Formally derives binary incidence of reserve requirements: with interest or excess reserves no tax, but beyond buffers costs reappear; US data demonstrate fifty‑fold safety margin since 2008 for reserve policy.

This paper provide a nuanced understanding of the structural underpinnings of unemployment and offers policymakers a more accurate framework for analyzing unemployment dynamics.

This paper demonstrate that the extent to which unemployed human capital is heterogeneous and specific, rather than homogeneous and general, plays a key role in the labor market, accounting for a significant share of joblessness in the pre-COVID era.

On August 15, 1971, President Nixon ended the convertibility of dollars into gold for foreign holders of US currency. This event—known as the “Nixon Shock”—increased the cost of irreversible investment projects and, in turn, decreased private R&D.

This paper constructs a more holistic model of M&A activity to produce accurate estimates of merger and acquisition determinants and reveal the bias of previous estimation techniques.