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...

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...

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...

After a quarter of a century of floating among the major currencies, exchange rate policy is still source of vexation, and the appropriate choice is by no means clear. Should a country allow its currency to float, subject perhaps to exchange market interventionl from time to time? Or should it...

We investigate empirically the determinants of the quality of governments in a large cross-section of countries. We assess government performance using measures of government intervention, public sector efficiency, public good provision, and political freedom. We find that countries that are...