel: Is Globalization Muddling The Middle Class?   
Going Global - The Importance of Free Trade Current protests against integration of the world's economies risks destroying the progress of the past few years.  The importance of globalization is often misunderstood, and extremely important. (September 2000)  
Implications of ageing populations  The macroeconomic and financial implications of ageing populations. Paper from 1998, nevertheless, still relevant  
Inflation Targeting as a Monetary Policy Rule The paper provides a conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to the other monetary policy rules, and draws conclusions for the monetary policy of the European system of Central Banks; Abstract, pdf download version available  
IPI Economic Scorecards The paper provides a conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to the other monetary policy rules, and draws conclusions for the monetary policy of the European system of Central Banks; Abstract, pdf download version available  
IPI Insights The paper provides a conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to the other monetary policy rules, and draws conclusions for the monetary policy of the European system of Central Banks; Abstract, pdf download version available  
IPI Policy Reports The paper provides a conceptual discussion of monetary policy rules, attempts to clarify the essential characteristics of inflation targeting, compares inflation targeting to the other monetary policy rules, and draws conclusions for the monetary policy of the European system of Central Banks; Abstract, pdf download version available  
Jokes about economists and economics   TOP
Keynes' General Theory of Interest: A Reconsideration     
Last-Minute Bidding in Auctions Last Minute Bidding and the Rules for Ending Second-Price Auctions: Theory and Evidence from a Natural Experiment on the Internet. This paper studies the design of the end of the auction, by comparing eBay and Amazon auctions. Pdf-file  
Let's Get "Real" about Using Economic Data We show that using data which are properly available in real time when assessing the sensitivity of asset prices to economic news leads to different empirical findings than when data availability and timing issues are ignored. Pdf-file  
Low Inflation: The Behavior of Financial Markets and Institutions This paper provides a broad overview of the potential impact of low inflation (deflation) on US financial markets and institutions. Pdf-file  
Macroeconomic Implications of Low Inflation in the Euro Area The authors show that aggregate demand in the euro area countries is significantly affected by the euro area real interest rate, but not by national real interest rate differentials. Pdf-file 2003  
Market structure, Intermediation and Liquidity Pdf-file  
Marketmaking in the Laboratory Does competition matter? This paper is the first experimental study of the effects of competition and adverse selection on the performance of market maker markets. Pdf-file  
Marxist Economics An introduction: The Labor Theory of Value, Surplus-Value, Twentieth-Century Developments   
Measures of excess liquidity The aim of this note is to provide an overview of various measures of “excess liquidity”, which can be defined as the deviation of the actual stock of money from an estimated equilibrium level. Pdf-file 204 KB. 2005  
Micro Effects of Macro Announcements: Real-Time Price Discovery in Foreign Exchange. Pdf-file 2003  
Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems    
Money and inflation in the Euro Area A case for monetary indicators? This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data spanning 1980-2000.   
Neglecting Disaster: Why Don't People Insure Against Large Losses? This paper provides a theoretical explanation for the common observation that people often fail to purchase insurance against low-probability high-loss events even when it is offered at favorable premiums. We hypothesize that individuals maximize expected utility but face an explicit or implicit cost to discovering the true probability of rare events. pdf-file 2003  
OECD - Documents Free working papers and documents on economics  
Oil Prices and Consumer Spending Richmond Fed Economist Yash P. Mehra and Research Associate Jon D. Petersen present evidence of a nonlinear relation between oil price changes and consumer spending. pdf  
On the "Burden" of German Unification The Economic Consequences of Messrs. Waigel and Tietmeyer   
Optimal Monetary Policy Inertia This paper considers the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. Abstract, pdf download version available  
Porters Diamond Summary of the concept  
Power Inside the Firm and the Market: A General Equilibrium Approach Recent years have witnessed an enormous amount of reorganization of the corporate sector in the US and in Europe. This paper examines the role of market competition for this trend in corporate reorganization. Pdf-file 2002  
Powerful Regions in Future Europe When Dreams Come True: The Role of Powerful Regions in Future Europe. Pdf-file 2003  
Predicting Recessions with Interest Rate Spreads: This study uses Markov-switching models to evaluate the informational content of the term structure as a predictor of recessions in eight OECD countries. Abstract, pdf download version available  
Prisoner's Dilemma Compensating the Cooperators: Is Sorting in the Prisoner's Dilemma Possible? Discussion Paper. Doc-file. 2000  
Prosperity is a Nation's Choice Michael Fairbanks offers seven guidelines for increasing national productivity in The Fletcher Forum of World Affairs, and explains that the first step for developing economies is to develop new attitudes toward competition and risk.  
