We show that Treasury bill auction procedures create classes of price-equivalent discount rates for bills with fewer … quantity shortfall rather than an unexploited profit opportunity. Auction results for weekly offerings of four-week bills and …

This paper quantifies the effects of drug monopolies and low per-capita income on pharmaceutical prices in developing …

shocks driving the economy and the systematic response of monetary policy to inflation: More flexible prices amplify the … shocks, ask: Would the U.S. economy have been more or less stable had prices been more flexible than historically? Our main …