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...

Many writers either glorify globalization or vilify it, particularly for its destructive environmental effects. In this book environmental sociologist Arthur Mol provides a more balanced understanding of the relationship between globalization and environmental quality. Mol bases his arguments on...

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...

Media have been central to government efforts to reinforce sovereignty and define national identity, but globalization is fundamentally altering media practices, institutions, and content. More than the activities of large conglomerates, globalization entails competition among states as well as...

A love story that embraces the business and economic issues of the day? The Invisible Heart takes a provocative look at business, economics, and regulation through the eyes of Sam Gordon and Laura Silver, teachers at the exclusive Edwards School in Washington, D.C. Sam lives and breathes...

This is the second volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"—a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of...