This paper explores the implications that the specification of the leisure activity has on the effects of alternative forms of taxation in a two-sector endogenous growth model of the US economy. Growth and welfare effects of tax reforms are shown to depend markedly on the leisure specification....

Following the introduction of the euro in 1999, daily trade volume began a downward trend until early 2002, after which daily volume started to trend upward. A model of weekly trades suggests that changes in momentum as well as the carry trade motives of interest differentials are significant...

A unique data set on the informal loan market in a coca-growing region of Bolivia is used to explore the hypothesis that the dollarization of this market is related to the coca industry. Implications are then drawn for other nations where coca or cocaine is an important industry. The authors...