International comparisons of economic understanding generally require a translation of a standardized test written in English into another language. Test results can differ based on how researchers translate the English written exam into one in their own language. To confirm this hypothesis, two...

The authors describe key aspects of precollege and undergraduate economic education in Korea. They show that precollege students seem to have low economics literacy due to problems with the curriculum and insufficient training of teachers. At the undergraduate level, they show that economics...

We estimate the long-run Japanese money demand function in a cointegration framework with two nonlinear functional forms that allow for the liquidity trap, and compare the results with the standard log-level functional form. In addition to the conventional linear cointegration techniques, we...

This paper proves a complete market aggregation result for a multiple good economy in which the consumers have time-additive, von Neumann–Morgenstern utility functions. This result applies to all concave intraperiod functions, and provides a contrast to many of the results in the...