This paper argues that limited asset market participation is crucial in explaining U.S. macroeconomic performance and monetary policy before the 1980s, and their changes thereafter. We develop an otherwise standard sticky-price dynamic stochastic general equilibrium model, which implies that at...

During the George W. Bush administration, intense debate focused on the Administration?s interference with the work of government scientists. In this study, analyzing a May/June 2009 survey of members of the American Association for the Advancement of Science (AAAS), we evaluate the factors...