Early in his career, Milton Friedman proposed a coordinated rules-based approach to monetary and fiscal policy, which he then abandoned for a simple constant money growth rule. Both rules were motivated by his goal of long-run economic stability and his belief that discretionary policy would be...

Recent experience with the coronavirus has raised important questions about the preparedness of governments for such an event. However, an important question as it pertains to preparedness is determining how much a government should be willing to spend each year in order to prevent a pandemic...

How do we ensure that public infrastructure is properly and adequately maintained and replaced? How can we ensure that the allocation of infrastructure spending is not motivated by the political process? In this paper, I present an option value approach that offers an answer to both questions...

Over the last several years, the Federal Reserve has conducted a series of large scale asset purchases. The effectiveness of these purchases is dependent on the monetary transmission mechanism. Former Federal Reserve chairman Ben Bernanke argued that large scale asset purchases are effective...