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A report from the International Monetary Fund.... More

A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-await... More

A report from the International Monetary Fund.... More

The authors of this chapter acknowledge that leadership has received limited attention in economics. They note that classical economics treats the firm as a "black box" production function, ignoring the role of leadership. Building on the principal-agent framework, they introduce an economic model o... More

Sovereign wealth funds (SWFs) are state-owned investment funds with combined asset holdings that are fast approaching four trillion dollars. Recently emerging as a major force in global financial markets, SWFs have other distinctive features besides their state-owned status: they are mainly located ... More

A report from the International Monetary Fund.... More

The history of financial markets is full of moments in which asset prices inflate far beyond their intrinsic value. These events are commonly called bubbles, and in this book, José A. Scheinkman and other top economists offer new explanations for this phenomenon.Scheinkman discusses some stylized fa... More

Reducing carbon emissions is the most complex political and economic problem humanity has ever confronted. Coping with the Climate Crisis brings together leading experts from academia and policy circles to explore issues related to the implementation of the COP21 Paris Agreement and the challenges o... More

In his characteristic heartwarming style, Patrick McDonnell tells the story of the young Jane Goodall and her special childhood toy chimpanzee named Jubilee. As the young Jane observes the natural world around her with wonder, she dreams of "a life living with and helping all animals," until one day... More

Among the many challenges confronting the liberal arts today is a fundamental disconnect between the curricula that many institutions offer and the training that many students need. Discipline-specific models of teaching and learning can underprepare students for the kinds of interdisciplinary colla... More