Working Papers

Preliminary draft prepared for INET conference session “A Decade of Stagnation. Why?”

The Theory of the Firm, Financial Flows, and Economic Performance

It is commonly overlooked that the concept of market efficiency embowers a time-dimension. Illustrating with an example from the class of persistent random walks, we show that a price process can be a martingale on one time-scale but inefficient on another.

This paper analyzes the link between Kamakura Risk Information Services (KRIS) data on megabank default probabilities and credit spreads.

This paper provides a critique of the DSGE models that have come to dominate macroeconomics during the past quarter-century.

Economists’ infamous failure at predicting the recent financial crisis has brought new impetus to studies on diversity in the economics profession. Such studies have underlined how diversity plays a prominent role in enriching economic analyses.

Price gouging in the US pharmaceutical drug industry goes back more than three decades.

Model Ambiguity, Consistent Representations of Market Forecasts, and Sentiment

Conventional wisdom has it that the primary function of the stock market is to raise cash for companies for the purpose of investing in productive capabilities. The conventional wisdom is wrong.

Citations Measure More Than Just Scientific Impact

The U.S. economy is widely diagnosed with two ‘diseases’: a secular stagnation of potential U.S. growth, and rising income and job polarization. The two diseases have a common root inthe demand shortfall, originating from the ‘unbalanced’ growth between technologically ‘dynamic’ and ‘stagnant’ sectors.

This paper presents a model of mass incarceration in the United States, which has the largest proportion of its population imprisoned among advanced countries.

How the U.S. New Economy Business Model Has Devalued Science and Engineering PhDs

Long term labor shortages do not happen naturally in market economies. That is not to say that they don’t exist. They are created when employers or government agencies tamper with the natural functioning of the wage mechanism.

Widespread criticism of elites and their ‘experts ’ raises questions about how economists should perceive their role, and what role societies should give them. We invited four scholars to start an online conversation by sharing their perspectives