Immigration and Social Security in Spain (2009)
González Martínez, Clara Isabel, Conde Ruiz, J. Ignacio, Boldrin, Michele
The objective of this paper is to understand the impact of immigration on the Spanish pension system during the next fifty years by building a quantitative theoretical framework. In order to carry...
IAE Barcelona IZA, Bonn (2009)
Matteo Cervellati, Uwe Sunde, Francesco Billari, Javier Birchenall, Michele Boldrin
We present a theory of the economic and demographic transition where adult longevity, child mortality, fertility and the education composition of the population are jointly determined. The model...
Claudio Campanale, Rui Castro, Gian Luca Clementi, Michele Boldrin, Satyajit Chatterjee, Hal Cole, ...
Version 07.6 (Download the most recent version) In this paper we provide a thorough characterization of the asset returns implied by a simple general equilibrium production economy with convex...
All the Interesting Questions, Almost All the Wrong Reasons (2008)
Michele Boldrin, David K. Levine
Here is the bottomline: JMK got his economic theory wrong, and the facts too. But, and not a minor feat, he got all his questions and his guess about the future right. This may prove that while the...
GROWTH AND INTELLECTUAL PROPERTY (2008)
Michele Boldrin, K. Levine, Daniel Wilson, Thanks Hengjie Ai
ABSTRACT. Intellectual property (IP) protection involves a trade-off between the undesirability of monopoly and the desirable encouragement of creation and innovation. Optimal policy depends on the...
Abstract. In the modern theory of innovation, monopoly plays a crucial role both as a cause and an effect of creative economic activity. Innovative firms, it is argued, would have insufficient...
THE ECONOMICS OF IDEAS AND INTELLECTUAL PROPERTY (2008)
ABSTRACT. Innovation and the adoption of new ideas is fundamental to economic progress. Here we examine the underlying economics of the market for ideas. From a positive perspective, we examine how...
Michele Boldrin, David K. Levine
The only patent that is valid is one which this Court has not been able to put its hands on. [Dissent by Jackson J. in
Michele Boldrin, K. Levine, Jel Classification
Abstract. Based partially on the belief that innovation is not possible under perfect competition, many thousands papers have been written about the nature of innovation under monopoly or oligopoly....
Intellectual Property And The Scale Of The (2008)
Market Michele Boldrin, Michele Boldrin, K. Levine
Intellectual property protection involves a tradeoff between the undesirability of monopoly and the desirable encouragement of creation and innovation. As the scale of the market increases, due...
Social security incentives, exit from the workforce and entry of the young (2008)
Boldrin, Michele, García Gómez, Pilar, Jiménez Martín, Sergio
En este trabajo analizamos la relación entre el empleo de los jóvenes, la salida del mercado de trabajo de los mayores y los incentivos a la jubilación usando datos de la encuesta continua de...
and Federal Reserve Bank of Minneapolis (2007)
Michele Boldrin, David K. Levine
ABSTRACT __________________________________________________________________________ We construct a competitive model of innovation and growth under constant returns to scale. Previous models of...
2002), “Factor Saving Innovation (2007)
Michele Boldrin, David K. Levine
It has been argued that concave models exhibit less “endogeneity of growth ” than models with increasing returns to scale. Here we study a simple model of factor saving technological improvement...
Federal Reserve Bank of Minneapolis (2007)
Michele Boldrin, David K. Levine
Market booms are often followed by dramatic falls. To explain this requires an asymmetry in the underlying shocks. A straightforward model of technological progress generates asymmetries that are...
Running Title: Growth and Market Crashes (2007)
Bill Zame, Jose Wynne, Jose Wynne, Michele Boldrin, Michele Boldrin, David K. Levine, ...
9617899 and the UCLA Academic Senate for support. The paper benefited greatly from comments by two
Zheng Song, Kjetil Storesletten, Fabrizio Zilibotti, Michele Boldrin, Roger Lagunoff, ...
This paper proposes a dynamic politico-economic theory of debt, government finance and expenditure. Agents have preferences over a private and a government-provided public good, financed through...
Assessing the Wellbeing of the Spanish Elderly (2006)
Boldrin, Michele, Jiménez Martín, Sergi
In this paper we use a variety of data sources, both micro and macro, time series, cross section, and panel data to provide an empirical evaluation of the current level of economic wellbeing of the...
