cssi/SciSciGPT-SciSciNet huggingface dataset:
Possible Macroeconomic Consequences of Large Future Federal Government Deficits

Executive SummaryThis paper uses a multicountry macroeconometric model to analyze possible macroeconomic consequences of large future U.S. federal government deficits. The analysis has the advantage of accounting for the endogeneity of the deficit. In the baseline run, which assumes no large tax increases or spending cuts and no bad dollar and stock market shocks, the debt/GDP ratio rises substantially through 2020. The estimates from this run are in line with other estimates. Various experiments off the baseline run are then performed. If the dollar depreciates, inflation increases, but the effect on the debt/GDP ratio is modest. It does not appear that the United States can inflate its way out of its debt problem. If U.S. stock prices fall, this makes matters worse since output is lower because of a negative wealth effect. Personal tax increases or transfer payment decreases of 3% of nominal GDP stabilize the debt/GDP ratio, at a cost of a real output loss of about 1.6% over the next decade. The Fed’s a...
Employing Young Talent from Underserved Populations: Designing a Flexible Organizational Process for Assimilation and Productivity

This article describes an ongoing 13-year-old program designed to improve the ability of organizations to assimilate young talent from underserved populations, mostly students who have recently graduated from high school. Although many firms have internship and orientation programs, few have well-tested organizational approaches for assimilating 17-20 year-olds into their organizations in an efficient and productive manner. The objective of this study is to describe and evaluate the solution introduced by Workforce Opportunity Services (WOS), a non-profit agency that provides organizations with well-trained talent from underserved local communities. The WOS model is a systemic design involving a lead agency (WOS), corporate clients, training partnerships with local colleges and universities, and underutilized human capital. Over 290 students have completed the WOS program and obtained long-term employment, mostly in IT jobs that normally are outsourced. The results of the study show that companies have success employing young talent when they follow the WOS organizational process. Companies need to have patience with WOS student employees, but within six months most members of the WOS program make positive contributions to their sponsoring firm and have a strong likelihood of becoming permanently employed. Implications of the WOS model for organization design are discussed.
Sizing up private law

The conflict between external and internal perspectives in private law is both exaggerated and underplayed. Both external and internal perspectives pay too little attention to how the ‘micro’ level...
Functions in Jurisprudential Methodology

This paper guides the reader through the use of functions in contemporary legal philosophy: in developing those philosophies and through methodological debates over their proper role. This paper is broken into two sections. In the first I canvass the role of functions in the legal philosophies of several mid to late twentieth century Anglo-American general jurisprudents whose theories are still common topics of discussion: Ronald Dworkin, H.L.A. Hart, Lon L. Fuller, John Finnis, and Joseph Raz. In the second, I examine contemporary arguments over the role of functions in the methodology of legal philosophy.
State Takeovers of School Districts and Related Litigation: Michigan as a Case Study

IN 2011, I PUBLISHED AN ARTICLE in which I argued that state takeovers of school districts are the best of the various legal mechanisms available to school districts in fiscal crisis—better than a general state receivership, and definitely better than municipal bankruptcy, which is not even available to school districts in twenty-six states. I contended that takeover mechanisms should be gradual and progressive, providing a school district with ample notice and opportunity to try to get its own financial house in order before it is divested of some or all authority over financial matters. One of the states I focused on as having a model takeover statute was my own state, Michigan. As that article was going to press, Michigan changed its emergency financial manager statute drastically, extending the authority of an emergency financial manager over the local government she or he manages and giving the governor substantially more autonomy when selecting the individuals whose new title, “emergency managers,” reflected that their authority was no longer limited to financial matters. These changes gained national attention.
The Empty Call for Benefit-Cost Analysis in Financial Regulation

AbstractThe call for benefit-cost analysis (BCA) in financial regulation misunderstands the origins and utility of BCA as a guide to administrative rule making. Benefit-cost analysis imagines an omniscient social planner who can calculate costs and benefits from a natural system that generates prices (costs and benefits) that do not change (or change much) no matter what the central planner does. For example, the toxicity of chemicals, the health hazards of emissions, the statistical value of life—these do not change in response to health-and-safety regulation. For the financial sector, however, the system that generates costs and benefits is constructed by financial regulation itself and the subsequent processes of adaptation and regulatory arbitrage. An important new rule will change the system beyond our calculative powers. Instead of weighing costs and benefits, financial regulation necessarily is based on a series of trade-offs of normatively derived values, which may entail principles of pragmatic d...
Financial Development and Growth in the Short- and Long-Run *

