This research began with the question: why is the retailer brand market share of Tesco Korea higher than that of local Korean retailers? Of the foreign grocery retailers who have expanded into Korea, Tesco has achieved the most outstanding performance, with the highest retailer brand share in...

We estimate a model of the black market premium for dollars in Yugoslavia from 1974-1987. Unlike previous applications of the model, our analysis addresses nonstationarity in the underlying data by allowing for trend breaks. Endogenous structural break tests indicate the presence of breaks...

We introduce a new time series measure of the extent of federal regulation in the U.S. and use it to investigate the relationship between federal regulation and macroeconomic performance. We find that regulation has statistically and economically significant effects on aggregate output and the...

This article uses the number of pages in the Code of Federal Regulations to investigate the empirical relationship between federal regulation and macroeconomic performance in the U.S. The analysis uses an aggregate production framework to study the co-movement of output and the factors of...

This paper is an application of Flow-of-Funds analysis to the case of Thailand during the 1996-97 Asian crisis. It begins with a background historical sketch of the financial crisis in East Asia, emphasizing the central role of weak financial systems and foreign debt. The paper then presents a...

We introduce a new measure of the extent of federal regulation, the number of pages in the Code of Federal Regulations, and use it to investigate the relationship between federal regulation and macroeconomic performance in the U.S. We find that regulation has statistically and economically...

Data quality in the Penn World Tables varies systematically across countries that have different growth rates and at different stages of economic development, thus introducing measurement error correlated with variables of economic interest. We explore the seriousness of this problem with three...

We develop a model of commodity money and use it to analyze the following two questions motivated by issues in monetary history: What are the conditions under which Gresham's Law holds? And, what are the mechanics of a debasement (lowering the metallic content of coins)? The model contains light...

The Federal Reserve currently conducts open market operations primarily in Treasury securities. It has not always done so. In its earliest years, the Fed conducted open market operations primarily in private securities, such as bankers' acceptances. The Fed's choice of instruments was based both...