The legislative and executive branches of the U.S. government possess many resources to influence the political development of foreign states. However, in addition to the various executive agencies that deal with foreign policy, and the congressional resources that fund those agencies, the...

In this paper, in a time-homogeneous diffusion setting, we study a sequence of last passage times of generalized drawdown processes before the first passage time of another monitoring generalized drawdown process. These quantities are closely related to consecutive small market downward...

Who is watching the financial services industry? Since 1980 there have been multiple waves of thought about whether the ministry of finance, the central bank, a specialized regulator, or some combination should have supervisory authority. These waves have been associated with convergence of...

As the global stock of ideas expands and diffuses across and within countries, technological learning is poised to become an even more important determinant of growth through its impact on innovation. This note reviews global trends that make a policy focus on technological learning and...