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Looking back at actual U.S. macroeconomic policy during this period, I see major swings in the balance between rules and discretion, first away from discretion toward rules-based policies and then b...
California's Cap and Trade market in greenhouse gases (GHG) is now in its third calendar year, with the rst allowance auction taking place on November 14, 2012 and compliance obligations commencing...
Many critics of free-market liberalism argue that higher product-market competition and the “Anglo-Saxon” management practices it stimulates increases productivity only at the expense ofemployees’ wor...
We develop an axiomatic theory of balance functions (future value functions) in the theory of interest that is derived from financial considerations and which applies to general regulated payment stre...
Since 1993, American trade deficit with China is expanding and the gap is becoming increasingly bigger. The widening bilateral trade imbalance has caused growing concerns. This paper, by using empiric...
This paper measures how securitized assets, including mortgage-backed securities and other asset-backed securities, have shifted across financial institutions during this crisis and how the availabili...
This paper deals with the growth accounting method used to derive “net fiscal effort”. Net fiscal effort can then provide a clue about whether fiscal policy is expansionary or not, and, together with ...
This paper investigates how China’s saving, investment, and the saving-investment balance will evolve in the decades ahead. Household saving in China is relatively high, compared to OECD countries. Ho...
A financial market comprising of a certain number of distinct companies is considered, and the following statement is proved: either a specific agent will surely beat the whole market unconditionally ...
Introduction It is quite incredible that while the negotiations of China’s accession to the World Trade Organisation (WTO) are greatly influenced by the deficit that the United States runs in its tr...
We investigate the consumption consequences of the 2006 to 2009 housing collapse using the highly unequal geographic distribution of wealth losses across the United States. We estimate a large elastic...

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