This paper estimates the impact of the Federal Reserve’s 2008–2011 quantitative easing (QE) program on the US term structure of interest rates. We estimate an arbitrage-free term structure model that explicitly includes the quantity impact of the Fed’s trades on Treasury market prices. As...

We consider a price discrimination problem in which a seller has a single object for sale to a potential buyer. At the time of contracting, the buyer's private type is his incomplete private information about his value, and the seller can disclose additional private information to the buyer. We...

In a frictionless and competitive economy, where high frequency (HF) traders possess no market power, this paper characterizes necessary and sufficient conditions on the price process and information sets for HF traders to earn abnormal trading profits. Two sufficient conditions shown to...

In a financial market where all investors have valuable private information, full rationality requires that investors have an unlimited ability of figuring out the equilibrium model. Instead, I assume that due to a lack of knowledge or experience, some investors do not know the equilibrium model...

China’s emissions continue to rise rapidly in line with its mounting energy consumption, which puts considerable pressure on China to meet its emission reduction commitments. This paper assesses the impacts of CO₂ mitigation measures in China during the period from 2010 to 2050 by using a...

Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School's history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide...

We study price discrimination where consumers know at the time of contracting only the distribution of their valuations but subsequently learn their actual valuations. Consumers are sequentially screened, as in a menu of refund contracts. Initial valuation uncertainty can differ in terms of...