Countering recent arguments that we should "unbundle" or "disrupt" higher education, Jason Owen-Smith argues that research universities are unique gems that deserve our financial and social support. While they are complex and costly, their enduring value is threefold: they simultaneously act as...

The premium on "on-the-run" Treasuries (i.e. the most recently issued ones) is an anomaly. I explain it using a model in which primary dealers hold inventories of Treasuries. Primary dealers are more likely to hold large inventories of on-the-run Treasuries. There is also less variation across...