This paper examines the changing cyclical variability of economic activity in the United States. It first shows that the decline in variability since World War II cannot be explained by changes in the composition of economic activity or by the avoidance of financial panics. We then show that...

In this paper, we assess the degree to which four of the most commonly used models of risky decision making can explain the choices individuals make when faced with risky prospects. To make this assessment, we use experimental evidence for two random samples of young adults. Using a robust,...

"Brilliantly written and argued, Concrete Economics shows exactly how the US government has shaped and directed the economy since the very inception of the country. This book does not rehash the sturdy and well-known arguments that to thrive, an entrepreneurial economy needs a social and policy...