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Bundling Trades In Over-The-Counter Markets — by Jason Allen, Milena Wittwer
In the canonical view of over-the-counter markets, dealers intermediate single-asset trades one at a time. We study a complementary role: when investors trade several assets at once, dealers absorb the joint position into inventory, insuring against execution risk. Using data on the near-universe of Canadian fixed-income trades, we find that bundled transactions account for 20…
1776 and All That: Thomas Jefferson on Adam Smith
A small industry within the history of economic thought continues to churn through the historical record in search of direct links between European ideas in political economy and the American Revolution and Founding. The attraction is understandable. Of particular interest is the alluring prospect of Adam Smith’s influence on the Founders. Put simply, if it was…
Estimating the Economic Effects of Federally Funded R&D
Jared Jageler and Willow Latham-Proença, both formerly of CBO, contributed to an earlier version of this work. For helpful comments on this paper and related work, we are grateful to Pierre Azoulay, Enrico Berkes, Aaron Betz, Devrim Demirel, Douglas Elmendorf, Andrew Fieldhouse, Nathan Goldschlag, Daniel Gross, Benjamin Jones, Joseph Kile, Jeffrey Kling, Junghoon Lee, Donald…
This Time Could Be Different for Russia Sanctions by Simon Johnson & Oleg Ustenko
en English Economics Aug 3, 2026 Simon Johnson and Oleg Ustenko High inflation and interest rates are eating away at the foundations of the Russian economy and sapping its growth. By hitting its most important sectors, and its essential source of foreign…
Netflix earnings are coming. Here’s what’s needed to prop up the tumbling stock.
Netflix reports quarterly earnings on Thursday. The streaming platform’s stock has dropped more than 40% over the past year.