Assessing the Wellbeing of the Spanish Elderly (2006)
Boldrin, Michele, Jiménez Martín, Sergio
In this paper we use a variety of data sources, both micro and macro, time series, cross section, and panel data to provide an empirical evaluation of the current level of economic wellbeing of the...
Assessing the Wellbeing of the Spanish Elderly (2006)
Boldrin, Michele, Jiménez Martín, Sergio
In this paper we use a variety of data sources, both micro and macro, time series, cross section, and panel data to provide an empirical evaluation of the current level of economic wellbeing of the...
andUniversityofMinnesota (2005)
Michele Boldrin, David K. Levine
Intellectual property protection involves a trade-off between the undesirability of monopoly and the desirable encouragement of creation and innovation. As the scale of the market increases, due...
Why Mickey Mouse is Not Subject to Congestion: A Letter on 'Eldred and Fair Use' (2004)
Boldrin, Michele, Levine, David K
In "Eldred and Fair Use," Posner comments that awarding a monopoly over Mickey Mouse avoids the congestion problem that occurs with open access highways. Is the public domain a commons like an open...
Why Mickey Mouse is Not Subject to Congestion: A Letter on 'Eldred and Fair Use' (2004)
Boldrin, Michele, Levine, David K
In "Eldred and Fair Use," Posner comments that awarding a monopoly over Mickey Mouse avoids the congestion problem that occurs with open access highways. Is the public domain a commons like an open...
Why Mickey Mouse is Not Subject to Congestion: A Letter on 'Eldred and Fair Use' (2004)
Boldrin, Michele, Levine, David K
In "Eldred and Fair Use," Posner comments that awarding a monopoly over Mickey Mouse avoids the congestion problem that occurs with open access highways. Is the public domain a commons like an open...
Why Mickey Mouse is Not Subject to Congestion: A Letter on 'Eldred and Fair Use' (2004)
Boldrin, Michele, Levine, David K
In "Eldred and Fair Use," Posner comments that awarding a monopoly over Mickey Mouse avoids the congestion problem that occurs with open access highways. Is the public domain a commons like an open...
Rent-Seeking and Innovation (2003)
Michele Boldrin, David K. Levine
Innovations and their adoption are the keys to growth and development. Innovations are less socially useful, but more profitable for the innovator, when they are adopted slowly and the innovator...
Evaluating Spanish Pension Expenditure under Alternativa Reform Scenario (2002)
Jiménez Martín, Sergi, Boldrin, Michele
In this paper we evaluate the quantitative impact that a number of alternative reform scenarios may have on the total expenditure for public pensions in Spain. Our quantitative findings can be...
Micro-Modelling of retirement behavior in Spain (2002)
Jiménez Martín, Sergio, Peracchi, Franco, Boldrin, Michele
En este trabajo, que se enmarca en un proyecto internacional de comparación de análisis de los sistemas seguridad social, se analiza la influencia de los incentivos monetarios al retiro sobre la...
Consumption over the life cycle: Some facts from the cex data (2002)
Jesús Fernández-villaverde, Dirk Krueger, Michele Boldrin, Hal Cole, Mariacristina De Nardi, ...
This paper uses a seminonparametric model and Consumer Expenditure Survey data to estimate life cycle profiles of consumption, controlling for demographics, cohort and time effects. In addition to...
Perfectly Competitive Innovation (2002)
ABSTRACT. We construct a competitive model of innovation and growth under constantreturns to scale. Previous models of growth under constant returns cannot model technological innovation. Current...
Perfectly Competitive Innovation (2002)
Michele Boldrin, David K. Levine
We construct a competitive model of innovation and growth under constant returns to scale. Previous models of growth under constant cannot model technological innovation. Current models of endogenous...
The Case Against Intellectual Property (2002)
Michele Boldrin And, Michele Boldrin, David K. Levine
Introduction According to a common argument, the presence of strong intellectual property rights spurs innovation, which leads to higher economic growth and increasing benefits for all. The argument...
Perfectly Competitive Innovation (2002)
ABSTRACT. We construct an abstract, dynamic general equilibrium model of innovation and growth, in the spirit of Schumpeter’s Theory of Economic Development. Despite the existence of infinitely...
Sánchez Martín, Alfonso R., Jiménez Martín, Sergio, Boldrin, Michele
En el presente artículo presentamos diversos indicadores de incentivos a seguir trabajando o retirarse y analizamos el impacto de diferentes reformas del sistema público de pensiones sobre los...
