Once an economics professor at Harvard and an ardent Keynesian, Lawrence Lindsey, a governor at the Federal Reserve, is fanning the flames of the Reagan revolution and sounding the death knell for an economic orthodoxy in decline.
The health sector is filled with institutions and decision-making circumstances that create friction in markets and cognitive errors by decision makers. This paper examines the potential contributions to health economics of the ideas of behavioral economics. The discussion presented here focuses on the economics of doctor-patient interactions and some aspects...
This article complements the structural New-Keynesian macro framework with a no-arbitrage affine term structure model. It focuses on an extended macro-model with an unobservable time-varying inflation target and the natural rate of output which are filtered from macro and term structure data. It obtains large and significant estimates of the...
This paper argues that limited asset market participation before 1980 in the US and the change thereof is crucial in explaining macroeconomic performance and monetary policy conduct. Our model predicts that when participation rates change from low to high the slope of the IS curve changes from positive ('non-Keynesian') to...
The theoretical idea of personnel economics is to apply simple economic principles to the field of human resources management. Personnel economics as a research field has grown rapidly since the first text book on "Personnel Economics" was published in 1998. The development is driven by new theoretical insights based on...
The analytical framework in the classical finance models discussed in this paper is largely the same as in general equilibrium theory: agents, acting as price-takers, exchange claims on consumption to maximize their respective utilities. Because the focus in financial economics is somewhat different from that in mainstream economics, the paper...
In 1999, ten incentives were available to support photovoltaic PV systems in Wisconsin. This study investigates the implications of PV system ownership on incentive eligibility and PV system economics. A lifecycle cost model is used to analyze the economics of PV systems from six possible ownership perspectives including both power...
Decision-making is the process of evaluating different alternative solutions to a given problem and choosing the most appropriate solution from amongst them. Managerial Economics is the branch of Economics that applied economic theory and principles to business and administrative decision-making. Managers in an organization have to make decision on a...
This paper incorporates limited asset markets participation in dynamic general equilibrium and develops a simple framework for monetary policy analysis. It is shown that aggregate dynamics and stability properties of an otherwise standard business cycle model depend nonlinearly on the degree of asset market participation: low enough participation causes an...
Irrational EconomicsPredictably Irrational is phenomenalI stumbled across Dan's book a few weeks ago and was fascinated by it. It's a phenomenal look at the ways and reasons that competent intelligent people do insensible things.If you get a chance, pick it up. The lessons involved aren't just about economics, but cover...
MIT Press (Cambridge, MA) has published "Lectures on Antitrust Economics," a book that offers an account of the economics behind antitrust and an examination of the most recent developments in antitrust economics, highlighting areas that re MIT Press (Cambridge, MA) has published "Lectures on Antitrust ...
Ericsson (NASDAQ: ERIC) and the Stockholm School of Economics have agreed to create a program aiming to generate in-depth knowledge of Chinese business and economics and China's impact on global trade patterns. The program will create a ...
Insights from behavioral economics have been used to explain bad decision making in the business world, 2 and bad investment decision making in particular. Some private equity firms have successfully remodeled their investment processes to counteract the biases predicted by behavioral economics. This article aims to help rectify the omission...
Speakers at the Bank of England's 300th anniversary analyzed the central bank's past and present. The 19th-century debate between Currency and Banking schools was likened to the Keynesian-monetarist debate, and Stanley Fischer argued that an independent BSpeakers at the Bank of England's 300th anniversary analyzed the central bank's past and...
Editor's note: Every year, at this time, we sit down with the top experts at Cahners Economics and ask: Where's the U.S. economy headed? James Haughey, vice president, economics and research, and Kris Bledowski, senior economist, answer with their Editor's note: Every year,...
F. Scott Fitzgerald's The Great Gatsby is one of the classics of American literature. I, like many, first read it in high school. A recent re-read, however, with the mature eyes of an economist, led me to the following passage, which I had somehow overlooked in my earlier days. While...
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