In this paper we study the role played by hedging demand in shaping firms' capital structure. We develop and study a general equilibrium model with production and incomplete markets where households ...

Following Part I of this paper that reveals two distinct interpretations of demand curves and the corresponding different forms of the market clearing formulation, Part II of this paper analyzes the ...

June jobs data handily beat expectations. But the report was full of asterisks. What matters is tariffs, inflation, and ...

Investors who feel whipsawed by the ongoing trade war can focus on the aspects of tariffs that remain fundamentally fixed.