Causal relations between federal expenditure and taxation are analyzed using an approach based on the invariance of econometric relationships in the face of structural interventions. Institutional evidence for interventions ...

The reputation of John Maynard Keynes’s General Theory of Employment, Interest, and Money as a badly written book is often exaggerated. But if it is deserved at all, it is because of parts such as chapter 2, “The Postulates ...

The main goal of this paper is to develop an empirical framework for evaluating the patient welfare benefits arising from pharmaceutical innovation. Extending previous studies of the welfare benefits from innovation (Trajtenberg, ...

economy where oligopolistic firms establish in-house R&D programs to produce a continuous flow of cost-reducing (incremental) innovations. The scale of firms' R&D operations determines the rate of productivity growth. I ...

A market in which the owner of a durable good, X, contracts with an expert for diagnostic and treatment services is studied. Good X may be in one of three states: health, disease, or failure. Only experts can determine whether ...