The existence of a home court advantage is one of the most durable empirical patterns in all of sports. Yet, the sociological and psychological mechanisms explaining its strength and persistence remain a mystery in large part because of well-known challenges with statistical identification. We...

This paper provides a distributional analysis of the Tax Cuts and Jobs Act that became law in December 2017, with implications for American households from changes in the individual tax provisions as well as in the corporate tax provisions.

Prompt Corrective Action (PCA) requires regulators to sanction banks before they become insolvent and to resolve institutions within 90 days of reaching critically undercapitalized status. Forensic studies of the financial crisis conclude that the PCA process not only failed to rehabilitate...

Long-difference regressions for 1968-2013 show that a higher tax wedge reduces the C-corporate share of net capital stocks, equity (book value), gross assets, and positive net income, as well as the corporate share of gross investment. The C-corporate shares also exhibit downward trends, likely...

Corinth and Lucas look the relationship between climate and homelessness. They find that cold places uniformly have low rates of unsheltered homelessness, while warm places display wide variation.

Rare events (RE) and long-run risks (LRR) are complementary approaches for characterizing macroeconomic variables and for understanding asset pricing. We estimate a model with RE and LRR using long-term consumption data for 42 economies. RE typically associates with major historical episodes,...

Clemens and Strain present early evidence on the employment effects of state minimum wage increases enacted between January 2013 and January 2015 and offer an interpretative framework to understand why it is of interest to study recent changes in isolation.

In a recent paper on the long coincident behavior of international capital flows, commodity prices, and interest rates in global financial centers, Reinhart, Reinhart, and Trebesch (2016 and 2017) discovered the curious case of missing defaults. Despite the drying up of global capital flows and...

The Green New Deal is an ambitious policy proposal that seeks a cleaner economy and a more equal and fair society. A well-designed carbon tax could be an effective method for financing such a proposal.

There was a time when the Federal Reserve believed that honest money—i.e., a stable price level— was essential for achieving full employment. Today, retired Fed officials are recommending that the Federal Open Market Committee (FOMC) target 3-percent inflation. They argue that a 3 percent...