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The magnitude, and even the direction, of net international capital ows does not t neoclassical models well; in particular, rich countries attract net ows that should go to poor, capital scarce...
Average income per capita in the countries of the OECD was more than 20 times larger in 2000 than that of the poorest developing countries. Two general explanations have been offered to account fo...
Comments on ‘Does Monetary Policy Affect Real Economic Activity: Why Do We Still Ask This Question?’ by Benjamin Friedman.
The market for gastroenterology (GI) fellows adopted a centralized Match in 1986, and abandoned it in the late 1990s. We discuss why the Match initially was adopted, how and why it broke down, what di...
Output per worker varies enormously across countries. Why? On an accounting basis our analysis shows that differences in physical capital and educational attainment can only partially explain the vari...
Existing macroeconomic models account successfully for the immediate effects of a financial crisis on output and employment. I will lay out a simple macro model that captures the most important featur...
We consider two classes of explanations for the rise in policy-related economic uncertainty in the United States since 1960. The first stresses growth in government spending, taxes,and regulation. A s...
Why do individual patent holders assign their patents to “trolls” rather than license their technologies directly to manufacturers or assert them through litigation? We explore the hypothesis that an ...
Recent work documents that firms that are more vulnerable to takeover have higher borrowing costs. This paper investigates the reasons behind this stylized fact. My results show that firms with few an...
Recent research finds that voters do not have economically self-interested preferences about trade policy. This article investigates one potential explanation for this puzzling finding: economic i...
Attention is a necessary ingredient for effective advertising. The market for consumer attention (or "eyeballs") has become so competitive that attention can be regarded as a currency. The rising cost...
In this paper, we build on the standard resource dependence theory and its departure suggested by Vernon to offer a novel explanation for why state-owned entities might seek a global footprint and glo...
People believe that weather conditions influence their everyday work life, but to date, little is known about how weather affects individual productivity. Most people believe that bad weather conditio...

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