This paper presents empirical evidence on the disagreement among Federal Open Market Committee (FOMC) forecasts. In contrast to earlier studies that analyze the range of FOMC forecasts available in the Monetary Policy Report to the Congress, we analyze the forecasts made by each individual...

This paper presents empirical evidence on the efficacy of forecast averaging using the ALFRED real-time database. We consider averages taken over a variety of different bivariate VAR models that are distinguished from one another based upon at least one of the following: which variables are used...

We examine the effect of toxic exposure on U.S. infant and fetal mortality rates between 1989 and 2002 from toxic pollution released by facilities reporting to the Toxic Release Inventory (TRI). Unlike previous studies, we control for toxic pollution from mobile sources and from non-TRI...

Some U.S. taxpayers were angry and felt betrayed when financial company executives received large bonuses in the midst of the 2008-09 financial crisis. These executives headed some of the same firms whose risky practices contributed to the crisis—and then later received billions of dollars in...

We examine the effect of exposure to toxic releases that are tracked by the Toxic Release Inventory (TRI) on county-level infant and fetal mortality rates in the United States between 1989-2002. We find significant adverse effects of TRI concentrations on infant mortality rates, but not on fetal...

The U.S. financial growth between 1995 and 2006 certainly translated into record-high shareholder returns. Labor compensation returns were also dramatically high at the onset of the current crisis.

The Droit de Suite, known in the UK as Artists’ Resale Rights, provides an artist with the inalienable right to receive a royalty based on the resale price of an original work of art. This paper provides an empirical analysis of actual changes in the UK auction market for art that is subject...

We examine the effect of exposure to a set of toxic pollutants that are tracked by the Toxic Release Inventory (TRI) from manufacturing facilities on county-level infant and fetal mortality rates in the United States between 1989 and 2002. Unlike previous studies, we control for toxic pollution...

We offer a word of caution to policymakers: Policies based on point estimates of the output gap may not rest on solid ground.