Ricardo's Problem of an Invariable Measure of Value    
Shaken and Stirred: Explaining Growth Volatility    
Social Status and Risk-Taking in a Model of Occupational Choice This paper is concerned with occupational choice under risk, where agents care about their social status. It is motivated by recent developments in the 'New Economy', which indicate that status preferences possibly provide an explanation for the observed shift towards entrepreneurial risk-taking. pdf-file 224 KB May 2002  
Status Preference, Wealth, and Dynamics in the Open Economy  The implications of status preference in a simple open economy model will be investigated in this paper. Pdf-file  
Sticky Prices, Marginal Cost, and the Behavior of Inflation Discusses models with sticky prices and monopolistic competition, cyclical behavior of real marginal cost, and cyclical behavior of inflation; pdf file  
Stock Valuation and Learning about Profitability We develop a simple approach to valuing stocks in the presence of learning about average profitability. The market-to-book ratio (M/B) increases with uncertainty about average profitability, especially for firms that pay no dividends. Pdf-file 2002  
Strategic Analysis Prospects and Policies for the U.S. Economy: A Strategic View  
Strategic Asset Allocation in a Continuous-Time VAR Model pdf-file 2002  
Strong Dollar, Weak Dollar Foreign exchange rates and the U.S. economy. Pdf-file  
Sustainable Development A Dubious Solution in Search of a Problem The concept seems innocuous enough. After all, who would favor "unsustainable development"? August 2002  
Technolgical Leadership Why is it important for a multinational corporation to hold technological leadership? A technological transfer perspective. Pdf-File 214 KB  
The Argentine Debt Crisis of 2001-2002 A Chronology and Some Key Policy Issues. Pdf-file Janauary 2002  
The Causes of Euro Instability  March 2001  
The Competitive Advantage of Nations  By Michael E. Porter. Now, at time when economic performance rather than military might will be the index of national strength, Porter builds on the seminal ideas of his earlier works to explore what makes a nation's firms and industries competitive in global markets and propels a whole nation's economy.   
The Costs of Inflation and Disinflation This paper assesses the available evidence on the costs of inflation and disinflation  
The Demand and Supply for Household Debt A Cross Country Comparison. Pdf-file 2003  
The Economic Role of the State in the 21st Century The last half-century has witnessed major developments in the economies of the industrial countries and in the role that the governments of these countries have played especially through the instrument of public spending. This article describes some of these developments and focuses on the role that the governments of these countries should play in the future. pdf-file 2005  
The Effects of Foreign Owned Firms on the Labor Market Cross sectional evidence shows that foreign firms have a more educated workforce and pay higher wages than domestic firms. Pdf-file. May 2003  
The efficiency of early warning indicators for financial crises Analysis of the traditional and recent literature on currency crises, indicators are tested in alternative empirical studies that are reviewed in this work, critique of systems of early warning indicators currently used by international institutions  
The Euro and International Capital Markets This paper provides a broad empirical examination of the major currencies’ roles in international capital markets, with a special emphasis on the first year of the euro. Abstract, pdf download version available  
The Myth of a Strong Dollar Policy The Cato Journal examines the dilemma that the Fed faces when it attempts to achieve two policy goals—an exchange rate objective and an inflation target—with monetary policy alone. Pdf-file 83 KB. 2003  
The Optimal Income Tax: Restatement and Extensions The paper presents an axiomatic restatement of the standard approach to nonlinear income taxation. It assumes a finite number of taxpayers rather than an uncountable infinity. Analytical tools are developed which facilitate proving the existence of tax schedules that are continuous, differentiable almost everywhere and possess left- and right-derivatives at every point of non-differentiability.  pdf-file 973 KB May 2002  
The Quest for Growth How we wandered the tropics trying to figure out how to make poor countries rich. by William Easterly  
The Stability and Growth Pact: Its Role and Future. Pdf-file 90 KB. 2004  
The Threat to Economic Liberty from International Organizations It is one of the abiding ironies at the beginning of the new millennium that various international organizations set up after the Second World War to create a new Liberal International Economic Order (LIEO) are now the major purveyors of global illiberalism. How has this come to pass? Is there any need for these international organizations? These are the questions I address in this article. pdf-file 2005  
The Welfare Evaluation of Primary Goods: A Suggestion  This paper presents a characterization of a welfare index for the evaluation of primary goods (to be understood as those goods that all agents should enjoy equally). Pdf-file  
Trade Flows and the International Business Cycle The authors investigate into the role of the trade channel as important determinant of a country's current account position and the degree of business cycle synchronization with the rest of the world by comparing the predictions of two types of DGE models. pdf-file  
Transparency in Monetary Policy Transparency is now regarded as a necessary part of "good governance" demanded of all economic policy makers. This paper focuses on transparency in monetary policy, in particular with respect to the European System of Central Banks; Abstract, pdf download version available  
Turbulent Firms, Turbulent Wages? Has greater turbulence among firms fueled rising wage instability in the United States? Research paper. 2006. Abstract, pdf-file available for download  
US Stock Prices and Macroeconomic Fundamentals This paper analyses the extent to which US stock prices deviate from economy-wide fundamentals. Doc-file  
Vulnerabilities in Emerging Market Economies This paper describes some experiments with the construction of relatively simple indices which summarizes in a systematic and objective way information about emerging economies currently under pressure in financial markets and those vulnerable to such pressure in the future.   
Walras Law and Macroeconomics The relevance of Walras Law for macroeconomic (and especially unemployment) theory. An intuitive (and a formal) proof of Walras Law. Walras Law and disequilibrium states. Walras versus Keynes: Notional c.f. Effective Demands.   
Wealth of Nations Online-version of the book by Adam Smith  
What Makes Regions in Eastern Europe Catching Up? The Role of Foreign Investment, Human Resources, and Geography. Pdf-file 2003  
Who Are the Chronic Poor? Evidence on the Extent and the Composition of Chronic Poverty in Germany. Pdf-file. May 2003  
Why long term interest rates (almost) always slope downwards The paper documents a persistent and thus far largely overlooked empirical regularity in the yield curve: the tendency for the term structure of long term forward rates to slope downwards. Pdf-file  
World Economic Forum Records and publications section  



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