October 2001 <p> The technology of “the Internet” is not static. Although its “end-to-end” architecture has made this “connection-less” communications system readily “extensible,” and highly encouraging to innovation both in hardware and software applications, there are strong...</p>

October 1997 (Now published: Scandinavian Journal of Economics, 100 (1998), 11--32.) <p> There are two distinct "Scandinavian consensus" approaches to public good supply, both based on agents' willingness to pay.  A Wicksell--Foley public competitive equilibrium arises from a negative consensus in...</p>

As tariffs and quotas have gradually declined, the importance of regulation as a source of trade distortions has increased. Consequently, trade negotiations and the enforcement of trade treaties have increasingly focused on regulatory policies. This essay discusses the role of regulatory reform...

December 1999 <p> This papers develops a theory of intergenerational exchange for generations that are either selfish or have non-dynastic altruism. The main building blocks of the theory are forward and backward intergenerational goods (FIGs and BIGs) and the relationship between them. A FIG is a...</p>

December 1998 <p> How does the economy react to the arrival of a new major technology? The existing literature on General Purpose Technologies (GPTs) has studied the role that mechanisms like secondary innovations, diffusion, and learning by firms play in the adjustment process. By contrast, we...</p>

December 2000 <p> This paper evaluates the performance of exchange rate, inflation and money targeting under terms of trade, real interest rate, foreign inflation and money demand shocks. Inflation targeting must target the price level as opposed to forward looking inflation for uniqueness of...</p>