Shareholder-creditor conflicts can create leverage ratchet effects, resulting in inefficient capital structures. Once debt is in place, shareholders may inefficiently increase leverage but avoid reducing it no matter how beneficial leverage reduction might be to total firm value. We present...

The Taylor rule at thirty / Richard H. Clarida -- Naming the Taylor rule / John Lipsky -- The Taylor rule at thirty : still useful to get the Fed back on track / Volker Wieland -- Silicon Valley Bank and beyond : regulating for liquidity / Darrell Duffie -- Silicon Valley Bank : what happened?...

The paper discusses the role of risk weighting in the determination of minimum requirements for eligible bail-in-able liabilities of banks (MREL), i.e. liabilities that are not exempt from the bail-in tool in bank resolution and that can be written down or converted into equity if losses on...

In politics, ideas matter. They provide the foundation for economic policymaking, which in turn shapes what is possible in domestic and international politics. Yet until now, little attention has been paid to how these ideas are produced and disseminated, and how this process varies between...

While America’s relationship with Britain has often been deemed unique, especially during the two world wars when Germany was a common enemy, the American business sector actually had a greater affinity with Germany for most of the twentieth century. American Big Business in Britain and...

Recent surveys show that more than half of American entrepreneurs share ownership in their business startups rather than going it alone. Yet the media and many scholars continue to perpetuate the myth of the lone visionary who single-handedly revolutionizes the marketplace. In The...

In politics, ideas matter. They provide the foundation for economic policymaking, which in turn shapes what is possible in domestic and international politics. Yet until now, little attention has been paid to how these ideas are produced and disseminated, and how this process varies between...