We develop theoretical models of airport congestion with non-atomistic traffic and implement them empirically using data from twenty-seven major US airports to determine whether dominant airlines internalize or ignore self-imposed congestion. Estimates of minute-by-minute delay patterns at each...

Nearly twenty years have passed since the transition from a centrally-planned towards a market-oriented economy in the countries of Central and Eastern Europe and the Former Soviet Union (CEE-FSU). This paper documents the differing patterns of unemployment during the period 1990 to 2006 in the...

Empirical evidence from a panel-data analysis indicates that a mineral resource curse exists for certain developing countries, but not for developed countries. Countries with weak institutions are cursed, while developing countries with strong institution are able to avoid the curse. These...

The U.S. Congress issued paper money called Continental Dollars to finance the American Revolution. The story of the Continental Dollar is familiar to all -- a lot were issued and hyper-inflation ensued. However, the details of this story are less well known. Scholars even disagree over how much...

Is a tax rebate safe and effective? Simulations with an empirically-tested macro-econometric model are used to estimate the impact of the actual 2001 tax rebate in the U.S. and of a rebate twice as large repeated in three additional quarters, and the results of the simulations are interpreted in...

This paper investigates the effects of sociopolitical instability on long-run growth. The impacts of socio-political instability are estimated by cross-country growth regressions for a panel of nations over a thirty-year sample period. Overall, our results are consistent with the existing...

The purpose of this paper is to reply to Shapiro and Slemrod's recent article in the American Economic Review (March 2003) and address the broader issue: Is a tax rebate an effective tool for combating a recession? We make three points. First, there are serious problems with their consumer...

This paper investigates the extent that economic markets have incorporated mainstream artistic acceptance of African American art. Price levels and movements for paintings by African American artists versus their white contemporaries are compared using auction data from 1972 to 2004. Means in...

Benhabib and Farmer (1996) explore the possibility of local indeterminacy in a twosector model with sector-speci c externalities. They nd that very small sector-specific externalities are su cient for local indeterminacy. In this case, it is possible to construct sunspot equilibria where...