Barro and McCleary interpret the lowering of saint-making criteria combined with a geographic broadening of candidates as an intentional effort on the part of the Catholic Church hierarchy to universalize its relevance. More specifically, the Catholic Church - the world's longest-lasting...

Top economists provide much-needed guidance--and some surprising conclusions--in response to rising public concerns about inequality in the U.S. tax system.

Long-difference regressions for 1968-2013 show that a higher tax wedge reduces the C-corporate share of net capital stocks, equity (book value), gross assets, and positive net income, as well as the corporate share of gross investment. The C-corporate shares also exhibit downward trends, likely...

Rare events (RE) and long-run risks (LRR) are complementary approaches for characterizing macroeconomic variables and for understanding asset pricing. We estimate a model with RE and LRR using long-term consumption data for 42 economies. RE typically associates with major historical episodes,...

A new options-pricing formula applies to far-out-of-the money put options on the stock market when disaster risk dominates, the size distribution of disasters follows a power law, and the economy has a representative agent with Epstein-Zin utility. The elasticity of the put-options price is one...

Long-term data show that the dynamic efficiency condition r>g holds when g is represented by the average growth rate of real GDP if r is the average real rate of return on equity, E(re ), but not if r is the risk-free rate, rf .

Jorge Mario Bergoglio, since becoming Pope Francis in March 2013, is focusing on martyrdom in the Roman Catholic Church.

The double-counting issue implies overstatement of levels of gross domestic product and national income. A proposed alternative measure of product and income involves a form of full expensing for gross investment.

A key issue for the ongoing COVID-19 pandemic is whether non-pharmaceutical public-health interventions (NPIs) retard death rates. File-URL https://www.aei.org/research-products/working-paper/non-pharmaceutical-interventions-and-mortality-in-us-cities-during-the-great-influenza-pandemic-1918-1919/

Rates of COVID deaths, hospitalizations, and cases differ markedly across U.S. states, as do rates of vaccination. This study uses cross-state regressions to assess impacts of vaccinations on COVID outcomes. A number of familiar issues arise concerning cross-sectional regressions, including...