Legislators are calling for a “systemic risk regulator”, in part to provide an early warning of financial conditions that threaten the real economy. To succeed, however, we need a forward-looking measure of systemic risk. Even more, we need a measure that varies with “pollution” from...

Modeling -- Foundation -- A model economy -- What is money? -- Money and the level of economic well-being -- Money in a classical economy -- Money in a Keynesian economy -- Should monetary policy be active? -- Is monetary policy active? -- Measuring monetary services -- Organizing the production...

Dino Falaschetti and Michael Orlando unify the treatment of the many deeply related topics in money and banking in this wide-ranging book. By continually building on the assumption that economic actors are maximizers, they explain how monetary and financial services, as well as related...

Being careful about the potential for endogeneity bias, I find robust evidence that "institutions for private property" share a more fundamental relationship with health expenditures than does national income. This research should interest a wide audience. First, health scholars may be...

This study investigates the concept that, although a large population is often regarded as a prerequisite for innovation, less populous regions can actually compete in more mature technological fields.Thick markets and knowledge spillovers make populous regions more conducive to innovation, but...

We consider an environment in which participants make payments over a network and can invest in a technology that reduces the marginal cost of using the network. A network effect results in multiple equilibria; either all agents invest and usage of the network is high or no agents invest and...