of the cost of bailouts. Drawing selectively on existing cost estimates and augmenting them with new calculations … consistent with this framework, I conclude that the total direct cost of the 2008 crisis-related bailouts in the United States … unsecured creditors of financial institutions. The estimated cost stands in sharp contrast to popular accounts that claim there …

insurers to record far less than a dollar of reserve per dollar of future insurance liability. We identify the shadow cost of … capital through exogenous variation in required reserves across different types of policies. The shadow cost was $0.96 per …

insurers to record far less than a dollar of reserve per dollar of future insurance liability. We identify the shadow cost of … capital through exogenous variation in required reserves across different types of policies. The shadow cost was $0.96 per …