Fall 2009

Featured Article: The Price is Right? Has the financial crisis provided a fatal blow to the efficient market hypothesis?

Some observers have argued that the financial crisis has disproven what has become known as the "efficient market hypothesis." But the conclusions of the hypothesis are more modest than its critics often suggest.

Summer 2009

Cover Story: Measuring Quality of Life: How should we assess
improvements to our standard of living?

Economists and policymakers often use average income as a way to gauge a country's "standard of living." But income alone doesn't capture overall quality of life. Should policymakers use other measures — including health, education, and even aggregate happiness — when making economic policy?

Spring 2009

Cover Story: Reforming the Raters: Can regulatory reforms adequately realign the incentives of credit rating agencies?

Amid the financial turmoil, many have criticized the bond rating agencies. How do these agencies operate? And what do economists have to say about the role they play in a healthy capital market?

Winter 2009

Cover Story: Know When to Fold 'Em: How the corporate bankruptcy system benefits and hinders the economy
It's important to distinguish between firms that are merely distressed and those that are no longer viable. Does the current corporate bankruptcy system provide the most efficient means to this end?