Discussion Papers

Policymakers and investors often conceptualize trend growth as simply a medium/long term average growth rate. In practice, these averages are usually...

At any point in time, skills gaps, mismatches, and shortages arise because of an imperfect correspondence between the singular sets of skills required...

This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top...

Using panel data for 189 economies from 2004 to 2016, we show that regulatory reform is associated with periods of fiscal imbalances. This association...

Do employers in "non-STEM" occupations (e.g. Graphic Designers, Economists) seek to hire STEM (Science, Technology, Engineering, and Mathematics)...

We analyze the implications of increases in the selection of, and information about, derivative financial products in a model in which investors...

This discussion paper examines evidence from 39 economies where cuts in the corporate income tax rate have been implemented since 1986. The paper also...

Leveraged term loans are typically arranged by banks but distributed to institutional investors. Using novel data, we find that to elicit investors’...

This Paper continues the study of the Optimal Consumption Function in a Brownian Model of Accumulation, see Part A [2001] and Part B  [2014]; a...

This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis...

Financial instability and its destructive effects on the economy can lead to financial crises due to its contagion or spillover effects to other parts...

Economic research has often relied on a measure of external financial dependence that is constructed using U.S. data and applied to other countries...

The Canadian 6/49 Lotto©, despite its unusual payout structure, is one of the few government sponsored lotteries that has the potential for a...

In March 2017 the UK government will apply for Article 50 of the Lisbon Treaty to end its membership in the European Union. This unprecedented step...

We study optimal monetary policy in the presence of financial stability concerns. We build a model in which monetary easing can lower the cost of...

We study the effects of collateral constraints in an economy populated by investors with nonpledgeable labor incomes and heterogeneous preferences and...