Combinatorial auctions where bidders can bid on bundles of items can lead to more economically efficient allocations, but determining the winners is \scr{N}\scr{P}-complete and inapproximable. We present CABOB, a sophisticated optimal search algorithm for the problem. It uses decomposition...

This paper develops models for discount rates that are adjusted for the interest tax shields of an infra-marginal firm in a general tax equilibrium where there is cross-sectional variation in corporate tax rates. Under the assumption that the firm optimally maintains a predetermined debt ratio,...

This paper develops dynamic measures of the systemic risk of the financial sector as a whole. It defines systemic risk as the conditional probability of failure of a sufficiently large fraction of the total population of financial institutions. This definition recognizes that the cause of...

Remarks at the New York Bankers Association Financial Services Forum, New York City.

Remarks at the New York Bankers Association Financial Services Forum, New York City.

Remarks at the Global Association of Risk Professionals 12th Annual Risk Management Convention, New York City.

Remarks at the Partnership for New York City Discussion, New York City.

Testimony before the Committee on Government Oversight and Reform, U.S. House of Representatives.