Sánchez Martín, Alfonso R., Jiménez Martín, Sergio, Boldrin, Michele
En el presente artículo presentamos diversos indicadores de incentivos a seguir trabajando o retirarse y analizamos el impacto de diferentes reformas del sistema público de pensiones sobre los...
El futuro de los sistemas de pensiones en la Unión Europea: una reconsideración (2000)
Jimeno Serrano, Juan Francisco, Dolado, Juan José, Boldrin, Michele, Peracchi, Franco
The Slippery Slope of Concession 1 (2000)
Jack Hirshleifer, Michele Boldrin, David K. Levine
Abstract: We show that with common knowledge and a common rate of time preference, the potential loser can always avoid wasteful conflict through a time-consistent series of small concessions. We...
The Future of Pensions in Europe (1999)
Dolado, Juan José [dolado], Jimeno, Juan F., Boldrin, Michele, Peracchi, Franco
Unfunded state pension schemes are projected to become financially unsustainable. This is usually attributed to demographic trends. Yet trends in unemployment and in female labour force participation...
Equilibria with Social Security (1998)
Michele Boldrin, Aldo Rustichini
We model pay-as-you-go (PAYG) social security systems as the outcome of majority voting within a standard OLG model with production and an exogenous growth rate of total labor productivity. At each...
Inflation-Stabilization Risk in Economies with Incomplete Asset Markets. (1997)
Pablo Andrés Neumeyer, Heracles Polemarchakis, Alberto Bisin, Michele Boldrin, Jacques Drèze, Duncan Foley, ...
In economies with high in#ation nominal ...nancial markets disappear. In the context of a general equilibrium model with incomplete asset markets, this paper shows that this phenomenon can be...
Interacciones entre la financiación de la educación y el proceso de acumulación de capital (1996)
Este artículo analiza un modelo de generaciones solapadas donde el capital físico y el capital humano son factores de producción que se pueden acumular privándose del consumo actual de recursos....
Asset pricing lessons for modeling business cycles (1995)
Boldrin, Michele, Christiano, Lawrence J., Fisher, Jonas D. M.
We develop a model which accounts for the observed equity premium and average risk free rate, without implying counterfactually high risk aversion. The model also does well in aceounting for business...
Labor contracts and business cycles (1995)
Boldrin, Michele, Horvath, Michael
This paper investigates tbe c1aim, often put forth by Real Business Cycle proponents (e.g Prescott (1986», that the poor performance of their models in matching real world aggregate labor market...
Equilibria with social security (1995)
Boldrin, Michele, Rustichini, Aldo
We model pay-as-you-go (PAYG) social sucurity systems as the outcome of majority voting within a standard OLG model with production and an exogenous population growth rateo At each point in time...
Assessing the Wellbeing of the Spanish Elderly
Michele Boldrin, Sergi Jiménez-Martín
In this paper we use a variety of data sources, both micro and macro, time series, cross section, and panel data to provide an empirical evaluation of the current level of economic wellbeing of the...
Michele Boldrin, Mariacristina De Nardi, Larry E. Jones
The data show that an increase in government provided old-age pensions is strongly correlated with a reduction in fertility. What type of model is consistent with this finding? We explore this...
The economics of ideas and intellectual property
Boldrin, Michele, Levine, David K.
Innovation and the adoption of new ideas is fundamental to economic progress. Here we examine the underlying economics of the market for ideas. From a positive perspective, we examine how such...
The economics of ideas and intellectual property
Boldrin, Michele, Levine, David K.
Innovation and the adoption of new ideas is fundamental to economic progress. Here we examine the underlying economics of the market for ideas. From a positive perspective, we examine how such...
Indeterminacy of Equilibrium in Dynamic Models with Externalities
Michele Boldrin, Aldo Rustichini
In this paper we study the indeterminacy of equilibria in infinite horizon capital accumulation models with technological externalities. Our investigation encompasses both models with bounded and...
A Dynamic Equilibrium Model of Search
We study a general equilibrium model where agents search for production and trading opportunities, that generalizes the existing literature by considering a large number of differentiated commodities...
In this paper I consider an OLG model with production and a single commodity. I show that in such an environment unbounded growth of income per capita is not possible if the aggregate technology is...
Acyclicity and Dynamic Stability: Generalizations and Applications
Michele Boldrin, Luigi Montrucchio
We study the asymptotic stability of infinite horizon concave programming problems. Turnpike theorems for this class of models generally have to assume a low level of discounting. By generalizing our...
