Compared to the U.S. national accounts, the Japanese accounts understate consumption and government spending, and therefore overstate the national saving rate. Recently, Hayashi has recalculated Japan's national saving according to the American Department of Commerce definition and found that...

Este artículo muestra que el trabajo empírico formal que, para usar la frase de Sargent [1987,7], intenta "tratar los modelos en forma seria y econométrica" casi no ha influido en la reflexión seria sobre cuestiones esenciales, en contraste con los problemas metodológicos. En verdad, la...

Policymaking for posterity involves current decisions with distant consequences. Contrary to conventional prescriptions, we conclude that the greater wealth of future generations may strengthen the case for preserving environmental amenities; lower discount rates should be applied to the far...