Managers of retail chains who seek to add new stores or close existing ones need to know the net impact of a store's opening/closure on the overall chain performance. This requires inferring the extent to which each store generates incremental sales as opposed to competing with other stores...

Entrepreneurs, even more than employees, tend to locate in regions in which they have deep roots ("home" regions). Here, we examine the performance implications of these choices. Whereas one might expect entrepreneurs to perform better in these regions because of their richer endowments of...

We formalize the idea that when managers require external investment to expand, higher-skilled firms will be more likely to diversify in equilibrium, even though managers can exploit asymmetric information about their ability to raise capital from investors. We exploit the timing of new fund...

An insider’s perspective on the bureaucratic structure of governmental institutions that shape economic policy, and the incentives and limitations of the individuals who head them.

Recent failures of monetary and fiscal policy reflect deficiencies in prevailing theories of demand management. Taking available data into account, this book discusses the merits and shortcomings of Keynesian and monetarist approaches and develops the lines along which our theories need to be...

For many decades the United States has enjoyed great economic success in international markets. In recent years, however, the competitivenessof many American goods and services has diminished. 

This book is a valuable asset for anyone seeking to make sense of economic news or, more importantly, to place it in a broader context.

This volume focuses on factors that have contributed to the deterioration of the U.S. trade balance and the erosion of American competitiveness.