Working Papers

Contrary to the neoclassical loanable funds theory, historical bond yields show Keynes was right that “convictions” anchor long-term interest rates

Business firms are not alone in making investments in the productive capabilities required to generate innovative goods and services. Household units and government agencies also make investments in productive capabilities upon which business firms rely for their own investment activities.

The Consumer Welfare Standard of antitrust is outdated and defective

How could the new SDR allocation help developing countries?

Using aggregate campaign finance data as well as a Transformer based text embedding model we can predict roll call votes for legislation in the US Congress with more than 90% accuracy.

EEO-1 employment data document the vast over-representation of Asian Americans and vast under-representation of African Americans at tech companies in recent years. How did this happen?

US regulators can step in to ensure drug pricing both supports patient access and drug development

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.