NBER Reporter articles from March 1997

NBER Reporter archives from March 1997

Asset pricing.
March 22, 1997... Asset pricing - the study of markets for financial assets including stocks, bonds, foreign currencies, and derivatives - is a field in which there is an intense and fruitful interaction between empirical and theoretical research. The work of...

Economic analysis of law.
March 22, 1997... My general interest is in using economics to analyze the effects of legal rules and institutions. In this article, I describe my current and recent work in the economics of four areas in which legal rules and institutions play a major role:...

Sunk investments, the churn, and macroeconomics.
March 22, 1997... Behind the smooth path of macroeconomic aggregates, there is a very active microeconomic world. Massive flows of factors of production constantly are being reshuffled, while households are busy rebalancing their stocks of durables, real estate,...

Making sense of the medical system.
March 22, 1997... Problems of the medical care system are among the most vexing issues on the public agenda. While virtually everyone complains about the medical care system, there is no general agreement about the diagnosis of what is wrong or the appropriate...

Education, the wage structure, and technological change: learning about the present through the past.
March 22, 1997... Human Capital Issues of Our Day Rising income inequality and the possible causal roles of education and technological change are among the most prominent issues of our day. Earnings inequality has been rising since at least the late-1970s,...