In the recent literature on economic growth there is disagreement over the relationship between growth and volatility and their relative benefits and costs in welfare terms. An analytical resolution of this issue, which has serious implications for domestic and international development...

While the European Monetary Union (EMU) is now a reality, debate among economists nonetheless continues about the design and desirability of monetary unions. Since an the essential element of a monetary union is the delegation of monetary power to a single centralized entity, one of the key...

Evidence of the statistical significance of profits in Q regressions remains one of the principal findings in the empirical investment literature. This result is taken to support the view that capital market imperfections are an important element for understanding investment. This paper...