We analyze the relationship between financial development and inter-industry resource allocation in the short- and long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a ‘natural’ reliance on outside finance due to a comparative advantage in these industries. By contrast, in the short-run we argue that financial development facilitates the reallocation of resources to industries with good growth opportunities, regardless of their reliance on outside finance. To test these predictions, we use a measure of industry-level ‘technological’ financial dependence based on the earlier work of Rajan and Zingales (1998), and develop new proxies for shocks to (short run) industry growth opportunities. We find differential effects of these measures on industry growth and composition in countries with different levels of financial development. We obtain results that are consistent with financially developed economies specializing in ‘financially dependent’ industries in the long-run, and allocating resources to industries with high growth opportunities in the short-run.
Personalized Genome-Scale Metabolic Models Identify Targets of Redox Metabolism in Radiation-Resistant Tumors

Redox cofactor production is integral toward antioxidant generation, clearance of reactive oxygen species, and overall tumor response to ionizing radiation treatment. To identify systems-level alterations in redox metabolism that confer resistance to radiation therapy, we developed a bioinformatics pipeline for integrating multi-omics data into personalized genome-scale flux balance analysis models of 716 radiation-sensitive and 199 radiation-resistant tumors. These models collectively predicted that radiation-resistant tumors reroute metabolic flux to increase mitochondrial NADPH stores and reactive oxygen species (ROS) scavenging. Simulated genome-wide knockout screens agreed with experimental siRNA gene knockdowns in matched radiation-sensitive and radiation-resistant cancer cell lines, revealing gene targets involved in mitochondrial NADPH production, central carbon metabolism, and folate metabolism that allow for selective inhibition of glutathione production and H2O2 clearance in radiation-resistant cancers. This systems approach represents a significant advancement in developing quantitative genome-scale models of redox metabolism and identifying personalized metabolic targets for improving radiation sensitivity in individual cancer patients.
The Rise and Fall of Comparative Constitutional Law in the Postwar Era

In the first few decades after World War II, comparative constitutional law rose to a prominent position in American law schools, only to disappear in many ways in the years after the Warren Court in part because of the Court’s decisions. During the years after World War II, Justices of the Supreme Court (from William Douglas to Felix Frankfurter to Earl Warren) and deans of major American law schools (like Harvard Law School Dean and later Nixon Solicitor General Erwin Griswold) traveled the country and the world encouraging everyone to examine the constitutional law of other countries. Law reviews featured many articles about comparative constitutional law, sometimes nearly as many as about decisions of the United States Supreme Court. With time, though, the attention devoted to the Warren Court and the Court’s decisions led to a substantial disappearance of comparative constitutional law from the American legal world. This Article discusses this previously undiscovered history of comparative constitutional law and the reasons for the substantial disappearance of this field for long periods of the history of American law schools. This lost history can also teach us much about constitutional law scholarship in the United States, because many of the major developments in constitutional scholarship had actually been tried elsewhere - yet these developments went mostly unnoticed in the United States. In order to prevent this situation from recurring, this Article suggests new reforms to American legal education.
Moving Beyond Bitcoin to an Endogenous Theory of Decentralized Ledger Technology Regulation: An Initial Proposal

This Article makes the case for such an approach in five parts. Part I briefly introduces the decentralized ledger technology ecosystem, setting the stage for the rest of the Article by focusing on the protocol layer before addressing applications that might run on the protocol, such as bitcoin payments. Part II examines the current regulatory landscape, describing the “law lag” experienced by the decentralized ledger technology ecosystem and evaluating whether the choice between ex ante and ex post regulation is contributing to the lag. In light of the technology, its present uses, and the current regulatory landscape facing those uses, Part III proposes a set of criteria for constructing a regulatory framework for decentralized ledger technology and evaluates the alternative regulatory approaches that have been considered to date in light of those criteria. Ultimately, Part III identifies a regulatory lacuna common to both the present landscape and the alternative proposals presented in the literature. Part IV synthesizes an endogenous theory of decentralized ledger technology regulation from concepts found in economic regulation, international development, comparative law, and financial regulation literature.
Conversations among Competitors