The Intergenerational State Education and Pensions
When credit markets to finance investment in human capital are missing, the competitive equilibrium allocation is inefficient. When generations overlap, this failure can be mitigated by properly...
2003 Lawrence R. Klein Lecture The Case Against Intellectual Monopoly
Michele Boldrin, David K. Levine
In the modern theory of growth, monopoly plays a crucial role both as a cause and an effect of innovation. Innovative firms, it is argued, would have insufficient incentive to innovate should the...
Public Education and Capital Accumulation
I study an overlapping generations model where physical and human capitals are inputs of production that can be accumulated by witholding resources from current consumption. Human capital is the...
Chaotic Equilibrium Dynamics in Endogenous Growth Models
Boldrin, Michele, Nishimura, Kazuo, Shigoka, Tadashi, Yano, Makoto
HABIT PERSISTENCE AND ASSET RETURNS IN AN EXCHANGE ECONOMY
BOLDRIN, MICHELE, CHRISTIANO, LAWRENCE J., FISHER, JONAS D.M.
We examine asset prices and returns in the context of a pureexchange economy. Our purpose is to identify the key channels by which changes in preferences affect the equity premium and the risk-free...
The future of pensions in Europe
Michele Boldrin, Juan J. Dolado, Juan F. Jimeno, Franco Peracchi
"Unfunded state pension schemes are projected to become financially unsustainable. This is usually attributed to demographic trends. Yet trends in unemployment and in female labour force...
Political Equilibria with Social Security
Michele Boldrin, Aldo Rustichini
We model PAYG social security systems as the outcome of majority voting within a OLG model with production. When voting, individuals make two choices: pay the elderly their pensions or default. which...
Mortality, Fertility, and Saving in a Malthusian Economy
Michele Boldrin, Larry E. Jones
We develop a model of fertility choice by utility maximizing households, based on an explicit notion of intergenerational external effects. In contrast to previous economic literature, we assume that...
A Chaotic Map Arising in the Theory of Endogenous Growth
Michele Boldrin, Nicola Perisco
Growth theorists have almost always adopted the assumption of balanced growth in their investigations of development phenomena. In reality countries growth rates oscillate, sometimes wildly, around...
Labor Contracts and Business Cycles
Michele Boldrin, Michael Horvath
This paper investigates the claim, often put forth by Real Business Cycle proponents ("e.g. Prescott(1986)), that the poor performances of their models in matching real world aggregate labor market...
Growth and Indeterminacy in Dynamic Models with Externalities.
Boldrin, Michele, Rustichini, Aldo
In this paper we study the indeterminacy of equilibria in infinite horizon capital accumulation models with technological externalities. Our investigation encompasses both models with bounded and...
Habit Persistence, Asset Returns, and the Business Cycle
Michele Boldrin, Lawrence J. Christiano
Two modifications are introduced into the standard real-business-cycle model: habit preferences and a two-sector technology with limited intersectoral factor mobility. The model is consistent with...
Public Education and Capital Accumulation
I study an overlapping generations model where physical and human capitals are used in production and can be accumulated by withholding resources from current consumption. Human capital is...
Acyclicity and Stability of Intertemporal Optimization Models.
Boldrin, Michele, Montrucchio, Luigi
This paper provides a turnpike-like theorem for multidimensional, optimal-growth models, which holds for evey level of the discount factor. It is shown that when the short-run return fu nction of the...
The future of pension systems in Europe. A reappraisal
Michele Boldrin, Juan J. Dolado, Juan F. Jimeno, Franco Peracchi
Growth cycles and market crashes
Michele Boldrin, David K. Levine
Market booms are often followed by dramatic falls. To explain this requires an asymmetry in the underlying shocks. A straightforward model of technological progress generates asymmetries that are...
Habit persistence, asset returns and the business cycle
Michele Boldrin, Lawrence J. Christiano
We introduce two modifications into the standard real business cycle model: habit persistence preferences and limitations on intersectoral factor mobility. The resulting model is consistent with the...
Michele Boldrin, David K. Levine
We study a simple model of factor saving technological innovation in a concave framework. Capital can be used either to reproduce itself or, at additional cost, to produce a higher quality of capital...
Perfectly competitive innovation
Michele Boldrin, David K. Levine
We construct a competitive model of innovation and growth under constant returns to scale. Previous models of growth under constant returns cannot model technological innovation. Current models of...
