Working Papers
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Working Paper Series
Can Panel Data Methodologies Determine the Impact of Climate Change on Economic Growth?
Dec 2021
Some cautionary remarks
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Working Paper Series
Central Banks Caught Between Market Liquidity and Fiscal Disciplining: A Money View Perspective on Collateral Policy
Dec 2021
By helping abate the liquidity crisis, incidences of banks becoming insolvent are reduced, and hence moral hazard in its severest form is minimized.
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Working Paper Series
The Knife Edge Election of 2020: American Politics Between Washington, Kabul, and Weimar
Nov 2021
Covid and BLM protests were key to Biden’s victory
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Working Paper Series
Zombies at Large? Corporate Debt Overhang and the Macroeconomy*
Nov 2021
Swift reorganization or liquidation of insolvent businesses is the single best policy to deal with corporate debt booms.
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Working Paper Series
Mexico’s Automotive Industry: A Success Story?
Oct 2021
Between a rock and a hard place
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Working Paper Series
Ambivalence About International Trade in Open- and Closed-ended Survey Responses
Oct 2021
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
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Working Paper Series
Why do Sovereign Borrowers Post Collateral? Evidence from the 19th Century
Oct 2021
In the 19th Century, “hypothecations” provided investors with valuable information on sovereign fiscal resources
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Working Paper Series
Expectations Concordance and Stock Market Volatility: Knightian Uncertainty in the Year of the Pandemic
Oct 2021
Stock-Price Volatility During the Pandemic
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Working Paper Series
Why the CHIPS Are Down: Stock Buybacks and Subsidies in the U.S. Semiconductor Industry
Oct 2021
To strengthen the American semiconductor industry, Congress should condition additional funds on suspending stock buybacks
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Working Paper
Market Participants Neither Commit Predictable Errors nor Conform to REH
Sep 2021
Evidence from Survey Data of Inflation Forecasts
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Working Paper Series
How Milton Friedman Exploited White Supremacy to Privatize Education
Sep 2021
“School choice” aimed to block the choice of equal, integrated education for Black families
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Working Paper Series
Automotive Global Value Chains in Europe
Aug 2021
In Europe, imbalances in the structure of the automotive and a lack of industrial policies risk creating a deadly cocktail for millions of European workers just as the auto sector is undergoing decisive changes.
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Working Paper Series
Bagehot for Central Bankers
Jun 2021
Is Victorian writer Walter Bagehot, whose adage “lending freely against good collateral at a penalty rate” has been gospel for central bankers, still relevant in a post-Great Financial Crisis world?
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Working Paper
The Unmaking of the Black Blue-Collar Middle Class
May 2021
How once-promising Black upward mobility reversed course, and what can be done about it
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Working Paper Series
The Updated Okun Method for Estimation of Potential Output with Broad Measures of Labor Underutilization: An Empirical Analysis
May 2021
Despite fear-mongering about the latest Consumer Price Index, unemployment remains elevated and stimulus is needed to prevent a collapse in demand