In this paper, we do try to estimate the likely effects of debt indexation on average government borrowing costs. But we do not agree that the analysis of debt management is primarily a question of comparing the average interest costs to the government of different types of debt.

This paper exemines the avilable U.S. data on academic R&D expenditures and the number of papers publiched and the number of citations to these papers as possible measures of "output" of this enterprises.

This paper discusses the short-run tradeoff between inflation and unemployment. Although this tradeoff remains a necessary building block of business cycle theory, economists have yet to provide a completely satisfactory explanation for it.

The Macroeconomic analysis of fiscal policy is usually based on one of two canonical models--the Barro-Ramsey model of infinitely-lived families or the Diamond-Samuelson model of overlapping generations. This paper argues that neither model is satisfactory and suggests an alternative. In the...

By 1914, there were very big economic gaps between the European industrial core and countries around the Mediterranean Basin. When did the gaps appear? Can they be explained by lags in the diffusion of the industrial revolution after 1770, or did the gaps appear much earlier? What about the...

Ninety-six percent of the world's research and development is performed in a handful of industrial countries. The remaining four percent is performed in a large number of developing countries, among them only 15 doing significant R&D. This raises the question of whether the distribution of the...

According to conventional wisdom, long-term bonds are appropriate for conservative long-term investors. This paper develops a model of optimal consumption and portfolio choice for infinite-lived investors with recursive utility who face stochastic interest rates, solves the model using an...