Credit markets differ from standard markets in two important respects. First, standard markets, which are the focus of classical competitive theory, involve a number of agents who are buying and selling a homogeneous commodity. Second, in standard markets, the delivery of a commodity by a seller...

In an earlier paper, we showed that integrated individual accounts, allowing individuals to borrow against future pensions when they are unemployed, can be welfare increasing, because it allows increased inter-temporal consumption smoothing without attenuating incentives to search. Here, we...

This paper attempts to provide a more complete reckoning of the costs of the Iraq War, using standard economic and accounting/ budgetary frameworks. As of December 30, 2005, total spending for combat and support operations in Iraq is $251bn, and the CBO's estimates put the projected total direct...