Begriffe wie "Black Swan" Ereignis oder "Systemrisiko" sind heute fest im Unternehmenswortschatz verankert, hauptsächlich infolge schwerwiegender Katastrophen wie der globalen Finanzkrise von 2008, der globalen Influenza H1N1 Pandemie von 2009, oder Japans Tōhoku-Erdbeben von 2011. Diese...

We use highly disaggregated data on trade in capital goods to study differences in the price of capital across countries. This strategy is motivated by the fact that most countries import the bulk of machinery equipment from a small number of industrialized countries. We find the price of...

Politicians, especially executives, regularly seek to project their influence into new policy domains. In some instances, they do so only after having secured the requisite statutory authority; in others, they intervene without prior authorization, hoping that their actions henceforth serve as...

Looks at a privately funded voucher program, finding minimal differences in math scores and modest differences in reading scores between voucher students and their public school counterparts, while also noting that the voucher program seems to be serving the working poor.

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Separated powers cannot permanently constrain individual ambitions. Concerns about a government's ability to respond to contemporary and future crises, we show, invariably compromise the principled commitments one branch of government has in limiting the authority of another. We study a dynamic...