Baumol’s (1990) theory of productive and unproductive entrepreneurship is a significant recent contribution to the economics of entrepreneurship literature. He hypothesizes that entrepreneurial individuals channel their effort in different directions depending on the quality of prevailing...

Excessive peak load increases the transmission system’s vulnerability to reliability problems. One tactic for reducing peak loads is to increase the responsiveness of demand to changes in wholesale electricity prices. This research describes the Computer-Aided Home Energy Management (CAHEM)...

This paper provides new estimates of the effects of ethnic network on U.S. exports. In line with recent research, our dataset is a panel of exports from U.S. states to 29 foreign countries. Our analysis departs from the literature in two ways, both of which show that previous estimates of the...

Is capitalism contagious? Since WWI, global foreign policy has treated economic freedom/repression like a virus that spreads between countries. Most recently, the ?domino theory? of freedom has played prominently in U.S. foreign policy toward Asia, Latin America, and the Caribbean during the...

This paper analyzes the issues of immigration and outsourcing in a general-equilibrium model of international factor mobility. In our model, legal immigration is controlled through a quota, while outsourcing is determined both by the firms (in response to market conditions) and through...

With outsourcing comes a perceived tension between the competitive pressures faced by domestic firms and the effect that outsourcing has on domestic workers. To address this tension, we present a general-equilibrium model with an oligopolistic export sector and a competitive import-competing...

Recent studies debate the effect of a permanent productivity shock on hours per capita within a structural VAR context. This paper examines the issue using a correlated unobserved components (UC) framework. The estimates show that permanent shocks to productivity are negatively correlated with...

Could bad weather be responsible for U.S. corruption? This paper argues that natural disasters create resource windfalls in the states they strike by triggering federally-provided natural disaster relief. Consistent with the theory that natural resource and foreign aid windfalls increase public...

Utilizing data from the U.S. Census survey (2000) and the North American Economic Freedom Index (Karebegovic, McMahon, and Samida, 2004), this study evaluates the outcome of economic freedom on gross migration flows within the United States. The estimation process is to use a gravity model....

This paper considers asset pricing from the production side. It differs from earlier approaches to production-based asset pricing in that the pricing kernel is derived by replacing the marginal rate of intertemporal substitution with an amended version of the marginal rate of intertemporal...