This paper develops a dynamic continuous-time model in which international risk sharing can yield substantial welfare gains through its positive effect on expected consumption growth. The mechanism linking global diversification to growth is an attendant world portfolio shift from safe, but...

The nation's spending for prescription drugs has grown dramatically in recent years. Previous studies have shown that the replacement of older drugs by newer, more expensive, drugs is the single most important reason for this increase, but they did not measure how much of the difference between...

This paper examines trends in computer usage and the effect on productivity growth for a sample of federal government agencies over the period from 1987 to 1992. We link data from the Bureau of Labor Statistics (BLS) on the growth in real output per employee with data from a marketing research...

Several factors suggest that meaningful network neutrality rules will not be enshrined in near-term U.S. telecommunications policy. These include disagreements over the need for such rules as well as their definition, efficacy and enforceability. However, as van Schewick (2005)1 has demonstrated...

Wired and wireless access networks continue to evolve toward higher-capacity, multi-service systems. Recent wireless broadband networks such as 3G LTE and WiMax provide a general-purpose IP platform with over-the-top services at the application layer, which is similar to the design of wired IP...

A growing number of communities across the United States are adopting policies to promote advanced telecommunication services, including broadband access. This paper offers a taxonomy for classifying these local government initiatives and provides preliminary empirical results for a sample of...

Municipal electric utilities (MEUs) are increasingly expanding into telecommunications services. Such entry is interesting in several respects. First, MEUs marry two potential pathways for the growth of telecommunications access infrastructure and services: public ownership of last-mile...