Recent papers have shown conditions under which vertical, mergers can result in anticompetitive foreclosure of unintegrated rivals. These models imply that a necessary but not sufficient condition for anticompetitive foreclosure is that unintegrated rivals are less profitable after a vertical...

One of the more dramatic financial events of the late 1980s and early 1990s was the surge in Japanese stock prices that was immediately followed by a very sharp decline of more than 50 percent. While the unprecedented fluctuations in Japanese stock prices were domestic financial shocks, the...

Quantitative analysis is a key aspect of the design and evaluation of tax policy. To make informed decisions, policymakers should know how much revenue is collected and from whom. The tax reform planned for transition economies should include the introduction not only of new tax structures but...