This article examines the tax policy implications of imposing an intellectual property box (“IP Box”) regime in the United States and proposes that amid various tax policy considerations, inter alia, efficiencies, fairness, and administrability, the United States should institute an...

The Waxman-Markey climate bill, passed by the U.S. House of Representatives in June, 2009, is grounded on a cap-and-trade regulatory ideology that favors cost reductions over emission reductions even when costs are well within acceptable limits and when emission targets do not approach...

Demographic change belongs to the mega-trends of the 20th and the 21st century. The ongoing aging process in major industrialized countries gives rise to the relative scarcity of raw labor and the relative abundance of physical capital. Standard macroeconomic models suggest that this depresses...

In the past several decades, the U.S. economy has witnessed a number of striking trends that indicate a rising market concentration and a slowdown in business dynamism. In this paper, we make an attempt to understand potential common forces behind these empirical regularities through the lens of...

We introduce two types of effort into an otherwise standard labor search model to examine indeterminacy and sunspot equilibria. Variable labor effort gives rise to increasing returns to hours in production. This makes workers more valuable and contributes to self-fulfilling profit expectations,...

We study global properties of the equilibrium set of economies with a continuous consumption space. This framework is important in intertemporal allocation problems (continuous or infinite time), financial markets with uncertainty (continuous states of nature) and commodity differentiation. We...