Estimates of the welfare costs of inflation based on Bailey's (1956) methodology are typically computed on the basis of aggregate money demand models. Yet, the behavior of money demand is likely to vary across sectors. As a result, the impact on welfare of changes in the inflation regime may...

The paper finds evidence of non-linearities in the dynamics of the euro-area demand for the narrow aggregate M1. A long-run money demand relationship is first estimated over a sample period covering the last three decades. While the parameters of the relationship are jointly stable, there are...

This book examines America's economy over the past several decades and the sources of our recent success and comes to surprising conclusions about what we can learn from it.

This book exploresthe negative consequences of attempts to protect key U.S. manufacturing industries through the use of antidumping laws.

The author argues that American productivity and living standards, along with those of other countries, will improve only with a renewed commitment to open multilateral trade.