This paper posits an information channel as the explanation for sudden inflations. Consumers saving via nominal government bonds face a choice whether to acquire costly information about future government surpluses. They trade off the cost of acquiring information about the surpluses that back...

This paper measures the probability of rare disasters by measuring the probability of the intermeeting federal funds rate cuts they provoke. Differentiating between months with Federal Open Market Committee (FOMC) meetings and months without identifies excess returns on federal funds futures...

This essay proposes a comprehensive mark-to-market tax for the 0.1% wealthiest and highest-earning taxpayers. Publicly-traded securities would be subject to an annual mark-to-market tax. Nontraded assets would be subject to a “deemed mark-to-market” tax: They would not be subject to tax...