Many housing and welfare researchers in the last few decades have dealt with the so-called trade-off debate concerning the trade-off between welfare and home ownership. Countries with a high home ownership rate have lower welfare arrangements. The debate is about the causality of this statistical relationship; is welfare low because the home ownership rate is high or is it the other way around....

Economic models predict behavior of animals based on the presumption that natural selection has shaped behaviors important to an animal’s fitness to maximize benefits over costs. Economic analyses have shown that territories of animals are structured by trade-offs between benefits gained from resources and costs of defending them. Intuitively, home ranges should be similarly structured, but tra...

With integrated trade and financial markets, a sudden collapse in aggregate demand in a large country can cause ‘natural real interest rates’ to fall below zero in other countries, giving rise to a global ‘liquidity trap’. This paper explores the optimal policy response following such a shock, when governments cooperate on both fiscal and monetary policy. Adjusting to a large negative demand sh...

Your former employee recently joined a competitor. Email records confirm that he transferred technology or customer files to his home computer before his abrupt resignation. Other evidence suggests actual–or the threat of–trade secret misappropriation. No company wishes the distraction, expense, and uncertainty that typically accompany litigation. But litigation may be the most effective means–...

We develop a three-country version of the Helpman, Melitz and Yeaple (2004) model with firm heterogeneity, industry heterogeneity and country heterogeneity to study firms’ foreign market entry strategies. We show that (i) for any single host country, the export-FDI cutoff is higher in more skill-intensive industries than in less skillintensive industries; and (ii) for any single industry, the c...