The key insight of the life cycle model in economics is that a household's consumption at any given time is determined not so much by its current income as by the total income available to the household over its lifetime. A replacement rate can be a useful tool in approximating the life cycle...

Mortality and economic contraction during the 1918–1920 Great Influenza Epidemic provide plausible upper bounds for outcomes under the coronavirus (COVID-19).

This paper ranks all 50 states according to how costly their public-employee compensation packages are relative to private-sector standards. Each state's package is placed into one of five categories: modest penalty, market level, modest premium, large premium, or very large premium. The results...

This paper analyzes whether taxes create a price wedge between legal and illicit cigarettes and thereby affect the availability and trade of illicit whites across markets.

The OECDs Base Erosion and Profit Shifting project has focused on income attributed to intangibles with an objective of curtailing perceived artificial profit shifting by multinational firms.

The Wealth Building Home Loan (WBHL) represents a class of shorter-maturity mortgages that provide a low-risk path to homeownership and wealth accumulation while maximizing buying power. WBHLs are easy-to-understand loans that combine standard mortgage features in a novel way. Importantly, they...

Multi-year forecasts of bank performance under stressful economic conditions determine large institution regulatory capital requirements and yet the accuracy of these forecasts is undocumented. I compare the accuracies of alternative stress test model forecasts using the financial crisis as the...