The purpose of this paper is to introduce the concept of power density [Watts/m²] into economics. By introducing an explicit spatial structure into a simple general equilibrium model we are able to show how the power density of available energy resources determines the extent of energy...

The convergence of policy choices across governments is often rationalized as the outcome of countries learning from each others experiences. However, policy convergence can also arise if policymakers fear being alone in their decisions, and have career concerns should they subsequently be...

The development of the welfare state in the decades following the Great Depression coincided with a puzzling pattern in the taxation of top incomes. Effective tax rates at the top increased sharply but then gradually decreased, even as social transfers continued rising. We argue that this was...

The current mainstream approach to monetary policy is based on the New Keynesian model and is expressed in terms of a short-term nominal interest, such as the federal funds rate in the United States. It ignores the role of leverage and also downplays the role of money in basic monetary theory...

This paper is a survey on the economics of blockbusters and bestsellers in popular entertainment and culture, with a particular focus on empirical methods and applications to motion pictures, music and books. We first survey various conceptual models on the economics of superstars and the...

In this paper, we build on Ryan and Wales (1998), Moschini (1999), and Serletis and Shahmoradi (2007) and impose curvature conditions locally on the quadratic Almost Ideal Demand System (AIDS) model of Banks et al. (1997), an extension of the simple AIDS model of Deaton and Muellbauer (1980)...