Conversation is a central part of economic life. A wide range of information gets passed from one person to another via word-of-mouth communication, and a number of authors argue that the nature of connections between people?i.e., the structure of social networks?can have a
The Side Effects of Central Bank Independence

Central bank independence (CBI) solves the time inconsistency problem faced by policymakers with respect to monetary policy. However, it does not solve their underlying incentives to manipulate the economy for political gains. Unable to use monetary policy, and often limited in their ability to use fiscal spending, governments can resort to financial deregulation to generate short term economic benefits. Drawing on case studies and large-N tests, we show that governments systematically weaken financial regulations in the aftermath of CBI. The financialization of the economy and the growing political power of the financial industry could therefore be a by-product of central bank independence.
Early Admissions at Selective Colleges

Early admissions are widely used by selective colleges and universities. We identify some basic facts about early admissions policies, including the admissions advantage enjoyed by early applicants and patterns in application behavior, and propose a game-theoretic model that matches these facts. The key feature of the model is that colleges want to admit students who are enthusiastic about attending, and early admissions programs give students an opportunity to signal this enthusiasm. (JEL C78, I23)
Excess Volatility of Exchange Rates with Unobservable Fundamentals

The authors present tests of excess volatility of exchange rates which impose minimal structure on the data and do not commit to a choice of exchange rate “fundamentals.” The method builds on existing volatility tests of asset prices, combining them with a procedure that extracts unobservable fundamentals from survey-based exchange rate expectations. The method is applied to data for the three major exchange rates since 1984, and broad evidence is given of excess volatility with respect to the predictions of the canonical asset-pricing model of the exchange rate with rational expectations.
From locality to continent: A comment on the generalization of an experimental study☆

Abstract Kocher et al. (2008) find that conditional willingness to contribute to a public good is considerably stronger at a U.S. research site, Appalachian State University, than at sites in Europe and Asia. I find that the willingness at Brown University, in Rhode Island, is not significantly different from that in Europe and Asia in Kocher et al. (2008) . Clear evidence on significantly different demographic statistics between these two U.S. research sites is provided. This implies that in the experimental study of societies, or more generally in empirical studies, we need exercise care to generalize from results at a specific research site to geographically broader conclusions.
Transversity and transverse-momentum-dependent distribution measurements from PHENIX and BRAHMS

A variety of measurements performed utilizing transversely polarized proton- proton collisions at the Relativistic Heavy Ion Collider (RHIC) are now avail- able. Recent results from the PHENIX and BRAHMS experiments are presented and discussed.
Civil Liberties: Judicial Immunity, Prisoner's Rights, Title VII and School Desegregation

The character of an appellate court is determined more by its interpretation and application of opinions of the United States Supreme Court than by its enunciation of new doctrine. Because many of the civil liberties cases decided by the United States Court of Appeals for the Seventh Circuit during 1979-80 were decisions of panels composed of members of the circuit as well as judges from other jurisdictions sitting by designation, the Seventh Circuit cannot be said to speak with a consistent voice even in its application of Supreme Court precedent. Such application during the 1979-80 term ranged from strictly literal to expansive. This article will only discuss some of the areas of law covered by the 1979-80 term, as follows: judicial immunity under 42 U.S.C. § 1983, prisoners' rights, employment discrimination under Title VII of the Civil Rights Act and school desegregation.
Between Dependency and Liberty: The Conundrum of Children’s Rights in the Gilded Age

Although legal scholars often assume that the history of children's rights in the United States did not begin until the mid twentieth century, this essay argues that a sophisticated conception of children's rights existed a century earlier, and analyzes how lawmakers articulated it through their attempts to define the rights of dependent children. How to handle their cases raised fundamental questions about whether children were autonomous beings or the property of either their parents and/or the state. And, if the latter, what were the limits of parental authority and/or the power of the state acting as a parent? By investigating how the Illinois Supreme Court confronted the conundrum of children's rights in the Gilded Age, the essay reconstructs how lawmakers established a viable system for guaranteeing at-risk children due process protections as well as the positive rights of social citizenship. Significantly, this creative moment occurred at a transitional point in American legal history, when lawmakers began developing liberal constitutionalism. Given the subsequent difficulties that liberal constitutionalism has had in protecting children's due process rights, providing for their basic needs, and giving them a voice in the legal process, the essay contends that it is worth engaging this earlier history.
What Do High-Interest Borrowers Do with Their Tax Rebate?

