In this paper we demonstrate that exchange rate regime switching is compatible with optimal government policies. Nominal exchange-rate regimes are formalized as equilibrium commitments on future seigniorage policies, and the collapse of an exchange-rate peg as an excusable default which allows...

Kertzer (2022) conducts a meta-analysis of parallel experiments on samples of political elites and ordinary citizens. He examines whether the average treatment effect for elites is significantly different from the average treatment effect for citizens, finding that only 19 of 162 (11.7%)...

Clinically available antifungal drugs have therapeutic limitations due to toxicity, narrow spectrum of activity, and intrinsic or acquired drug resistance. Thus, there is an urgent need for new broad-spectrum antifungal agents with low toxicity and a novel mechanism of action. In this context,...

Incomplete property rights are common across a range of natural resources such as fisheries and groundwater. The High Plains Aquifer region of Kansas provides one example of a complex but incomplete system of property rights. Rights to groundwater in Kansas are incomplete due to the physical...

We estimate spatial German land price effects using the county-level residential land prices from 2014 to 2018. We show that county-level spatial agglomeration effects play a large and significant role in explaining the cross-county variations in land prices. For example, a 1 % increase in the...

Kertzer (2022) conducts a meta-analysis of parallel experiments on samples of political elites and ordinary citizens. He examines whether the average treatment effect for elites is significantly different from the average treatment effect for citizens, finding that only 19 of 162 (11.7%)...