Archive
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Working Paper
Working Paper SeriesHow Much Can the U.S. Congress Resist Political Money? A Quantitative Assessment
Apr 2020
The links between campaign contributions from the financial sector and switches to a pro-bank vote were direct and substantial
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Working Paper
Working Paper SeriesPrivate Equity Buyouts in Healthcare: Who Wins, Who Loses?
Mar 2020
Private equity firms have become major players in the healthcare industry. How has this happened and what are the results?
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Working Paper
Working Paper SeriesThe Global Impact of Brexit Uncertainty
Dec 2019
Using tools from computational linguistics, we construct new measures of the impact of Brexit on listed firms in the United States and around the world
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Working Paper
Working Paper SeriesFirm-Level Political Risk: Measurement and Effects
Jul 2019
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.
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Working Paper
Working Paper SeriesUS 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
Working Paper SeriesThe 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
Working Paper SeriesThe 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
Working Paper SeriesPolitical Lending
Aug 2016
Using a unique dataset provided by the Center for Responsive Politics (CRP), we document a direct channel through which financial institutions contribute to the net worth of members of the U.S. Congress, particularly those sitting on the finance committees in the Senate and the House of Representatives.
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Working Paper
Working Paper SeriesEthics vs. Ethos in US and UK Megabanking
May 2016
Company law in the US and UK fails to acknowledge that authorities’ propensity to rescue giant banks from the consequences of insolvency assigns taxpayers a coerced and badly structured equity stake in too-big-to-fail institutions.
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Article
New Climate-Economic Thinking
Apr 21, 2015
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Working Paper
Working Paper SeriesLabor in the Twenty-First Century: The Top 0.1% and the Disappearing Middle-Class
Jan 2015
The ongoing explosion of the incomes of the richest households and the erosion of middle-class employment opportunities for most of the rest have become integrally related in the now-normal operation of the U.S. economy.
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Working Paper
Grantee paperFinancial Crises, Political Constraints, and Policy Responses
Aug 2014
We analyze the political environment in the wake of financial crises and try to infer its implications on decision making and economic policies.
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Working Paper
Conference paperIncome Distribution and the Current Account: A Sectoral Perspective
Dec 2013
We analyse the link between income distribution and the current account for the period 1972-2007. We find that rising (top-end) personal inequality leads to a decrease of the current account, ceteris paribus.
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Working Paper
Grantee paperMethod to simultaneously determine stock, flow, and parameter values in large stock flow consistent models
Jun 2012
Stock flow consistent macroeconomic models suffer from the lack of a coherent estimation method due to the complicated nature of the modeling process.
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Working Paper
Conference paperDebt Overhang and Capital Regulation
Apr 2012
We analyze shareholders’ incentives to change the leverage of a firm that has already borrowed substantially. As a result of debt overhang, shareholders have incentives to resist reductions in leverage that make the remaining debt safer.