Long-term data show that the dynamic efficiency condition rg holds when g is represented by the average growth rate of real GDP if r is the average real rate of return on equity, E(re), but not if r is the risk-free rate, rf. This pattern accords with a simple disaster-risk model calibrated to...

Non-pharmaceutical interventions (NPIs) were measured by Markel, et al. (2007) for U.S. cities during the second wave of the Great Influenza Pandemic, September 1918-February 1919. The NPIs were in three categories: school closings, prohibitions on public gatherings, and quarantine/isolation. An...

Biographical note: BarroRobert: Robert J. Barro is Professor of Economics, Harvard University, and has written widely on macroeconomic and monetary economics. He is the author of Macroeconomics and the editor of Modern Business Cycle Theory.