Discover how competitive equilibrium balances supply and demand in markets, maximizing economic efficiency for profit-driven producers and value-seeking consumers.

The authors provide an interactive partial equilibrium analysis of the welfare effects of a customs union, using Macromedia Flash. Although designed to replace face-to-face coverage, it could be used ...

General equilibrium (GE) theory—long the domain of abstract economic models—has found unexpected relevance in today’s turbulent geopolitical and geofinancial landscape. Originally designed to model ...

Empirical tests of the New Keynesian Phillips Curve have provided results often inconsistent with microeconomic evidence. To overcome the pitfalls of standard estimations on aggregate data, a Full ...

I have observed and appreciated Olivier Blanchard’s intellectual journey over the last decade. It began in August 2008, with what must be regarded as one of the worst-timed papers in the history of ...