We present evidence that the rise in inflation in Japan since 2014 is a result of a hidden stagflation: the relative prices of durable consumption and ICT investment goods stopped declining, reflecting technology stagnation and exerting an inflationary pressure on the economy and; the real side...

This paper investigates how the rules that corporations wrote for themselves related to their financing and performance in an environment characterized by poor investor protections, Imperial Russia. We present new data on detailed governance provisions from Imperial Russian corporate charters,...

On 10th April 2010, the Polish presidential plane crashed near Smolenks, Russia. The official Polish and Russian investigations attributed the crash to pilot error compounded by bad weather. Many Poles, however, believe that the crash was the result of a conspiracy. We use this event and unique...

The paper explains historical quarterly real 3-month US Treasury bill interest rates in the United States economy from 1975Q1-2020Q4. It extends the standard asset pricing model through fundamentals plus a user-cost wedge. The wedge arises from the consumer optimally avoiding the inflation tax...