Systemic crises, such as the recent Asian crisis, may be due to an inability of individual to optimally coordinate their investment strategies.

This article studies the relation between IPO investment and the rate of interest. The 1950s and early 1960s, especially, were periods of very low real interest rates, and IPO investment was very low, with firms delaying their IPOs significantly. The authors find a qualitative difference between...

The authors analyze whether it makes sense to treat public investment spending differently from other government spending when applying the deficit constraints mandated within the single European currency area. Given the low rates of population growth, mobility, and mortality in European...

The authors provide evidence that households run down their assets after retirement by tracking a group of elderly households over the 1996–2004 period. They find that assets decline for these households approaching the end of the life cycle. Had there not been a run-up in asset prices due in...

Although inventory--sales (IS) ratios and inventory volatility have declined somewhat since the early 1980s, little evidence supports the view that declining IS ratios are associated with declines in inventory investment volatility. In the retail sector, IS ratios have risen and inventory...