Using quantile regressions and cross-sectional data from 152 countries, we examine the relationship between inflation and its variability. We consider two measures of inflation -- the mean and median -- and three different measures of inflation variability -- the standard deviation, relative...

Recent studies that evaluate inflation targeting through average treatment effects generally conclude the window-dressing view for industrial countries and policy effectiveness for developing countries. Allowing for a time-varying relationship (treatment effect) between the monetary policy and...

We use data from the National Longitudinal Study of Adolescent Health (Add Health) to examine the effects of classmate characteristics on economic and social outcomes of students. The unique structure of the Add Health allows us to estimate these effects using comparisons across cohorts within...

In most countries the government is empowered by the Constitution to acquire privately owned land for public use on payment of fair compensation for the land acquired. For infrastructure projects like a highway or a dam, the land acquired remains under public ownership. In many cases, however,...

Generally-accepted appraisal practice assumes the Hypothetical Buyer is not well-diversified because the typical real-world buyer does not possess sufficient wealth to own a well-diversified portfolio with assets each in similar value to the subject closely-held interest under appraisal (e.g.,...

The Capital Asset Pricing Model (CAPM) is theoretically incomplete in its demandside focus, risk-averse investors, and internally inconsistent homogeneous beliefs; is not conclusively supported empirically; and yet it legitimizes a notion that investors can earn higher returns by bearing...

We develop a new method for calculating reliable discounts for lack of marketability (DLOMs) for minority family limited partnership (FLP) interests, which we term the Managed Asset Portfolio Market (MAPM) Analysis. DLOMs typically are the largest valuation adjustment in, and often the most...