Working Papers
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Working Paper Series
Lending a Hand: How Small Black Businesses Supported the Civil Rights Movement
Jan 2018
A large literature has detailed the seminal roles played in the Civil Rights Movement by activists, new political organizations, churches, and philanthropies. But black-owned businesses also provided a behind-the-scenes foundation for the movement’s success.
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Working Paper Series
Industrial Structure and Party Competition in an Age of Hunger Games: Donald Trump and the 2016 Presidential Election
Jan 2018
The U.S. presidential election of 2016 featured frontal challenges to the political establishments of both parties and perhaps the most shocking election upset in American history.
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Working Paper Series
Corporate Scandals and Regulation
Dec 2017
Are regulatory interventions delayed reactions to market failures or can regulators proactively pre-empt corporate misbehavior?
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Working Paper Series
US Pharma’s Financialized Business Model
Jul 2017
Price gouging in the US pharmaceutical drug industry goes back more than three decades.
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Working Paper Series
The Qualitative Expectations Hypothesis
Jun 2017
Model Ambiguity, Consistent Representations of Market Forecasts, and Sentiment
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Working Paper Series
The Functions of the Stock Market and the Fallacies of Shareholder Value
Jun 2017
Conventional wisdom has it that the primary function of the stock market is to raise cash for companies for the purpose of investing in productive capabilities. The conventional wisdom is wrong.
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Working Paper Series
‘Many-citedness’
May 2017
Citations Measure More Than Just Scientific Impact
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Working Paper Series
The New Normal: Demand, Secular Stagnation and the Vanishing Middle-Class
May 2017
The U.S. economy is widely diagnosed with two ‘diseases’: a secular stagnation of potential U.S. growth, and rising income and job polarization. The two diseases have a common root inthe demand shortfall, originating from the ‘unbalanced’ growth between technologically ‘dynamic’ and ‘stagnant’ sectors.
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Working Paper Series
The Political Economy of Mass Incarceration: An Analytical Model
May 2017
This paper presents a model of mass incarceration in the United States, which has the largest proportion of its population imprisoned among advanced countries.
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Working Paper Series
The Equal Employment Opportunity Omission
Dec 2016
On June 2, 1965, under a mandate established by Title VII of the Civil Rights Act of 1964, the U.S. Congress created the Equal Employment Opportunity Commission (EEOC) to enforce federal anti-discrimination laws related to employment. The expectation was that African Americans would be prime beneficiaries of the EEOC.
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Working Paper Series
The Value-Extracting CEO: How Executive Stock-Based Pay Undermines Investment in Productive Capabilities
Dec 2016
The business corporation is the central economic institution in a modern economy. A company’s senior executives, with the advice and support of the board of directors, are responsible for the allocation of corporate resources to investments in productive capabilities. Senior executives also advise the board on the extent to which, given the need to invest in productive capabilities, the company can afford to make cash distributions to shareholders. Motivating corporate resource-allocation decisions are the modes of remuneration that incentivize and reward the top executives of these companies. A sound analysis of the operation and performance of a modern economy requires an understanding of not only how much these executives are paid but also the ways in which the prevailing system of executive pay influences their decisions to allocate corporate resources.
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Working Paper Series
The EuroZone “Debt” Crisis: Another “Center” – “Periphery” Crisis Under Financial Globalization?
Nov 2016
This paper analyzes the Euro crisis in light of the experience of center-periphery relations over the last 40 years of renewed financial globalization.
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Working Paper Series
The Personal Wealth Interests of Politicians and the Stabilization of Financial Markets
Oct 2016
We examine whether personal wealth interests affect politicians’ decisions about stabilizing financial markets.
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Working Paper Series
The Mismeasure of Mammon: Uses and Abuses of Executive Pay Data
Aug 2016
Report to the Institute for New Economic Thinking on the statistical measurement and policy implications of the compensation of the highest- paid U.S. corporate executives
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Working Paper Series
The performativity of potential output: Pro-cyclicality and path dependency in coordinating European fiscal policies
Aug 2016
This paper analyzes the performative impact of the European Commission’s model for estimating ‘potential output’, which is used as a yardstick for measuring the ‘structural budget balance’ of EU countries and, hence, is crucial for coordinating European fiscal policies.