In 1976, the US Supreme Court ruled in Gregg v. Georgia that the death penalty was constitutional if it complied with certain specific provisions designed to ensure that it was reserved for the 'worst of the worst.' The same court had rejected the death penalty just four years before in the Furman decision because it found that the penalty had been applied in a capricious and arbitrary manner. The 1976 decision ushered in the 'modern' period of the US death penalty, setting the country on ...

The recent financial crisis and the difficulty of using mainstream macroeconomic models to accurately monitor and assess systemic risk have stimulated new analyses of how we measure economic activity and the development of more sophisticated models in which the financial sector plays a greater role.Markus Brunnermeier and Arvind Krishnamurthy have assembled contributions from leading academic researchers, central bankers, and other financial-market experts to explore the possibilit...