Interest has grown in Water Quality Trading (WQT) as a means to achieve water quality goals, with more than 70 such programs now in operation in the United States. Substantial evidence exists that nonpoint sources can reduce nutrient loading at a much lower cost than point sources, implying the...

Over the past several decades, market-based approaches to natural resource management have received increased attention as a means to cost-effectively achieve environmental quality goals. Following on what has been hailed a success for reducing air pollution, water quality trading (WQT) has more...

This paper estimates the dynamics of the personal-bankruptcy rate over the business cycle by exploiting large cross-state variation. We find that bankruptcy rates are significantly higher than normal during a recession and rise as a recession persists. After a recession ends, there is a hangover...

This paper estimates the dynamics of the personal-bankruptcy rate over the business cycle by exploiting large cross-state variation. We find that bankruptcy rates are significantly above trend during a recession and rise as a recession persists. After a recession ends, there is a hangover...