The Financial Crisis accelerated a latent Fiscal Crisis that had been brewing in many Western countries. The paper outlines the causes of the Financial Crisis, and how this increased expenditure and reduced revenues for many Western governments. But these additional fiscal stresses merely...

This paper reviews how the Pay-As-You-Go (PAYGO) Civil Service and Social Security pension systems in North Cyprus enabled policy makers to make promises to the Turkish Cypriot residents to retain them on the Island following a long protracted civil war. Unfortunately, the success of this policy...

This paper provides tables of critical values for some popular tests of cointegration and unit roots. Although these tables are necessarily based on computer simulations, they are much more accurate than those previously available. The results of the simulation experiments are summarized by...

Social networks are an important component in understanding the decision to consume addictive substances. They capture the role of limited access, peer influence, and social acceptance and tolerance. However, despite the empirical evidence of their role, they have been absent from theoretical...

Many empirical projects involve estimation with clustered data. While estimation is straightforward, reliable inference can be challenging. Past research has suggested a number of bootstrap procedures when there are few clusters. I demonstrate, using Monte Carlo experiments, that these bootstrap...

The intent of the patent system is to encourage innovation by granting the innovator exclusive rights to a discovery for a limited period of time: with monopoly power, the innovator can recover the costs of creating the innovation which otherwise might not have existed. And, over time, the...

Kolstad.s (1994) model of intertemporal, competitive supply to a linear market from two distinct exhaustible resource deposits admits two di¤erent interior solutions . one with the low cost deposit "earning" the higher resource rent and the other with the low cost deposit "earning" the lower...