Economists have long advocated road pricing as an efficiency-enhancing solution to traffic congestion, yet it has rarely been implemented because it is thought to create losers as well as winners. This paper uses survey and travel time data, combined with a structural model of traffic...

Incorporating weakly nonseparable preferences into the familiar time-preference model, the author emphasizes a role of steady-state welfare changes in determining the effect of permanent tariffs on the current account. The effect consists of a welfare effect, due to steady-state welfare changes,...

The article gives new answers to the two following questions: One, what can be a potential source of the twin-peaks of economic growth? Two, why were some of the countries that were believed to belong to the group of low steady state countries (like Taiwan, South Korea, Japan, etc.) able to...