The author presents a formulation of a market system for the allocation of orbital space to geosynchronous communications satellites. Although based on a simplified model of satellite communications systems, the market system retains sufficient flexibility to be applicable to the allocation...

In 1988, New Zealand commissioned a study by John Fountain to review the literature on the economics of spectrum management. As that report was being completed, New Zealand contracted with National Economic Research Associates to study the management of the radio frequency spectrum. I discuss...

An expanding economics literature has examined the theoretical linkages between mandatory unbundling in the telecommunications sector and the incentives to invest in facilities by both incumbent local carriers and competitive carriers. Recent empirical evidence that substantiates the theory has...

Mortgage-backed securities in the United States are generally traded on a “to-be-announced,” or TBA, basis. The key feature of a TBA trade is that the identity of the securities to be delivered to the buyer is not specified exactly at the time of the trade, facilitating a liquid forward...

We explore the capital structure and governance of a mortgage-insuring securitization utility operating with government reinsurance for systemic or “tail” risk. The structure we propose for the replacement of the GSEs focuses on aligning incentives for appropriate pricing and transfer of...

This paper analyzes the relationship between changes in borrowers' monthly mortgage payments and future credit performance. This relationship is important for the design of an internal refinance program such as the Home Affordable Refinance Program (HARP). We use a competing risk model to...