Contents

From the Editor

Michael Woodford — The Fed’s New Communication Strategy: Is It Stealth Inflation Targeting?

John Silvia — Subprime Credit: The Evolution of a Market

Ana Aizcorbe, Stephen D. Oliner, and Daniel E. Sichel — Shifting Trends in Semiconductor Prices and the Pace of Technological Progress

Fernando Sedano — Economic Implications of Mexico’s Sudden Demographic Transition

Orges Ormanidhi and Omer Stringa — Porter’s Model of Generic Competitive Strategies

George Chressanthis — Pharmaceutical Economics

Robert P. Parker — Detailed Industry, Product, Geographic Data from the 2007 Economic Census Become Available in 2009

Book Reviews

Economics at Work

Pharmaceutical Economics

By George Chressanthis

George Chressanthis is senior director of Commercial Strategic Analysis for AstraZeneca LP at the United States headquarters located in Wilmington, Del.

Much has been written in various issues of Business Economics over the years about the healthcare industry. Yet, and rather surprisingly, a lack of insight exists into the role economists play in shaping the direction and outcome of business research and policy decisions of a very important part of the healthcare industry—the pharmaceutical industry.

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