Real interest rates shifted upwards by four or five percentage points in approximately 1980. The question is why. In this paper we review some of the more popular explanations and point out that they are somewhat inconsistent with the facts. We then present a new explanation which may partially...

Each year individuals in the United States transfer between $50 and $72 billion in resources in the form of noncash holiday gifts, despite the fact that holiday gift recipients apparently value their noncash gifts at about 10% less than the prices paid by the givers. We document that cash giving...

Intro -- Contents -- Preface -- Introduction -- Part One: Theory -- 1. Markets and the Tyranny of the Majority -- 2. Are "Lumpy" Markets a Problem? -- Part Two: Empirical Evidence -- 3. Who Benefits Whom in Practice -- 4. Who Benefits Whom in the Neighborhood -- Part Three: Market Solutions and...