During the last weeks before each quarterly expiration of Standard & Poor's (S&P) 500 futures, the bulk of trading volume begins to shift away from the next‐to‐expire (nearby or lead) contract toward the second‐to‐expire (next out) contract. At some point, the exchange formally...

Europe and America in the 1990s is designed for use in courses on the European Community, American foreign policy and international relations. It also provides an up-to-date, rigorous survey for specialists seeking to understand US–EC relations in the aftermath of the most tumultuous period in...

Europe's trade policies matter in global politics. Despite the recent focus on Brazil, India, and particularly China, the European Union remains the world's largest market and trader. Despite its recent economic troubles, Europe remains in a powerful position to shape how globalization is...

This paper explores the effects of a simple policy change—a 10 percent tax cut—to shed light on the different models CBO uses to examine the macroeconomic effects of policy changes. Most of the models predict that such a simple tax cut will increase GDP and therefore that the revenue loss...

The European Union (EU) straddles accepted categories of political organization. It is neither a state nor an ordinary international organization. What sets the EU apart, perhaps above all, is its unique institutions: they resemble no other bodies found at the national or international level. We...