Recommendations for Further Reading

By David Felix

Journal of Economic Perspectives, Summer 1999

Correspondence

By Frederick Guy, Andrei Shleifer, Neil Perry, Andrew Metrick, Martin L. Weitzman, Barbara R. Bergmann, David Laidler, and George S. Tavlas

Journal of Economic Perspectives, Summer 1999

Preliminary Announcement of the Program

Journal of Economic Perspectives, Summer 1999

Notes

Journal of Economic Perspectives, Summer 1999

Front Matter

Journal of Economic Perspectives, Summer 1999

Global Financial Instability: Framework, Events, Issues

[Symposium: Global Financial Instability]

By Frederic S. Mishkin

Journal of Economic Perspectives, Fall 1999

Two of the key questions facing policymakers today are how to reduce the risk of global financial instability and how to cope with it when it occurs. This paper starts by defining financial instability and then showing how it harms economic activity. It t...

International Institutions for Reducing Global Financial Instability

[Symposium: Global Financial Instability]

By Kenneth Rogoff

Journal of Economic Perspectives, Fall 1999

This paper asks how recent developments in research on banking and sovereign lending can help inform the debate on choosing a new international financial architecture. A broad range of plans is considered, including a global lender of last resort facility...

Restoring Banking Stability: Beyond Supervised Capital Requirements

[Symposium: Global Financial Instability]

By Gerard Caprio and Patrick Honohan

Journal of Economic Perspectives, Fall 1999

Emerging economies have been particularly prone to financial sector crises, reflecting marked information asymmetries and political interference, as well as the substantial volatility in underlying economic conditions, and the vulnerability of banking and...

How Effective Are Capital Controls?

[Symposium: Global Financial Instability]

By Sebastian Edwards

Journal of Economic Perspectives, Fall 1999

A number of authors have recently argued that, in order to avoid financial instability, emerging countries should rely on capital controls. Two type of controls have been considered: controls on capital outflows, and controls on capital inflows. In this p...

On the Need for an International Lender of Last Resort

By Stanley Fischer

Journal of Economic Perspectives, Fall 1999

Is there a useful function for an international lender of last resort (ILLR)--defined as crisis lender and crisis manager? Yes for international capital flows are excessively volatile and contagious, and because an ILLR can help mitigate the effects of th...

Are Preferential Trading Arrangements Trade-Liberalizing or Protectionist?

By Anne O. Krueger

Journal of Economic Perspectives, Fall 1999

Preferential trade arrangements, and especially free trade agreements, have mushroomed in importance in the 1990s. This has revived research on the effects of these arrangements, both on the welfare of the member countries and those excluded, and on the m...

Survey Measures of Expected U.S. Inflation

By Lloyd B. Thomas

Journal of Economic Perspectives, Fall 1999

The forecasting performance of widely accessible surveys of expected inflation are evaluated against naive and financial market benchmark forecasts. In the period of rising inflation (1960-80), the Michigan household consensus forecasts exhibited smaller ...

Executive Compensation: Six Questions That Need Answering

By John M. Abowd and David S. Kaplan

Journal of Economic Perspectives, Fall 1999

This article address six questions concerning executive compensation, drawing on recent advances in the study of executive compensation, including the role of stock and option holdings: How much does executive compensation cost the firm? How much is execu...

On the Complexities of Complex Economic Dynamics

By J. Barkley Rosser

Journal of Economic Perspectives, Fall 1999

Complex economic nonlinear dynamics endogenously do not converge to a point, a limit cycle, or an explosion. Their study developed out of earlier studies of cybernetic, catastrophic, and chaotic systems. Complexity analysis stresses interactions among dis...

Measuring Returns on Investments in Collectibles

By Benjamin J. Burton and Joyce P. Jacobsen

Journal of Economic Perspectives, Fall 1999

This paper considers the question of how to measure and interpret the financial return to investing in collectibles. We review various methodologies for creating priced indexes and then discuss studies that explicitly calculate a rate of return to some se...

Discounting Inside the Washington D.C. Beltway

By Coleman Bazelon and Kent Smetters

Journal of Economic Perspectives, Fall 1999

This article focuses on how the choice of discount rate can dramatically affect policy choices. These policies include whether to build a bridge, whether to privatize a Power Marketing Administration which sells electricity generated by government-owned f...

In Honor of the Nobel Laureates Robert C. Merton and Myron S. Scholes: A Partial Differential Equation That Changed the World

By Robert A. Jarrow

Journal of Economic Perspectives, Fall 1999

The Nobel Prize was given to Robert C. Merton and Myron S. Scholes for discovering a new method for determining the value of an option. This is known as the Black-Merton-Scholes option pricing formula. The purpose of this essay is to explain why the Black...

Retrospectives: Between God and the Market: The Religious Roots of the American Economic Association

By Bradley W. Bateman and Ethan B. Kapstein

Journal of Economic Perspectives, Fall 1999

This essay examines the strong influence of the Social Gospel movement on the founding of the American Economic Association. Richard T. Ely, the driving force behind the Association's founding, was also the most popular figure in the Social Gospel movemen...

Recommendations for Further Reading

By Bernard Saffran

Journal of Economic Perspectives, Fall 1999

Correspondence

By Jonathan Willner and David J. Smyth

Journal of Economic Perspectives, Fall 1999