Winner of the Nobel Prize in 1981, James Tobin is one of the principle figures in contemporary Economics. These original contributions by such noted economists as Robert Solow, Paul Samuelson, Richard Cooper, and Edmund Phelps celebrate and extend Tobin's contributions to macroeconomics,...

How much and how fast should we react to the threat of global warming? The <i>Stern Review</i> argues that the damages from climate change are large, and that nations should undertake sharp and immediate reductions in greenhouse gas emissions. An examination of the <i>Review</i>'s radical revision of the...

My purpose here is to provide a non-technical introduction to the economics of climate change. I will sketch the scientific background and uncertainties, survey the results of existing studies of the impacts of climate change, present a summary of a study of efficient policies to slow global...

One of the important peculiarities of information is that it is expensive to produce but cheap to reproduce. How does a price system react to this phenomenon? One reaction will be to avoid the production of information altogether. Alternatively, firms may decide to keep their information to...

It is increasingly recognized that the structure of financial risks interacts with economic or fundamental risks in a way that influence real economic outcomes. Recent work documents, on the one hand, the apparent excessive sensitivity of financial markets to economic shocks (see especially...

The present study is the second is a series of three papers devoted to issues in the measurement of productivity and productivity growth. The contributions of the present paper are three. First, it introduces a new approach to measuring industrial productivity based on income-side data that are...

Unlike the vast preponderance of planets, earth has been bequeathed a hospitable environment in which to thrive. Up to now, man's activities have affected this environment negligibly. Scientists are becoming convinced, however, that release of carbon dioxide (CO2) from combustion of fossil fuels...