The intergenerational state: education and pensions
When credit markets to finance investment in human capital are missing, the competitive equilibrium allocation is inefficient. When generations overlap, this failure can be mitigated by properly...
IER Lawrence Klein Lecture: the case against intellectual monopoly
Michele Boldrin, David K. Levine
In the modern theory of growth, monopoly plays a crucial role both as a cause and an effect of innovation. Innovative firms, it is argued, would have insufficient incentive to innovate should the...
Michele Boldrin, David K. Levine
Innovations and their adoption are the keys to growth and development. Innovations are less socially useful, but more profitable for the innovator, when they are adopted slowly and the innovator...
The economics of ideas and intellectual property
Michele Boldrin, David K. Levine
Innovation and the adoption of new ideas are fundamental to economic progress. Here we examine the underlying economics of the market for ideas. From a positive perspective, we examine how such...
Michele Boldrin, Mariacristina De Nardi, Larry E. Jones
The data show that an increase in government provided old-age pensions is strongly correlated with a reduction in fertility. What type of model is consistent with this finding? We explore this...
Intellectual property and market size
Michele Boldrin, David K. Levine
Intellectual property protection involves a trade-off between the undesirability of monopoly and the desirable encouragement of creation and innovation. As the scale of the market increases, due...
Asset pricing lessons for modeling business cycles
Michele Boldrin, Lawrence J. Christiano
Business cycles ; Capital assets pricing model
Habit persistence and asset returns in an exchange economy
Michele Boldrin, Lawrence J. Christiano
We examine asset prices and returns in the context of a version of the pure exchange economy studied in Lucas (1978) and Mehra and Prescott (1985). Our purpose is to identify the key channels by...
Habit persistence, asset returns and the business cycles
Michele Boldrin, Lawrence J. Christiano
We introduce two modifications into the standard real business cycles model: habit persistence preferences and limitations on intersectoral mobility. The resulting model is consistent with the...
Asset pricing lessons for modeling business cycles
Michele Boldrin, Lawrence J. Christiano
We develop a model which accounts for the observed equity premium and average risk-free rate, without implying counterfactually high risk aversion. The model also does well in accounting for...
Social Security and its Fertility Effects
Larry E. Jones, Michele Boldrin, Mariacristina De Nardi
We examine the effects of changes of government provided old age pensions on fertility choices in the context of two models of fertility, the one by Barro and Becker (1989), and the one inpired by...
From Busts to Booms in Babies and Godies
Michele Boldrin, Larry E. Jones, Alice Schoonbroodt
After the fall in fertility during the Demographic Transition, many developed countries experienced a baby bust, followed by the Baby Boom and subsequently a return to low fertility. Received wisdom...
Boldrin, Michele, Levine, David
It has been argued that concave models exhibit less ‘endogeneity of growth’ than models with increasing returns to scale. Here we study a simple model of factor saving technological improvement...
The Case Against Intellectual Property
Boldrin, Michele, Levine, David
According to a common argument, the presence of strong intellectual property rights spurs innovation, which then leads to fiercer competition, higher economic growth and increasing benefits for the...
Perfectly Competitive Innovation
Boldrin, Michele, Levine, David
We construct a competitive model of innovation and growth under constant returns to scale. Previous models of growth under constant returns cannot model technological innovation. Current models of...
The Intergenerational State: Education and Pensions
When credit markets to finance investment in the human capital of young people are missing, the competitive equilibrium allocation is inefficient. When generations overlap, this failure can be...
Regional Policies and EU Enlargement
Boldrin, Michele, Canova, Fabio
Taking both the enlargement process, as currently defined by the EU, and the structural funds as a given, this Paper examines what is the best way for candidate countries to fuel real convergence....
Habit Persistence and Asset Returns in an Exchange Economy.
Boldrin, Michele, Christiano, Lawrence J, Fisher, Jonas D M
We examine asset prices and returns in the context of a pure exchange economy. Our purpose is to identify the key channels by which changes in preferences affect the equity premium and the risk-free...
Globalization, intellectual property, and economic prosperity
Innovation and the adoption of new ideas is fundamental to economic progress, and so is free trade of goods and services. Here we examine the underlying economics of the market for ideas and its...
Evaluating Spanish Pension Expenditure under Alternativa Reform Scenario
Sergi Jiménez-Martín, Michele Boldrin
In this paper we evaluate the quantitative impact that a number of alternative reform scenarios may have on the total expenditure for public pensions in Spain. Our quantitative findings can be...
