Tag Archives: Asset Pricing

Risk and Information in the Municipal Bond Market

NBER Reporter 2014 Number 3: Research Summary.

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Fiscal Risk and the Portfolio of Government Programs

From Sam Hanson, David Scharfstein, and Adi Sunderam: This paper proposes a new approach to social cost-benefit analysis using a model in which a benevolent government chooses risky projects in the presence of market failures and tax distortions. The government internalizes … Continue reading

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Very Long-Run Discount Rates

From Stefano Giglio, Matteo Maggiori, Johannes Stroebel: We provide the first direct estimates of how agents trade off immediate costs and un- certain future benefits that occur in the very long run, 100 or more years away. We exploit a … Continue reading

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