This chapter reviews the role of temporary price and wage rigidities in explaining of the dynamic relationship between money, real output, and inflation. The key properties to be explained are that monetary shocks have persistent, but not permanent, effects on real output, and that the...

The Committee on Capital Markets Regulation issued an Interim Report (known as the "Paulson Report") near the end of 2006 that concluded that the U.S. "is losing its leading competitive position as compared to stock markets and financial centers abroad." This report was quickly followed by a...

The paper is intended to provide a broad overview of the field of corporate governance, and to integrate recent research. Corporate governance is viewed from the perspective of the agency costs involved in obtaining equity investment from minority outside stockholders in a firm controlled by...

In South Korea, as in some other troubled Asian economies, banks and large public corporations have been run more in the interest of the government and the controlling share-holder group than to maximize efficiency and overall shareholder wealth. Any serious attempt to reform the South Korean...