When President Roosevelt took the oath of office in 1933, he was facing a devastated nation. Four years into the Great Depression, 13 million American workers were jobless. What people wanted were jobs, not handouts, and in 1935, after a variety of temporary relief measures, a permanent...

Application of the Bernhardt, Campello and Kutsoati (2006) test of herding to the calendar-year annual output growth and inflation forecasts suggests forecasters tend to exaggerate their differences, except at the shortest horizon when they tend to herd. We consider whether these types of...

We study the impact of private information on volatility in financial markets. We develop a comprehensive framework to investigate this link while controlling for the effects of both public information (such as macroeconomic news releases) and private information on prices and the effects of...