Many analyses of debt policy assume exogenous government expenditures. Instead, I use an optimizing model in which the government endogenously selects values of taxes, spending, and debt to maximize welfare. If demand for publicly provided goods is elastic, a debt-financed tax cut increases...

Analyzing data from the 1989 Survey of Consumer Finances, we find credit card borrowing is inversely correlated with a household’s willingness to comparison shop for loans and deposits. Households with larger balances have higher disutility of search, ceteris paribus. In addition, these...

In many stock exchanges around the world there is a "call" or "batch" transaction at the opening of the trading day. Currently, an essential problem in the application of this trading mechanism is that orders in one security cannot be conditioned on prices of other securities. As a result,...

The unbundling of' coupon bonds into pure discount bonds made feasible patterns of dated nominal claims that were not previously attainable. Differences between the market values of coupon bonds and the spanning portfolios of pure discount bonds are consistent with a non-tax related segmentation...

This paper assesses the interaction among losses and expenses on insurance written, leverage employed and investment performance for a sample of 25 property-casualty companies during the decade ending 1976 and evaluates the impact of regulation and other factors upon internal profitability and...