The Reporter

Social security privatization is a top political and economic issue for countries world-wide faced with aging populations and underfunded pensions. Often seen as a third-rail of American politics, aging populations may soon force the country to make tough decisions about our pay-as-you-go system, and current public pension crises have revived the private-accounts vs. public pension debate, as state governments faced with pension fund shortfalls consider moving workers toward...

It has long been acknowledged that prices of consumer goods differ substantially across countries, and vary considerably between any two countries over time. In the aggregate, relative goods-prices compared across countries are defined as real exchange rates. Understanding real exchange rate determination remains one of the most important and yet most difficult questions in international economics. The central theoretical framework for interpreting real exchange rates...