Many existing theories of financial intermediation have difficulty explaining why financial activity can generate large real effects. This paper argues that the large real effects may reflect a multiplicity of equilibria. The multiple equilibria in this paper are generated by the dynamic...

The rise in income inequality in developing countries after trade liberalization has been a puzzle for trade theory, which predicts the opposite effect. The authors present a model with imported intermediate goods in which the relative wages of skilled labor can rise due to higher imports of...

Remarks at the Rotary Club of Nashville, Nashville, Tennessee, July 20, 2009

Remarks for the Urban Land Institute at the Emerging Trends in Real Estate Conference, Atlanta, Georgia, November 10, 2009

Remarks at the Chattanooga Area Chamber of Commerce, Chattanooga, Tennessee, August 26, 2009

Remarks at the University of Miami, Coral Gables, Fla., October 22, 2009

Remarks at the University of South Alabama, Mitchell College of Business Center for Real Estate Studies, Coastal Economy Outlook conference, Mobile, Alabama, September 30, 2009

Remarks at the World Affairs Council of Jacksonville, Jacksonville, Florida, September 10, 2009

Remarks at the Georgia Bankers Association's Annual Convention, Atlanta, Georgia, June 15, 2009