Bartik measures ratios of local economic development benefits to costs for both early childhood education and business incentives. He shows that early childhood programs and the best-designed business incentives can provide local benefits that significantly exceed costs. - From publisher description

"This paper studies strategic asset allocation and consumption choice in the presence of regime switching in asset returns. We find evidence that four separate regimes - characterized as crash, slow growth, bull and recovery states - are required to capture the joint distribution of stock and...

"In the presence of infrequent but observable structural breaks, we show that a model in which the representative agent is on a rational learning path concerning the real consumption growth process can generate high equity premia and low risk-free interest rates. In fact, when the model is...