Working Papers

A formal argument that Kahneman and Tversky’s compelling empirical findings, and those of other behavioral economists, do not provide a basis for a general approach to specifying participants’ “predictable errors.”

In a society where asset ownership is incredibly unequal, social mobility become severely diminished

The pandemic and electrification are shaking the foundations of the auto industry

A tractable formalization of the Knightian uncertainty faced by an economist and market participants in an intertemporal asset-price model.

Some cautionary remarks

By helping abate the liquidity crisis, incidences of banks becoming insolvent are reduced, and hence moral hazard in its severest form is minimized.

Covid and BLM protests were key to Biden’s victory

Swift reorganization or liquidation of insolvent businesses is the single best policy to deal with corporate debt booms.

Between a rock and a hard place

Open-ended polling responses reveal considerably more complexity – and more ambivalence and negativity – in Americans’ views of international trade than has been inferred from widely cited closed questions

In the 19th Century, “hypothecations” provided investors with valuable information on sovereign fiscal resources

Stock-Price Volatility During the Pandemic

To strengthen the American semiconductor industry, Congress should condition additional funds on suspending stock buybacks

Evidence from Survey Data of Inflation Forecasts

“School choice” aimed to block the choice of equal, integrated education for Black families