Building on prior literature that constrained individuals consume the most out of a tax rebate, we study the tradeoffs high interest borrowers face when they received their 2008 tax stimulus checks. We find a persistent decline in payday borrowing in the pay cycles that follow the receipt of the tax rebate. The reduction in borrowing is a significant fraction of the mean outstanding loan (12%) and appears fairly persistent over the time, but is moderate in dollar magnitude (about $35) relative to the size of the rebate check ($600 per person). In trying to reconcile this finding with the cost of not retiring expensive payday debt, we find substantial heterogeneity across borrowers. Among individuals that we classify as temptation spenders (e.g. those that use 400% APR loans to buy electronic goods or go on vacation), we find no reduction in payday borrowing after the tax rebate is issued, but this group represents only a small fraction of payday borrowers. A second group for which we find no debt retirement post-check is the set of borrowers that appear to use what should be short-term payday loans as a long-term financing solution. We infer that the marginal use of the tax rebate for this group was to deal with regular monthly obligations, such as paying down late utility bills or making rent payments.
Privatizing Democracy: Promoting Election Integrity through Procurement Contracts

Voting machine failures continue to plague American elections. These failures have fueled the growing sense that private machine manufacturers must be held accountable. This Note argues that, because legitimacy externalities and resource disparities across election jurisdictions pose persistent threats to electoral integrity, meaningful accountability will require greater federal oversight. This oversight must take into account the unique nature of the publicprivate partnership that defines this nation’s system of election administration. This Note thus proposes an amendment to the Help America Vote Act of 2002, which would condition federal funds on state procurement contracts. These procurement contracts would mandate performance-based requirements for vendors to supply the means with which to verify votes cast. Such contracts should not only have third-party beneficiary enforcement mechanisms, but also override the doctrine of trade secrecy invoked by manufacturers to prevent software disclosure. author. Yale Law School, J.D. 2008; Oxford University, M.Phil. 2004; Yale College, B.A. 2002. I am grateful to Michael Kang, Anne O’Hagen Karl, Nicholas Parrillo, Richard Posner, Susan Rose-Ackerman, and Dan Tokaji for their thoughtful comments. Special thanks to Heather Gerken for inspiration and to Jerry Mashaw for his many insights. 744_NOU_793.DOC 2/12/2009 11:15:40 AM privatizing democracy
The Retail Planning Problem Under Demand Uncertainty

We consider the retail planning problem in which the retailer chooses suppliers and determines the production, distribution, and inventory planning for products with uncertain demand to minimize total expected costs. This problem is often faced by large retail chains that carry private-label products. We formulate this problem as a convex-mixed integer program and show that it is strongly NP-hard. We determine a lower bound by applying a Lagrangian relaxation and show that this bound outperforms the standard convex programming relaxation while being computationally efficient. We also establish a worst-case error bound for the Lagrangian relaxation. We then develop heuristics to generate feasible solutions. Our computational results indicate that our convex programming heuristic yields feasible solutions that are close to optimal with an average suboptimality gap at 3.4%. We also develop managerial insights for practitioners who choose suppliers and make production, distribution, and inventory decisions in the supply chain.
Liquidity Suppliers and High Frequency Trading

This paper provides a mathematical analysis of how high frequency traders profit from their speed with respect to the limit order book. We show that their profits can be decomposed into two components. The first is due to their ability to execute market orders at limit order prices and without incurring any liquidity costs themselves. The second is by “front running” market orders with limit prices. These trading profits are shown to be at the expense of ordinary traders who submit market orders and sophisticated traders who submit limit orders or who use algorithmic trading to split up and execute large trades. We do not consider the welfare implications of our insights for the efficient functioning of financial markets.
Oil prices and exchange rate volatility in Arab countries

I test the bipolar view hypothesis on the exchange rates of countries of the Arab Monetary Fund (AMF) which are countries with relative free capital mobility. I find that oil price shocks seem to be the source of less flexible exchange rates.
A New Approach to Voir Dire on Racial Bias

