Research Papers

The Chicago School has long used bankrupt assumptions to strangle antitrust policy.

We adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual US firms: the share of their quarterly earnings conference calls that they devote to political risks.

Frequent civil conflicts in African countries may erode national identity, thus highlighting a reason why civil conflict is costly for growth and development

A report of the Commission on Global Economic Transformation’s subcommittee on Macroeconomics & Finance

A report of the Commission on Global Economic Transformation’s subcommittee on Inequality, Technology, and the Future of Work

Everyone is waking up to the fact that estimates of what is possible in the economy are way off: this paper explains why

This paper presents an historical analysis of the antitrust laws.

Why Italy’s woes are a warning to the whole Eurozone

Prisoners employed in manufacturing constitute 4.2% of total U.S. manufacturing employment in 2005; they produce cheap goods, creating labor demand shock.

This paper introduces the Knightian Uncertainty Hypothesis (KUH), a new approach to macroeconomics and finance theory.

Asset markets are indispensable in harnessing society’s diverse views and insights about future business performance. But those views are shaped as much by emotion and crowd mentality as by rational expectations.

Economic distress in rural areas and opioid exposure in cities are key indicators of overdose deaths

For years, governments in India and much of the developing world have followed the advice of a paper arguing that labor regulations actually hurt workers. The problem? The research was wrong.

Starting with the literature on the estimates of the natural rate of interest, this paper critically analyzes the modern practice of identifying the benchmark rate of monetary policy with an equilibrium or neutral interest rate reflecting “fundamental forces” unaffected by monetary factors.

The American economy changed rapidly in the last half-century. The National Income and Product Accounts (NIPA) were designed before these changes started. They have stretched to accommodate new and growing service activities, but they are still organized for an industrial economy.