This paper tests the hypothesis that traders have rational expeatations and charge no risk premium in the forward exchange market. It uses a statistical procedure which is consistent under a large class of heteroscedasticity, and a set of data which takes into account the institutional features...

Macroeconomists have been caricatured either as credulous savants in love with the beauty of their mathematical models or as free-market fundamentalists who admit no doubt as to the marketÕs wisdom. In this book, Kartik Athreya draws a truer picture, offering a nontechnical description of...

Were water considered an industry, it would be one of the largest in the United States, surely the most capital-intensive, and the most closely regulated by Congress. Yet as Peter Rogers argues in this readable, pragmatic, and scientifically grounded assessment of national water issues, it would...

The rapid pace of technological change brings with it an active debate about appropriate economic policies regarding research, innovation, and the commercialization of new technology. This annual series, sponsored by the National Bureau of Economic Research, provides a forum to bring the work of...

The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers to an audience of public policymakers and the academic community. Each commissioned paper is followed by comments and discussion. This year's edition provides a mix of cutting-edge research...

This annual series, sponsored by the National Bureau of Economic Research, provides a forum for research on the interactions among public policy, the innovation process, and the economy. Discussions cover all types of policy that affect the ability of an economy to achieve scientific and...