The repo market is a major source of short-term secured funding for financial institutions. Because lending in these markets is collateralized – often by high-quality securities – the stability of the market was, until recently, taken for granted by market participants and regulators....

This Article documents and evaluates tax obligations paid without cash, referred to as “in-kind tax paying.” Such forms of tax paying include paying federal income taxes by remitting a used, flatbed truck to the IRS, paying local property taxes by working a few hours a month answering phones...

In this sample of 49 Latin American, OECD, and transition economies, it is the ineffective and discretionary administration of tax and regulatory regimes--not higher tax rates alone--as well as corruption, that increases the size of the unofficial economy. And countries with a larger unofficial...

This chapter considers the relationship between nondiscrimination rules and supply-side incentives to invest in infrastructure. We encountered the issue throughout chapter 6. This chapter frames and evaluates the oft -made claim that government-imposed commons management will significantly...

A potential avalanche of “algorithmic fairness” regulations is looming that, if triggered, would thunder through our economy with one of the most significant expansions of economic and social regulation – and the power of the administrative state – in recent history. Federal and state...

This chapter explores how infrastructure theory applies to the Internet and in particular the network neutrality debate. The chapter demonstrates how the infrastructure analysis, with its focus on demand-side issues and the function of commons management, reframes the network neutrality debate,...

We characterize optimal state-dependent pricing rules under various forms of infrequent information. In all models, infrequent price changes arise from the existence of a lump-sum “menu cost.” We entertain various alternatives for the source and nature of infrequent information. In two...

This paper examines the theory of the Phillips curve, focusing on the distinction between "formation" of inflation expectations and "incorporation" of inflation expectations. Phillips curve theory has largely focused on the former. Explaining the Phillips curve by reference to expectation...