Jack Bogle, Vanguard’s founder, argued that high expenses and turnover doom mutual funds to inferior returns. This is generally true. In this paper I explore whether this is also true of Vanguard’s actively managed mutual funds. Much of Vanguard’s reputation rests on its index funds....

This paper contrasts the return of Vanguard and Fidelity active stock mutual funds with the style-mimicking portfolio of Vanguard’s index funds. Vanguard’s equally-weighted portfolio of domestic active funds out-returns the portfolio of Vanguard index funds with the same style, as does...

We consider an economy (e.g., Chile 1973-83 or modern Turkey) with a minimum wage sector and a free sector and a tax on labor earnings. We ask can a minimum wage hike raise employment and economic efficiency?

This paper predicts the performance of the stock market using Tobin’s q, momentum, the Campbell-Shiller CAPE, and a new variant of the CAPE, the CAPER, which is trend earnings calculated using regressions of log earnings on time. Generally, the CAPER is superior to the CAPE. But q emerges as...

In an overlapping generations model, capital and labor produce two tradeable goods. A kleptocratic government spends the tariff revenue. Trade liberalization benefits the retired generation if and only if the relative price of the capital intensive good rises. Starting from autarky, a small...