One question that attorneys in racially charged cases face is whether to attempt to conduct voir dire into racial bias. Voir dire is the process of questioning prospective jurors to ensure that those chosen to sit on the jury will be impartial and unbiased. Whether it is a good idea from a trial strategy perspective to voir dire prospective jurors when an attorney believes racial bias may have played a role in the events underlying the case is a question over which reasonable minds can disagree. Perhaps the most common view is that reflected by Albert Alschuler who suggested twenty-five years ago that any voir dire into racial bias would be "minimally useful." In this article, I challenge Alschuler's belief that voir dire into racial bias is of minimal benefit. I argue that calling attention to the possibility of racial bias in either the actions of the individuals involved in the case or the jurors themselves can raise the salience of race and encourage jurors to view the evidence in a less biased way than if they were not paying attention to the possibility of racial bias. While I agree with Alschuler that a simple, close-ended question like "Are you going to be biased against the defendant because of his race?" is unlikely to be helpful, I believe a series of open-ended questions, asking jurors to reflect upon how racial bias, both explicit and implicit, might affect their ability to impartially consider the evidence, can be beneficial. My article proceeds in three parts. In Part I, I review the Supreme Court's jurisprudence on voir dire into racial bias. In Part II, I examine recent social science research that may help answer the question whether calling attention to race during voir dire helps or hurts. On the one hand is a wealth of empirical research conducted over the last decade that strongly suggests calling attention to race motivates jurors to treat Black and White defendants equally. These studies indicate that when race is not highlighted, jurors tend to be more punitive and less empathetic toward Black defendants than White defendants. On the other hand are a few recent studies suggesting that when individuals are made aware of extreme racial differences in the prison population, i.e. when they are given information that suggests there are many more Blacks and Latinos than Whites in prison, Whites are more likely to support punitive criminal justice policies. I conclude in Part III that as a matter of trial strategy, it is best for an attorney concerned about racial bias to confront the issue of race head on. I argue that it is best to do so early and often, rather than waiting until just before the jury deliberates, as it may be too late by then to change jurors' minds.
Pyruvate Kinase Controls Signal Strength in the Insulin Secretory Pathway

Pancreatic β-cells couple nutrient metabolism with appropriate insulin secretion. Here, we show that pyruvate kinase (PK), which converts ADP and phosphoenolpyruvate (PEP) into ATP and pyruvate, underlies β-cell sensing of both glycolytic and mitochondrial fuels. PK present at the plasma membrane is sufficient to close KATP channels and initiate calcium influx. Small-molecule PK activators increase β-cell oscillation frequency and potently amplify insulin secretion. By cyclically depriving mitochondria of ADP, PK restricts oxidative phosphorylation in favor of the mitochondrial PEP cycle with no net impact on glucose oxidation. Our findings support a compartmentalized model of β-cell metabolism in which PK locally generates the ATP/ADP threshold required for insulin secretion, and identify a potential therapeutic route for diabetes based on PK activation that would not be predicted by the β-cell consensus model.
Catheter ablation for atrial fibrillation using the ablation index-high power strategy. Do we have the ideal target?

Pulmonary vein isolation (PVI) is the cornerstone of catheter ablation for atrial fibrillation (AF) However AF recurrence after a single ablation procedure is common and often attributed to ineffective lesion delivery during PVI. In this issue of the Journal of Cardiovascular Electrophysiology, Chen et al reported their experience with 122 patients who underwent an ablation index-high power (AI-HP) strategy RF ablation for AF using 50W power, targeting AI values of 550 on the anterior left atrium (LA), 400 on the posterior wall and inter-lesion distance (ILD) 6mm. They achieved 1st pass PVI in 96.7% of cases, mean RF time was 11.5min and total procedure time was only 55.8min. All patients had 72h-Holter monitor and trans-telephonic follow up. They reported 89.4% arrhythmia free survival among patients with paroxysmal AF and 80.4% among patients with persistent AF at 15-month follow up. Sixty (49%) patients had luminal esophageal temperature (LET) >390C out of which 3 (2.5%) had asymptomatic endoscopic esophageal erosions/erythema. Four (3%) patients had clinically apparent steam pops during ablation with no adverse clinical sequela. While AI-HP guided RF ablation may be an attractive strategy for PVI that likely reduces procedure times and probably has comparable efficacy to conventional ablation settings, its safety requires further evaluation. Feedback from the ablated tissue may need to be incorporated into optimized ablation energy parameters to further improve outcomes.
Losing All Sense of Proportion: The Peculiar Law of Accomplice Liability

