Working Papers

Increased borrowing by middle-class families with low income growth played a central role in rising indebtedness

We reveal a novel channel through which market participants’ sentiment influences how they forecast stock returns: their optimism (pessimism) affects the weights they assign to fundamentals.

This paper analyzes regional contributions to the US payroll share from 1977 to 2017 and the four major business cycles throughout this period.

This paper considers the relationship between profits realized from higher insulin list prices, pharmaceutical innovation, and the financial structures of the three dominant insulin manufacturing companies, which set list prices.

The links between campaign contributions from the financial sector and switches to a pro-bank vote were direct and substantial

As Covid-19 spreads globally in the first quarter of 2020, this paper finds that firms’ primary concerns relate to the collapse of demand, increased uncertainty, and disruption in supply chains

This paper considers the ambition, scale, substance and strategy of the European Union’s Green Deal

Private equity firms have become major players in the healthcare industry. How has this happened and what are the results?

This article proposes a new “Concentric Circle framework” which would improve workers’ access to civil, labor, and employment rights.

New research points to critical role of public funding in drug discoveries and development for the last decade

We conclude that representing dynamic realism in such models is as important as – and far more empirically tractable than – continued debate about the monetization of climate damages and ‘social cost of carbon’.

The central bank today is not just the government’s bank, but also a bankers’ bank, a truly hybrid institution

To get beyond the neoclassical fallacy, economists have to stop relying on constrained-optimization methodology

This paper argues that it is a mistake to dismiss secular demand stagnation as main cause of declining potential growth in the OECD.

Reconstituting capitalism and revitalizing the liberal international order will require revisiting first principles of Western political economy, rebalancing the emphasis it places on broad living standards as opposed to national income. The 2020 US presidential campaign has begun to do just that.