Crisis Issue: The papers in this title have been written in response to the global financial and economic crisis that has been ongoing since Summer 2007. Top economists provide a concise and accessible evaluation of major developments in trade and trade policy. Economic Policy has earned a...

This paper counters the view that the possibility of share repurchases invalidates the predictions of the ’new’ (or ’trapped equity’) view of corporate taxation. It is shown that the ’new’ view’s basic cost of capital expression which distinguishes it from the ’old’ view...

A PAYGO system may serve as insurance against not having children and as an enforcement device for ungrateful children who are unwilling to pay their parents a pension. In fact, the latter was Bismarck’s historic motive for introducing this system. It is true that the PAYGO system reduces the...