The narrative of homeownership for all citizens is a uniquely American story. Narrative economics is a field that studies the spread of stories to explain economic fluctuations. We quantitatively examine the relationship between the American housing narrative and the run-up in home prices...

We re-examined the seasonal pattern in the excess returns of highly visible American firms. In contrast to the seasonality for risky, less visible firms, we found that highly visible stocks display return seasonality that shows the opposite trend. Fund managers are prone to gamesmanship, putting...

The book assesses the current state of Russia's regional and local fiscal relations, and self-government, and analyzes the related reforms undertaken over the past decade. The analysis is based on the kind of first-hand experience and in-depth knowledge of Russian intergovernmental reforms that...

While there is extensive knowledge about how to design fiscal decentralization policies, considerably less is understood about how a decentralization program should be sequenced and implemented. Countries embarking on decentralization often struggle with decisions about the essential components...

Climate change will pose a major challenge for humanity in future decades. Central to the policy debate are its implications for the public finances and the conduct of fiscal policy more generally. This editorial outlines the budgetary effects, the regulatory and standard-setting challenges,...