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Discussion Paper
Incentive compensation in the banking industry: insights from economic theory
How can banks and similar institutions design optimal compensation systems? Would such systems conflict with the goals of society? This paper considers a theoretical framework of how banks structure job contracts with their employees to explore three points: the structure of a socially optimal compensation system; the structure of a compensation system that is privately optimal, given the reality of government-guaranteed bank debt; and policy interventions that can lead from the second structure to the first. Analysis reveals a potential policy option: providing proper incentives to banks by ...
Journal Article
Thinking like an economist - a workshop on economic principles
Journal Article
Accounting for the rich
Economic theory has long been challenged-and economists fascinated-by the mystery of extreme inequality in U.S. wealth distribution. The explanation may finally be in sight.
Journal Article
The mystery of crime
Will the recession cause a surge in crime? Economic theory suggests it might, but empirical evidence for the widely held notion is far from conclusive.
Journal Article
Christina and David Romer interview
University of California, Berkeley, economic historians on the evolution of economic understanding, FOMC forecasting and more.
Journal Article
Interview with John B. Taylor
Stanford economist John. B. Taylor on inflation targets, exchange rates and the eponymous rule.