Most of the countries of the OECD are still suffering from the Global Financial Crisis (GFC) (or as the Americans call it the Great Recession), but the Australian economy appears to be powering ahead. It is a miracle economy! Unlike most of the OECD countries, Australia did not even have a...

When Roosevelt abandoned the gold standard in April 1933, he converted government debt from a tax-backed claim to gold to a claim to dollars, opening the door to unbacked fiscal expansion. Roosevelt followed a state-contingent fiscal rule that ran nominal-debt-financed primary deficits until the...

When Roosevelt abandoned the gold standard in April 1933, he converted what had been effectively real government debt into nominal government debt to open the door to unbacked fiscal expansion. We argue that he followed a state-contingent fiscal rule that ran nominal-debt-financed primary...

The objective of the Endangered Species Act (ESA) is to recover species that are at risk of extinction. The Act establishes a linear process that begins with a determination that a species is to be listed because it faces an unacceptable risk of extinction, moves through recovery planning and...

In our approach, the conditional expectation of asset return quantities, under the real-world probability measure, can be expressed as a linear combination of the prices of the risk-free bond, the asset, and options on the asset. The method is free of distributional assumptions, and we use it to...