Publications

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The Jubilee Report: A Blueprint for Tackling the Debt and Development Crises and Creating the Financial Foundations for a Sustainable People-Centered Global Economy

On June 20, 2025 the Pontifical Academy of Social Sciences (PASS) and Columbia University’s Initiative for Policy Dialogue (IPD) published a report by a commission of global experts calling for urgent action and systemic reforms to tackle the escalating debt and development crises.

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Equity Prices, Market Power, and Optimal Corporate Tax Policy

We study the optimal design of corporate tax policy in a textbook life-cycle model featuring two key deviations: (i) firms are imperfectly competitive and (ii) households save by purchasing equity shares in a stock market.

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New Report: How New York State Lawmakers Can Help Address Debt Crises in the Global South

New York State law has enormous implications for sovereign debt sustainability and debt crises resolutions, a central problem today in countries across the Southern Hemisphere. Because a large share of the international financial sector is based in New York, about 50 percent of global sovereign bonds are issued under New York State law.

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Growth and Fluctuations: An Overview

Capitalism since its inception has been marked by large fluctuations. The resulting episodic unemployment has been very costly. This paper provides an overview of alternative theories

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