A teenage boy is walking with a friend, when the two encounter a drug dealer known to his friend. The dealer and his friend try to discuss the terms of a purchase, but the dealer only speaks Spanish, thus frustrating the negotiation. However, the other boy speaks Spanish, and translates a few key terms, when asked, such as the cost and amount of the controlled substance to be purchased.After the transaction is completed, all three are arrested. The two friends are tried and convicted, as both receive the mandatory 10-year sentence for the offenses charged. Though this makes no sense, it is the constant result under American accomplice law, one that almost invariably treats the primary actor and the accomplice identically. This piece examines that law, both acknowledging the appropriateness of providing some form of accomplice liability, while at the same time recommending ways in which laws can be tailored so that the punishment more justly fits the crimes.
Hate Fuel: On the Relationship Between Local Government Policy and Hate Group Activity

Although often joined for ideological reasons, hate groups provide services for their members that may substitute for government services. Therefore, increases in the quality or quantity of government-provided substitutes may lower the marginal benefit of participating in an active hate group. Conversely, government supplied services may sustain active hate groups by offsetting the reduced labor market opportunities associated with signaling membership. Fixed effect logistic panel estimation results suggest that lowering the poverty rate reduces hate group activity. However, using welfare as a means to ease the plight of those less fortunate is associated with an increase in hate group activity.
Persons and citizens in constitutional thought

The ideas of citizenship and personhood have an ambiguous relationship in constitutional thought. Often, they are understood as aligned, even as identical. Claims for “ equal citizenship ” and “ democratic citizenship ” are, in effect, claims on behalf of the rights and recognition of individuals qua persons. American constitutional theorist Kenneth Karst made this presumed equivalence plain when he wrote that the principle of equal citizenship protects the “ crucial interest in being treated by the society as a person, one who belongs. ” 1
Optimal Trade and Industrial Policy Under Oligopoly

We analyze the welfare effects of trade and industrial policy under oligopoly, and characterize optimal intervention under a variety of assumptions about market structure and conduct. When all output is exported, optimal policy with a single home firm depends on the difference between foreign firms' actual responses to the home firm's actions and the responses that the home firm conjectures. A subsidy often is indicated for Cournot behavior, but a tax generally is optimal if firms engage in Bertrand competition. If conjectures are "consistent," free trade is optimal. With domestic consumption, intervention can raise national welfare by reducing the deviation of price from marginal cost.
Rethinking Bivens: Legitimacy and Constitutional Adjudication

* Professor of Law, Northwestern University School of Law. © 2009 James E. Pfander & David Baltmanis. Thanks to George Brown, Mark Brown, Dick Fallon, Vicki Jackson, Kit Kinports, Sheldon Nahmod, Jack Preis, Bob Pushaw, Marty Redish, Alex Reinert, Judith Resnik, David Shapiro, Greg Sisk, David Zaring, and the members of the faculty workshop at Northwestern for helpful comments on earlier drafts of this Article. ** Law Clerk to the Honorable Paul V. Niemeyer, United States Court of Appeals for the Fourth Circuit. Northwestern University School of Law, J.D. 2009; Northwestern University, B.A. 2004. 1. 403 U.S. 388 (1971). 2. Remedies for constitutional violations include suppression of evidence, injunctive and declaratory relief against threatened or continuing violations of constitutional rights, and damages for constitutional torts. For a useful summary of the Bivens case law and a primer on the academic literature on the subject, see generally RICHARD H. FALLON, JR. ET AL., HART AND WECHSLER’S THE FEDERAL COURTS AND THE FEDERAL SYSTEM 726–42 (6th ed. 2009). 3. For a concise summary of the objection that only the legislature can or should authorize such a remedy, see ERWIN CHEMERINSKY, FEDERAL JURISDICTION § 9.1.2, at 593–94 (4th ed. 2003); cf. Thomas W. Merrill, The Common Law Powers of Federal Courts, 52 U. CHI. L. REV. 1, 51–53 (1985) (arguing that before recognizing a remedy like that in Bivens, the federal courts must “first determine whether Congress or the framers specifically intended to create a federal right enforceable by judicial action”). A substantial body of literature defends the Bivens action as well. See, e.g., Susan Bandes, Reinventing Bivens: The Self-Executing Constitution, 68 S. CAL. L. REV. 289, 292 (1995) (arguing that Bivens vindicates the principle that “[t]he Constitution is meant to circumscribe the power of government
The Quiet Revolution That Transformed Women's Employment, Education, and Family

