����vlog����

Liquidity Risk in Sequential Trading Networks

This paper studies a model of intermediated exchange with liquidity-constrained traders. Intermediaries are embedded in a trading network and their financial capacities are private information.

Review of Burgundy: People with a Passion for Wine

Rethinking the Macroeconomics of Resource-Rich Countries

After years of high commodity prices, a new era of lower ones, especially for oil, seems likely to persist.

The Growth of the World Economy

Adapting Tax Systems for Population Aging

Population aging is occurring around the world, presenting a number of policy challenges.

Monopolies, Mergers and Competition Policy

This book collects some of the author's most illuminating recent papers on competition policy published since the turn of the millennium.

Is Technology Hurting Productivity?

In recent years, productivity growth in developed economies has been stagnating. The most prominent explanations of this trend involve technology.

Business Leaders Can Reverse the ‘Implosion of Trust’

With Congress fractured by hyperpartisanship and the media hindered by accusations of bias and “fake news,” it appears unlikely that these two traditional sources of leadership can fully regain the tr

Investment versus Output Subsidies: Implications of Alternative Incentives for Wind Energy

This paper examines the choice between subsidizing investment or output to promote socially desirable production.

Exponential Innovation and Human Rights: Implications for Science and Technology Diplomacy

The international community has historically maintained hope that advances in science and technology offer humanity a wide range of options for improving its well-being.