As a pay-as-you-go system, Social Security faces severe long-term financing challenges stemming from a rapidly growing retirement population, continued low fertility rates, and increased longevity. Unfortunately, the political debate in the U.S. over how to “fix” Social Security has become...

This collection of articles in investment and portfolio management spans the thirty-five-year collaborative effort of two key figures in finance. Each of the nine sections begins with an overview that introduces the main contributions of the pieces and traces the development of the field. Each...

In the Guadalupe Dunes, 170 miles north of Los Angeles and 250 miles south of San Francisco, an oil spill persisted unattended for 38 years. Over the period 1990-1996, the national press devoted 504 stories to the Exxon Valdez accident and a mere nine to the Guadalupe spill—even though the...

These eight lectures by noted economist William Cline provide a clear and concise account of some of the most important macroeconomic issues facing the world economy. Designed for the nonspecialist but a source of fresh insight for the specialist as well, the lectures synthesize the major trends...