Conditional value at risk (CoVaR) and marginal expected shortfall (MES) have been proposed as stock return based measures of the systemic risk created by individual financial institutions even though the literature provides no formal hypothesis test for detecting systemic risk. Our conclusion is...

We propose a model of voter decision-making in proportional representation systems: ultra-rational strategic voters construct expectations of coalitions and policy outcomes based on expected seat distributions and vote to maximize their expected utility from the implemented policy.

In this paper, we provide an economic analysis that distinguishes neutral and discriminatory state taxation of interstate commerce.

The failure of the largest banks will not generally endanger the solvency of their parent bank holding companies (BHCs), preventing the secretary of the Treasury from using single point of entry (SPOE).

The Jobs and Growth Tax Relief Act of 2003contained a number of significant tax provisions, but the most noteworthy may have been the reduction in dividend tax rates.

How are factors such as corruption perception and the level of democracy influencing foreign direct investment to developing economies?

In this paper, we estimate the size of the externalities produced by big-box retail stores for other establishments and explore the effect of the externalities on local government policy.

Using data from two detailed, nationally representative, household datasets, we explore whether women who are economically empowered are less likely to experience domestic violence. We find that, while working women may be at a greater risk of violence, higher earnings are associated with a...

We construct a computational dynamic stochastic and explore the impact of policy stickiness on optimal long-run fiscal policy.

This study's estimates of the reduction in accidents from a ban on cell phone use while driving are both lower and less certain than previous studies indicate.