Much of the mystery attaching to the concept of capital in economics can be avoided by treating capital as a three dimensional entity, the dimensions being quantity, time and value. The literature on the subject is notable for different treatments focusing on just one or two of these dimensions...

Although the V-form organization has received attention in light of the integration of blockchain with processes in supply chains, analysis of a V-form organization as a firm in terms of its identity as legal entity has not been considered. Building on the concept of internalization, I reflect...

This paper reviews the cost-benefit analysis, or "regulatory impact analysis" (RIA), in U.S. bank regulators' risk-based capital (RBC) rule proposals. We provide a brief background on RBC rules and review the literature on their costs and benefits. We evaluate 25 proposed RBC rules and related...

This paper uses a Synthetic Control Analysis to examine the economic effectiveness of dollarization in Ecuador. We address common concerns surrounding the adoption of dollarization as a policy and provide several solutions to those concerns. We find that dollarization resulted in significant...

In early 2020, many states issued stay-at-home orders to slow the spread of COVID-19. I analyze Google Mobility data to consider the extent to which state-level stay-at-home orders induced people to stay at home. I find that much of the change in residential, retail and recreational, park,...

The Federal Reserve is exposed to a greater degree of political influence under its new operating regime. We survey the relevant literature and describe the Fed's new operating regime. Then we explain how the regime change reduced de facto central bank independence. In brief, the regime change...

For emergence to be an explanatory factor for a specifically human social ontology requires a commitment on the part of participants to they submit belief to a status function implied or enabled by emergent phenomena such that participants could, if required, explicitly recognize the meaning of...

It is common to hear that working-class wages have stagnated; that many prime-age workers today are worse off than their parents were; and that the economy is rigged for all but those at the very top. In a new book titled The American Dream Is Not Dead (But Populism Could Kill It), Michael R....

As fear of COVID-19 spread in early 2020, individuals began reducing their activity outside the home and governments adopted policies to slow the spread. With this in mind, I estimate the average effect of state-level stay-at-home orders on Google Mobility data while controlling for changes in...

Can eliminating large denomination bills improve social welfare? We construct a dual currency model to study whether illegal activity can be reduced or eliminated by modifying the payment environment. In our model, there are two types of money, "coins" (small bills) and "paper money" (large...