This paper concerns systematic practices by public officials that are clearly unlawful, not hidden from view, and tolerated for many years. Such a ldquo;legal entrenchment of illegalityrdquo; characterized America's Jim Crow period, from the 1890s to the 1960s, especially in the former slave...

This essay relates the author's personal experience to my academic interests. Growing up under the New Deal, he acquired values it became dangerous to act upon during the Red Scare that followed World War Two. Intense political activity during the early 1950s led the author to abandon college...

This paper develops the case for reparations to African Americans today, based on wrongdoing that began with slavery, that was not repaired by Reconstruction, that was continued in new forms under Jim Crow, and that left a deeply-entrenched legacy of disadvantage despite civil rights reforms of...

This paper presents a new model for studying international capital flows and debt dynamics that emphasizes the role played by expectations concerning future trade flows and returns. I use the model to estimate the drivers of the U.S. external position and capital flows between 1973 and 2008. The...

Dark matter accounts for 83 percent of the matter in the universe and plays a central role in cosmology modeling. This paper argues that an analogous form of dark matter plays a similarly important role in international macroeconomics. Exchange-rate dark matter is invisible, but its existence...