This paper studies the transmission of Federal Reserve communication to financial markets and the economy using new measures of the term structure of policy rate uncertainty. Movements in the term structure of interest rate uncertainty around FOMC announcements cannot be summarized by a single...

“Resource shuffling,” a form of carbon leakage, occurs when different subnational approaches to carbon regulation create variations in the costs of production across jurisdictions. This Article addresses the “resource shuffling” problem presented by California’s cap-and-trade program...