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Working Paper
Is monetary policy a science? the interaction of theory and practice over the last 50 years
In recent decades, the declarations of ?independent? central banks and the conduct of monetary policy have been assigned an ever increasing role in the pursuit of economic and financial stability. This is curious since there is, in practice, no body of scientific knowledge (evidence based beliefs) solid enough to have ensured agreement among central banks on the best way to conduct monetary policy. Moreover, beliefs pertaining to every aspect of monetary policy have also changed markedly and repeatedly. This paper documents how the objectives of monetary policy, the optimal exchange rate ...
Working Paper
Did 9/11 worsen the job prospects of Hispanic immigrants?
This paper examines whether the economic aftermath of 9/11 had an adverse impact on the labor market outcomes of male immigrants from Latin America, who compose the bulk of undocumented foreign-born workers in the U.S. The crackdown on use of fraudulent Social Security numbers, increased requirements for government-issued identification, and other changes associated with greater focus on national security likely lowered the demand for foreign-born workers - particularly the undocumented - relative to natives after 9/11. The relative decline in demand for such workers could have negatively ...
Journal Article
Perspective: border security in the age of globalization: how can we protect ourselves without losing the benefits of openness?
Border security has become increasingly important since 9-11. Yet the benefits of globalization depend on moving people and goods across national boundaries. How can we improve border security without losing the benefits of openness?
Journal Article
What has homeland security cost? an assessment: 2001-2005
While homeland security is widely seen as an important national objective, the costs of this effort are not well understood. An analysis of public and private expenditures on homeland security shows that overall spending rose by $44 billion between 2001 and 2005?a clear increase but one that represents a gain of only of 1 percent as a share of U.S. GDP. Private sector expenditures increased very modestly in dollar terms and remained unchanged as a fraction of the sector's GDP.
Working Paper
The Impact of Financial Sanctions: The Case of Iran 2011-2016
This study provides a detailed analysis of the impact of financial sanctions on publicly traded companies. We consider the effect of imposing and lifting sanctions on the target country's traded equities and examine the differences in the reaction of politically connected firms and those without such connections. The paper focuses on Iran due to (1) its sizable financial markets, (2) imposition of sanctions of varying severity and duration on private and state-owned companies, (3) the significant presence of politically connected firms in the stock market, and (4) the unique event of the 2015 ...