It is widely believed that the stock-market oriented US financial system forces corporate managers to behave myopically relative to their Japanese counterparts, who operate in a bank-based system. We hypothesize that if US firms are more myopic that Japanese firms, then episodes of financial...

Empirical work relating trade liberalization and income distribution has identified an important anomaly. The Stolper-Samuelson theorem predicts that trade liberalization will shift income toward a country's abundant factor. For developing countries, this suggests liberalization will principally...

Does national market size matter for industrial strucure? This has been suggested by theoretical work on "home market" effects, as in Krugman (1980, 1995). In this paper, I show that what apreviously was regarded as an assumption of convenience - transport costs only for the differentiated goods...

Atlanta's rail rapid transit system (MARTA), which began operations in 1979 and has cost U.S. taxpayers and residents of the Atlanta metropolitan area more than $3.5 billion (1990s), has been identified by advocates of new rail systems in other U.S. cities as one of the most successful rail...

This paper solves numerically the intertemporal consumption and portfolio choice problem of an infinitely-lived investor who faces a time-varying equity premium.

Optimal growth theory is sometices used to motivate green accounting by interpreting the "linearized" Hamiltonian at the present time as a proxy for an inclusive measure of NPP. A linearized Hamiltonian, is, in effect, an affine transformation of the utility function that makes consumption be...

This paper contains the first results from a monster study of more than 1.8 million Taxas elementary school students. The principal focus of the larger study is the impact, if any, of growing minority access to suburban schools on the performance of minority students on standardized achievement...

The paper analyzes the effects of strategic behavior by an insider in a price discovery process, akin to an information tatonnement, in the presence of a competitive informed sector. Such processes are used in the preopening period of continuous trading systems in several exchanges. It is found...