This paper finds that the shift from buying music as a physical product towards subscribing to music services implies a decrease of 85 percent in the price paid per song. We estimate that in 2019 the global quality adjusted value from streamed music was $76 billion compared to current revenues...

Forecasting currencies with commodity prices -- Commodity prices, commodity currencies, and global economic developments / Jan J. J. Groen and Paolo A. Pesenti -- Comments: Kalok Chan, Roberto S. Mariano -- The relationship between commodity prices and currency exchange rates: evidence from the...

This paper specifies a general set of conditions under which the impacts of a policy can be identified using data generated under a different policy regime. We show that some of the policy impacts can be identified under relatively weak conditions on the data and structure of a model. Based on...

A critical impediment to research on school-to-work programs has been the absence of large representative data sets with information on such programs. In contrast, the new NLSY (NLSY97) offers researchers opportunities to analyze direct evidence on school-to-work programs. In the NLSY97,...

In this paper we first trace the changing nature of banking, currency and debt crises from the last century to the present. Each type of crisis has transmogrified in the presence of official intervention and the creation of a safety net. A similar pattern is observed for international rescue...

We explore the implications of trade liberalization in economies with State Owned enterprises (SOEs) and shirking. SOEs are modelled as controlled by the members of the enterprise who determine output and effort levels, while facing output prices and wage rates set by government. Enterprise...