In this paper standard macroeconomic models are combined with the Hayek-Garrison model of the business cycle in order to demonstrate in which way modern central banks are prone to initiate boom-bust-cycles through monetary policy. It is shown under which conditions such a policy will occur and why central bank authorities tend to be misled by an apparently stable price-level. Without central ba...

Although governments have imposed controls on tobacco company behaviour, they have not yet aligned tobacco industry goals to public health objectives. As a result, tobacco companies have delayed or diminished the impact of imposed public health measures and have not contributed to curbing the epidemic of tobacco use. Over the past decade, several regulatory innovations have been proposed as way...

The paper shows that Liquidity Deflation, a liquidity-drainage mechanism associated with Safe Asset Shortage, helps to rationalize supply-side liquidity trap and involuntary unemployment under wage/price flexibility, especially in economies that suffered massive liquidity destruction, like advanced economies in the wake of the Lehman crisis. Moreover, Liquidity Deflation is shown to imply defla...

An increasingly prominent theme in legal scholarship is that unconscious bias is an important contributor to social disparities by race and gender. The intensive focus on inadvertent motives is grounded in laboratory observations that purport to demonstrate that people’s split-second reactions are influenced by group identity. Such responses, it is argued, routinely fuel discriminatory conduct ...

As I've listened to the presentations and discussion at this conference over the past two days, I have been fascinated by the clear shift in the professional consensus on unemployment that has taken place during the past two decades. Twenty years ago, when I first started writing about how unemployment insurance and other labor market policies increase the rate of unemployment, l these were rad...

Accounting for Labor Demand Effects in Structural Labor Supply Models When assessing the effects of policy reforms on the labor market, most studies only focus on labor supply. The interaction of supply and demand side is not explicitly modeled, which might lead to biased estimates of potential labor market outcomes. This paper proposes a straightforward method to remedy this shortcoming. We us...

a r t i c l e i n f o This study empirically identifies the factors which explain the bank credit to the businesses in varying financial environments and emerging global challenges. With the major focus on supply side this study uses the ARDL econometric approach using annual data from the period 1971 to 2010 for Pakistan. The empirical results indicate that the foreign liabilities, domestic de...

The observed rates and deleterious impacts of biological invasions have caused significant alarm in recent years, driving efforts to reduce the risk (establishment) of new introductions. Characterizing the supply of propagules is key to understanding invasion risk and developing effective management strategies. In coastal ecosystems, ships' ballast water is an important transfer mechanism (vect...