Publications

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2024
Working Paper

Changing Perceptions and Post-Pandemic Monetary Policy

By: Michael D. Bauer, Carolin Pflueger and Adi Sunderam

We document that the Fed’s perceived monetary policy response to inflation shifted materially over the post-pandemic period. In forward-looking policy rules estimated from surveys of macroeconomic forecasters, the inflation coefficient rose significantly after liftoff... View Details

Keywords: Policy; Inflation and Deflation; Interest Rates; Perception; Government Administration

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June 2025
Article

Social Security and Trends in Wealth Inequality

By: Sylvain Catherine, Max Miller and Natasha Sarin

Recent influential work finds large increases in inequality in the U.S. based on measures of wealth concentration that notably exclude the value of social insurance programs. This paper shows that top wealth shares have not changed much over the last three decades when... View Details

Keywords: Wealth; Equality and Inequality; Taxation; Insurance; Welfare

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January 2022 (Revised March 2022)
Case

Chinese Restriction, Violence, and Exclusion in the United States

By: Tom Nicholas, Boyang Han and Tomas Rosales

Many early Chinese immigrants to the United States during the 1850s worked as traditional gold miners, but as gold mining declined in significance, an increasing number were employed as laborers for large scale construction projects such as railroads, roadways, and in... View Details

Keywords: Immigration Acts; Immigration; Labor; Jobs and Positions; Race; Social Issues; Laws and Statutes

September–October 2018
Article

The Paradox of Responsive Authoritarianism: How Civic Activism Spurs Environmental Penalties in China

By: Christopher Marquis and Yanhua Bird

Recognizing the need to better understand institutional change processes in authoritarian states, which play an increasingly prominent role in the world economy, we examine the efficacy of civic activism aimed at spurring governmental action concerning the... View Details

Keywords: Civic Activism; Authoritarianism; Regulation; Corporate Sustainability; Environmental Sustainability; Government and Politics; Business and Government Relations; Social Issues; Change; China

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July 2010
Supplement

Post-Crisis Compensation at Credit Suisse (C)

By: Clayton S. Rose and Aldo Sesia

The (C) case describes the results of Credit Suisse's PIP I program, the value of PAF, shareholders' vote on the new compensation plan supported by management, and the impact of the company's approach to the U.K. banker's tax. View Details

Keywords: Voting; Taxation; Compensation and Benefits; Business and Shareholder Relations; Banking Industry; Financial Services Industry; Switzerland; United Kingdom

March 2009
Article

Earnings Management and Corporate Tax Shelters, and Book-Tax Alignment

By: Mihir Desai and Dhammika Dharmapala

This paper reviews recent evidence analyzing the link between earnings management and corporate tax avoidance and considers the implications for how policymakers should evaluate the financial reporting environment facing firms. A real-world tax shelter is dissected to... View Details

Keywords: Earnings Management; Taxation; Financial Reporting; Business and Shareholder Relations

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June 2002 (Revised August 2002)
Case

"One Country, Two Systems"? Italy and the Mezzogiorno (A)

By: Bruce R. Scott and Jamie Matthews

GDP per person in northern Italy caught up with average incomes in Britain, France, and Germany in the 1970s, but incomes in southern Italy (the Mezzogiorno) fell further behind. This was partly due to cultural and societal differences that dated to the Renaissance,... View Details

Keywords: History; Development Economics; Crime and Corruption; Social Issues; Economy; Government and Politics; Macroeconomics; Italy

December 1999 (Revised April 2001)
Case

Avon Products China (A)

By: Lynn S. Paine and Jennifer Gui

In April 1998, when the Chinese central government bans all forms of direct selling in China in April 1998, executives at Avon China must decide how to respond. The first direct sales company to enter China after its opening to outsiders, Avon sparked widespread... View Details

Keywords: Crisis Management; Sales; Trade; Business and Government Relations; Government and Politics; Market Participation; China

March 1996 (Revised January 2001)
Case

Incidents in Trade Policy

By: Louis T. Wells Jr. and Courtenay Sprague

Discusses a series of incidents of conflict between the United States and foreign governments on trade. View Details

Keywords: Trade; Policy; Agreements and Arrangements; Conflict and Resolution; Globalization; Government and Politics; United States

October 1993 (Revised September 1994)
Background Note

Accounting for Productivity Growth

By: Forest L. Reinhardt

Introduces students to the arithmetic of the accounting for national productivity growth. It defines labor productivity, capital productivity, and total factor productivity, describes the relationships among them, and discusses the phenomena that cause them to change... View Details

Keywords: Performance Productivity; Macroeconomics; Analytics and Data Science; Government and Politics; Mathematical Methods; United States; Singapore