Treasury securities normally possess unparalleled safety and liquidity and, consequently, carry a money premium. We use recent debt limit impasses, which temporarily increased the riskiness of Treasuries, to investigate the relationship between the money premium, safety, and liquidity. Our...

How do dividend taxes affect stock volatility? In this paper, I use a decrease in dividend taxes as a natural experiment to identify their impact on firm's price volatility. If a risk-averse executive faces price risk through his incentive contract, changes in stock volatility due to dividend...

While energy's share of total expenditures has risen in recent years, it remains below the shares seen in the early and mid-1980s. Furthermore, the impact of the price increases on a household differs, based on the household's specific energy consumption patterns.

Millions of low-income individuals in the U.S. are aided through community development programs, which are funded by federal, state, and local governments. The authors consider whether federal transfers and expenditures from moneys generated by states and localities respond to state-level trends...

The goal of this article is to describe and analyze community development spending at the state level for the period 1981 to 2004. Two components of each state’s housing and community development spending are analyzed: transfers from the federal government that are subsequently spent by states...