Hutchins Center Working Papers

A couple leaves the Remote Area Medical (RAM) health clinic at the Wise County Fairgrounds in Wise, Virginia July 24, 2009. The free clinic, which lasts 2 1/2 days, is the largest of its kind in the nation providing medical, dental and vision services from more than 1,400 medical volunteers. For many residents of this Appalachian area, the RAM clinic serves as the only medical care they may receive each year. REUTERS/Shannon Stapleton

The long-term impact of aging on the federal budget

Thursday, January 11, 2018

A pharmacist counts pills in a pharmacy

High-priced drugs in Medicare Part D: Diagnosis and prescription

Richard Frank and Richard J. Zeckhauser

Thursday, January 4, 2018

The Federal Reserve building is seen in Washington June 19, 2012. The Federal Reserve's policy-making committee again finds itself at a difficult time as it gathered on Tuesday for a two-day meeting. As Europe's banking crisis intensifies and the U.S. labor market sputters, the Fed appears increasingly likely to offer more monetary stimulus - despite political opposition, internal reticence and concerns about whether it will be effective. REUTERS/Yuri Gripas (UNITED STATES - Tags: POLITICS BUSINESS) - GM1E86K093901

Credit, financial conditions, and monetary policy transmission

David Aikman, Andreas Lehnert, Nellie Liang, and Michele Modugno

Thursday, November 30, 2017

A pair of elderly couples view the ocean and waves along the beach in La Jolla, California March 8, 2012. REUTERS/Mike Blake (UNITED STATES - Tags: ENVIRONMENT SOCIETY TPX IMAGES OF THE DAY) - GM1E8390ALN01

Risky choices: Simulating public pension funding stress with realistic shocks

James Farrell and Daniel Shoag

Thursday, November 30, 2017

School buses drive past an idle building site in San Bernardino, California September 11, 2012. The city of about 210,000, some 65 miles (104 km) east of Los Angeles, filed for bankruptcy on August 1, joining the Bay Area city of Stockton as a test case for whether financially troubled municipalities can shed bond payments and possibly pension obligations via bankruptcy court. Picture taken September 11, 2012. To match Special Report BERNARDINO/BANKRUPT REUTERS/Lucy Nicholson (UNITED STATES - Tags: POLITICS BUSINESS) - GM1E8BD10VF01

The cost burden of negotiated sales restrictions: A natural experiment using heterogeneous state laws

Darío Cestau, Richard C. Green, Burton Hollifield, and Norman Schürhoff

Wednesday, November 15, 2017

A view of a California Public Employees' Retirement System (CalPERS) board committee meeting at CalPERS headquarters in Sacramento, California, U.S. February 14, 2017. REUTERS/Max Whittaker - RC13AAF0ECB0

Public employee pensions and collective bargaining rights

Brigham R. Frandsen and Michael Webb

Tuesday, October 31, 2017

When transparency pays: The moderating effect of disclosure quality on changes in the cost of debt

Christine Cuny and Svenja Dube

Monday, October 23, 2017

The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo - RTSP1XC

Monetary policy without a working theory of inflation

Daniel K. Tarullo

Wednesday, October 4, 2017

A view of Singapore's financial district

Who is in charge of financial stability, why, and what they can do

Rochelle M. Edge and Nellie Liang

Friday, August 11, 2017

A portrait of Benjamin Franklin on a U.S. One-hundred dollar bill is pictured at Interbank Inc. money exchange in Tokyo, in this September 9, 2010 picture illustration. The dollar neared a 15-year low versus the yen on Thursday as traders bet Japanese authorities were not yet ready to intervene in the currency market. REUTERS/Yuriko Nakao (JAPAN - Tags: BUSINESS EMPLOYMENT) - RTR2I3FR

Money-financed fiscal programs: A cautionary tale

William B. English, Christopher Erceg, and David Lopez-Salido

Friday, June 2, 2017

Traders work on the floor of the New York Stock Exchange (NYSE) shortly after the announcement that the U.S. Federal Reserve had hiked interest rates for the first time in nearly a decade in New York, December 16, 2015. The U.S. central bank's policy-setting committee raised the range of its benchmark interest rate by a quarter of a percentage point to between 0.25 percent and 0.50 percent, ending a lengthy debate about whether the economy was strong enough to withstand higher borrowing costs. REUTERS/Lucas Jackson TPX IMAGES OF THE DAY - RTX1Z04O

Debt sustainability in a low interest rate world

Friday, June 2, 2017

Patient's prescriptions sit on a handwritten ledger in Dr. Byron Harbolt's Cathedral Canyon Clinic in Altamont, Tennessee July 14, 2013. Harbolt, 89, who charges as little as $15 for an office visit, sees patients six days a week in the rural clinic he opened in 1960. Photo taken July 14, 2013. REUTERS/Harrison McClary (UNITED STATES - Tags: HEALTH SOCIETY) - RTX11NNB

Can drug importation address high generic drug prices?

Thomas Bollyky and Aaron Kesselheim

Tuesday, May 2, 2017

A woman studies cancer cells through a microscope

Enabling competition in pharmaceutical markets

Fiona Scott Morton and Lysle Boller

Tuesday, May 2, 2017

Graduates from Columbia University's School of Journalism cheer during the university's commencement ceremony in New York May 16, 2012. Over 12,000 students attended the annual graduation ceremony on the university's campus. REUTERS/Keith Bedford (UNITED STATES - Tags: EDUCATION) - RTR325VM

Education markets: Forward-looking policy options

Monday, January 9, 2017

Students eat lunch at Salusbury Primary School in northwest London June 11, 2014. This September, a new government scheme plans to give free meals to all reception, year 1 and 2 students registered in England's state-funded schools. Local media reports that this will amount to saving families about ?400 a year per child. REUTERS/Suzanne Plunkett (BRITAIN - Tags: EDUCATION SOCIETY FOOD) - RTR3T864

Assessing the long-run benefits of transfers to low-income families

Kristin Butcher

Monday, January 9, 2017