Our paper investigates whether the valuation effect caused by a large risk premium and a low risk-free rate can help to explain the enormous US current account and trade deficit observed in the past decade. To answer this question, we set up an endowment growth model in which investors are...

The American European Community Association, Brussels, Belgium, April 16, 2007

Presentation to the Globalization and Outsourcing Conference, Reuters America Inc., New York, June 15, 2004

Fiscal Affairs & Government Operations Committee, The Council of State Governments' Southern Legislative Conference, Louisville, Ky., July 31, 2006

When residents of two countries have access to complete contingent claims markets, the welfare effects of changes in tariffs are opposite to those found in static trade theory. This paper demonstrates that a much simpler asset market structure can be sufficient to generate such a result. In the...

Arkansas Minority Business Development Roundtable, Little Rock, Ark., Aug. 17, 2007

Session on Regional Economic Trends, Southern Governors' Association Meeting, Biloxi, Miss., Aug. 25, 2007

Address before Louisville Society of Financial Analysts, Louisville, Ky., Nov. 19, 2003

Presentation to the Globalization and Outsourcing Conference, Reuters America Inc., New York, June 15, 2004

Session on Regional Economic Trends, Southern Governors' Association Meeting, Biloxi, Miss., Aug. 25, 2007