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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.
The Region , Volume 17 , Issue Jun , Pages 8-11, 48-52

Journal Article
New Keynesian economics : a monetary perspective

In this article we construct a simple analytically tractable model to explore and evaluate New Keynesian ideas. First, we show that a New Keynesian model need not exhibit Phillips curve correlations in the absence of strategic price setting by firms. Second, we conclude that New Keynesian economics needlessly neglects monetary frictions and misses out on some key insights in the process. For example, it is important to understand how the central bank should manipulate monetary quantities to support particular nominal interest rate rules
Economic Quarterly , Volume 94 , Issue Sum , Pages 197-218

A reconsideration of the problem of social cost: free riders and monopolists

We examine the validity of one version of the Coase Theorem: In any economy in which property rights are fully allocated, competition will lead to efficient allocations. This version of the theorem implies that the public goods problem can be solved by allocating property rights fully and letting markets do their work. We show that this mechanism is not likely to work well in economies with either pure public goods or global externalities. The reason is that the privatized economy turns out to be highly susceptible to strategic behavior in that the free-rider problem in public goods economies ...
Staff Report , Paper 142

Journal Article
Opinion : More theory, please

We can question whether the economics profession adequately rewards speaking to the public but that public communication will be most valuable if it reflects recent advances in economic theory and quantitative analysis.
Econ Focus , Volume 12 , Issue Spr/Sum , Pages 48

Journal Article
Class action

Economic inequality has increased in the United States?this much is clear. But the reasons, the consequences and the future are far from obvious. Recent research provides some intriguing suggestions.
The Region , Volume 19 , Issue Sep , Pages 12-15, 38-44

Working Paper
Learning in a model of economic growth and development

We study a model of economic growth and development with a threshold externality. The model has one steady state with a low and stagnant level of income per capita and another steady state with a high and growing level of income per capita. Both of these steady states are locally stable under the perfect foresight assumption. We introduce learning into this environment. Learning acts as an equilibrium selection criterion and provides an interesting transition dynamic between steady states. We find that for sufficiently low initial values of human capital-values that would tend to characterize ...
Working Papers , Paper 1995-017

Journal Article
Science panel may study Virginia uranium plan

Related link :
Econ Focus , Volume 13 , Issue Win , Pages 22-23

Journal Article
Jargon alert : externality

Econ Focus , Volume 8 , Issue Spr , Pages 6

Journal Article
New economic education Web site

Financial Update , Volume 14 , Issue Oct , Pages 3

Journal Article
Opinion : In defense of failure

Econ Focus , Volume 12 , Issue Win , Pages 48



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Clement, Douglas 22 items

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