This study looks at recent congressional proposals to increase the tax rate on the general partner's share of a limited partnership's profits, known as carried interest, from the long-term capital gains rate of 15% to ordinary income tax rates of 35%. We show that carried interest is an element...

This paper discusses today's growing protectionism using a framework for economic growth, trade, and capital flows drawn from the natural sciences. In this framework economic activity is viewed as transformations of energy - both current solar energy and vintage solar energy, stored in the form...

Accepted wisdom, assuming capital market equilibrium and low cash returns, advises investors to hold optimal portfolios containing little cash. But credit crunches - periods of non-price credit rationing when effective cash yields are very high - happen in the real world. Because of this, it is...