equilibrium approach that considers both demand and supply responses. We demonstrate that the equilibrium impact of capital gains ….e., capital gains taxes decrease supply). Depending on time periods and stock characteristics, either effect may dominate. Using …This paper examines the impact on asset prices from a reduction in the long-term capital gains tax rate using an …

equity into their capital structures in situations where adverse selection problems make a conventional stock issue …

is consistent with theories of capital structure that imply optimal financial leverage depends on earnings prospects and …

The promise of contingent convertible capital securities (CoCos) as a "bail-in" solution has been the subject of …

all domestic demand shocks (deleveraging, fiscal consolidation), while a capital market union is necessary to share supply … banking union and, in the presence of supply shocks, from a capital market union …We compare risk sharing in response to demand and supply shocks in four types of currency unions: segmented markets; a …

uncertainty about the identifying assumptions themselves. We use this approach to revisit the importance of shocks to oil supply … and demand. Supply disruptions turn out to be a bigger factor in historical oil price movements and inventory accumulation … a smaller factor than implied by earlier estimates. Supply shocks lead to a reduction in global economic activity after …

In this essay, we review the basic economics of housing supply and the functioning of US housing markets to better …

influences the supply of amenities and local public goods. Pollution, congestion, and the quality of public education are …