Cryptocurrencies provide an important dimension of innovation to the evolution of the exchange medium we call money. There are now over 4,000 such currencies, and their potential and volume is growing. The impact of such currencies for money laundering, law enforcement, and banking supervision...

We examine the Internet's impact on the cross-border distribution of cultural goods and assess its implications for cultural policy and cultural diversity. We present a stylized model of a two-country economy where governments are endowed with political preferences over the consumption of...

This paper describes a structural model which incorporates bank decisions on productivity, risk-taking and customer satisfaction into an equilibrium model of banking markets for 219 large U.S. banks, between 1984 and 1992. The cost of bank risk is assessed using banks stock market betas as a...

Network neutrality has been at the center of US telecommunications policy for several years, culminating in a recent FCC order imposing a limited form of net neutrality on US broadband Internet Service Providers (ISPs). The regulatory imposition of nondiscrimination and price regulation (the...

Broadband Internet Service Providers have been the subject of recent debate about the future of the Internet, with transparency being of particular concern: Are broadband ISPs (and other Internet firms) sufficiently transparent in their service offerings to customers? In this paper, I develop...

Congress has recently charged the Federal Communications Commission to establish a National Broadband Plan. This paper argues that a customer-centric plan, which puts the customer in control of decision-making, will yield the best broadband result for the U.S. The Federal government must...

The Federal Communications Commission’s Notice of Proposed Rulemaking, “Preserving the Open Internet,” is the most significant reach of regulatory power over the Internet in U.S. history. The NPRM proposes a set of regulations for broadband ISPs corresponding to the four principles...

The Federal Communications Commission’s Notice of Inquiry in GN 09-157 Fostering Innovation and Investment in the Wireless Communications Market is a significant event at an opportune moment. Wireless communication has already radically changed the way that not only Americans, but people the...

The "parallel behavior is enough" standard cannot assist the courts in distinguishing horizontal agreements to restrain trade from normal competition. It would very likely impose significant costs on the economy by distorting competitive incentives and encouraging meritless litigation designed...