Can access to regulators provide operational benefits to firms?

This working paper finds no evidence that the SBA loan guarantees serve any focused or rigorously defined public policy purpose at all.

Despite the frequency of tax changes and their potential importance to investors, there has been relatively little modeling of anticipated tax changes.

Can protests cause political change, or are they merely symptoms of underlying shifts in policy preferences?

Given the slow growth of labor productivity in recent years, some have argued that the boost from information technology may have run its course.� Our analysis points to a less pessimistic conclusion.� While projections of economic developments are always difficult, our judgment is that "No,...

The instability of labor earnings in the United States contributes to earnings inequality and may diminish household welfare. Despite the importance of earnings instability little is known about its correlates or causes. This paper seeks to better understand earnings instability by studying...

Can protests cause political change, or are they merely symptoms of underlying shifts in policy preferences?

We use a large dataset of land sales dating back to the mid-1990s to construct land price indexes for 23 MSAs in the United States and for the aggregate of those MSAs. The price indexes show a dramatic increase in both commercial and residential land prices over several years prior to their peak...

Conditional value at risk (CoVaR) and marginal expected shortfall (MES) have been proposed as stock return based measures of the systemic risk created by individual financial institutions even though the literature provides no formal hypothesis test for detecting systemic risk. Our conclusion is...

We propose a model of voter decision-making in proportional representation systems: ultra-rational strategic voters construct expectations of coalitions and policy outcomes based on expected seat distributions and vote to maximize their expected utility from the implemented policy.