We develop a general equilibrium model of international trade in which the temporal structure of production is a key determinant of comparative advantage. Building on Böhm-Bawerk’s theory of capital, ...

Although Federal Reserve policies are claimed to try to target the neutral rate of interest, it is not possible for that to be accomplished through monetary ...

The era of historically cheap money is ending, forcing a potentially permanent adjustment to higher equilibrium interest rates that will challenge financial markets and government finances built on ...