This paper takes a crises management perspective on the economy of the United States in order to investigate its regulatory roles, objectives, and efficacy in dealing with its long-standing recession. It reveals that widespread corporate fraud, greed, insider trading, and so on has been due to...

This paper revisits the path by which Coase developed the result now known as the Coase theorem, including the famous meeting at the home of Aaron Director during which Coase ‘converted’ a group of Chicago economists to his way of thinking. Drawing on published and archival sources, we...

We investigate the channel through which fluctuations in the market liquidity of real-sector repo collateral cause arbitrage crashes and failure of systemically important intermediaries during the global financial crisis. Intermediaries pledge productive capital as repo collateral to fund the...