Why Mickey Mouse is Not Subject to Congestion: A Letter on 'Eldred and Fair Use'
In "Eldred and Fair Use," Posner comments that awarding a monopoly over Mickey Mouse avoids the congestion problem that occurs with open access highways. Is the public domain a commons like an open...
Perfectly competitive innovation
Boldrin, Michele, Levine, David K.
Based partially on the belief that innovation is not possible under perfect competition, a huge number of papers have been written about the nature of innovation under monopoly or oligopoly. In fact,...
Asset Pricing Lessons for Modeling Business Cycles
Michele Boldrin, Lawrence J. Christiano
We develop a model which accounts for the observed equity premium and average risk free rate, without implying counterfactually high risk aversion. The model also does well in accounting for business...
Social Security and Retirement in Spain
Michele Boldrin, Sergi Jimenez-Martni, Franco Peracchi
We describe the historical evolution of the Spanish Social Security system and its current organization. Our attention concentrates on the main public pension scheme for private employees in the...
Growth and Intellectual Property
Michele Boldrin, David K. Levine
Intellectual property (IP) protection involves a trade-off between the undesirability of monopoly and the desirable encouragement of creation and innovation. Optimal policy depends on the...
Social Security incentives, exit from the workforce and entry of the young young
Michele Boldrin, Pilar García Gómez, Sergi Jiménez Martín
In this paper we analyze the relationship between the employment of the young, exit of older people and retirement incentives using data from both the Spanish labor force survey and the Muestra...
HABIT PERSISTENCE AND ASSET RETURNS IN AN EXCHANGE ECONOMY
BOLDRIN, MICHELE, CHRISTIANO, LAWRENCE J., FISHER, JONAS D.M.
We examine asset prices and returns in the context of a pureexchange economy. Our purpose is to identify the key channels by which changes in preferences affect the equity premium and the risk-free...
Habit persistence and asset returns in an exchange economy
Michele Boldrin, Lawrence J. Christiano
We examine asset prices and returns in the context of a version of the pure exchange economy studied in Lucas (1978) and Mehra and Prescott (1985). Our purpose is to identify the key channels by...
Assessing the efficiency of public education and pensions
Public education, Public pensions, Demographic shocks, H52, H55, J11,
Why Mickey Mouse is Not Subject to Congestion: A Letter on 'Eldred and Fair Use'
In "Eldred and Fair Use," Posner comments that awarding a monopoly over Mickey Mouse avoids the congestion problem that occurs with open access highways. Is the public domain a commons like an open...
THE SLIPPERY SLOPE OF CONCESSION
JACK HIRSHLEIFER, MICHELE BOLDRIN, DAVID K LEVINE
"We show that with common knowledge and a common rate of time preference, the potential loser can always avoid wasteful conflict through a time-consistent series of small concessions. We examine how...
MARKET SIZE AND INTELLECTUAL PROPERTY PROTECTION
Michele Boldrin, David K. Levine
Intellectual property (IP) protection involves a trade-off between the undesirability of monopoly and the desirable encouragement of creation and innovation. Optimal policy depends on the relative...
What happened to the US stock market? Accounting for the last 50 years
Michele Boldrin, Adrian Peralta-Alva
The extreme volatility of stock market values has been the subject of a large body of literature. Previous research focused on the short run because of a widespread belief that, in the long run, the...
Boldrin,Michele, Levine,David K.
‘Intellectual property’ – patents and copyrights – have become controversial. We witness teenagers being sued for ‘pirating’ music – and we observe AIDS patients in Africa dying due to...
Immigration and Social Security in Spain
Clara I. Gonzalez, Michele Boldrin
The objective of this paper is to understand the impact of immigration on the Spanish pension system during the next fifty years by building aquantitative-theoretical framework. In order to carry out...
What happened to the US stock market? Accounting for the last 50 years
Michele Boldrin, Adrian Peralta-Alva
The extreme volatility of stock market values has been the subject of a large body of literature. Previous research focused on the short run because of a widespread belief that, in the long run, the...
Why Mickey Mouse is Not Subject to Congestion: A Letter on 'Eldred and Fair Use'
Michele Boldrin, David K. Levine
In “Eldred and Fair Use,” Posner comments that awarding a monopoly over Mickey Mouse avoids the congestion problem that occurs with open access highways. Is the public domain a commons like an...