The modern economic role of women emerged in four phases. The first three were evolutionary; the last was revolutionary. Phase I occurred from the late nineteenth century to the 1920s; Phase II was from 1930 to 1950; Phase III extended from 1950 to the late 1970s; and Phase IV, the "quiet revolution," began in the late 1970s and is still ongoing. Three aspects of women's choices distinguish the evolutionary from the revolutionary phases: horizon, identity, and decision-making. The evolutionary phases are apparent in time-series data on labor force participation. The revolutionary phase is discernible using time-series evidence on women's more predictable attachment to the workplace, greater identity with career, and better ability to make joint decisions with their spouses. Each of these series has a sharp break or inflection point signifying social and economic change. These changes, moreover, coincide by birth cohort or period. The relationship between the development of modern labor economics and the reality of women's changing economic role is explored. The paper concludes by assessing whether the revolution has stalled or is being reversed. Women who graduated college in the early 1980s did not "opt-out,"but recent cohorts are too young to evaluate.
What Happened to Liquidity When World War I Shut the NYSE

Abstract This paper examines how financial markets responded to the longest circuit breaker in American financial history: the four-month suspension of trading on the New York Stock Exchange following the outbreak of World War I. The suspension that began on July 31, 1914 fostered a substitute trading forum called the New Street market. Trading on New Street began almost immediately and offered economically meaningful liquidity services despite its impaired price transparency. A simple cross-sectional model of bid–ask spreads on New Street demonstrates that New Street liquidity responded to economic incentives. New Street's success implies that, from a public policy perspective, expensive back-up trading facilities are not required to preserve liquidity during a trading suspension in established markets. Back-up records of share ownership and transfer facilities, however, are crucial to maintaining liquidity.
Informed traders and limit order markets.

Abstract We consider a dynamic limit order market in which traders optimally choose whether to acquire information about the asset and the type of order to submit. We numerically solve for the equilibrium and demonstrate that the market is a “volatility multiplier”: prices are more volatile than the fundamental value of the asset. This effect increases when the fundamental value has high volatility and with asymmetric information across traders. Changes in the microstructure noise are negatively correlated with changes in the estimated fundamental value, implying that asset betas estimated from high-frequency data will be incorrect.
Corruption perceptions vs. corruption reality

Abstract This paper examines the accuracy of corruption perceptions by comparing Indonesian villagers' reported perceptions about corruption in a road-building project in their village with a more objective measure of ‘missing expenditures’ in the project. I find that villagers' reported perceptions do contain real information, and that villagers are sophisticated enough to distinguish between corruption in a particular road project and general corruption in the village. The magnitude of the reported information, however, is small, in part because officials hide corruption where it is hardest for villagers to detect. I also find that there are biases in reported perceptions. The findings illustrate the limitations of relying solely on corruption perceptions, whether in designing anti-corruption policies or in conducting empirical research on corruption.
Constitutional Partnership and the States

This essay is part of a book symposium that focuses upon two recent volumes: Lawrence Sager’s Justice in Plainclothes: A Theory of American Constitutional Practice (2004) and Larry D. Kramer’s The People Themselves: Popular Constitutionalism and Judicial Review (2004). Both volumes propose “theories of taking the [federal] Constitution seriously outside the courts.” This Essay reconsiders Sager’s and Kramer’s conclusions in light of judicial and extrajudicial interpretation of state constitutions. Sager’s argument that the United States Congress should enforce federal constitutional rights underenforced by federal courts applies with even more force to state legislators, executives and judges than to federal legislators. Sager’s account also suggests that state court judges have a duty to interpret their own state constitutions in a justice-seeking fashion. The Essay’s conclusion suggests that contemporary versions of Kramer’s popular constitutionalism are currently being played out over state constitutional provisions regarding family law and school finance.
Online Investors: Do the Slow Die First?

We analyze 1,607 investors who switched from phone-based to online trading during the 1990s. Those who switch to online trading perform well prior to going online, beating the market by more than 2% annually. After going online, they trade more actively, more speculatively, and less profitably than before—lagging the market by more than 3% annually. Reductions in market frictions (lower trading costs, improved execution speed, and greater ease of access) do not explain these findings. Overconfidence—augmented by self-attribution bias and the illusions of knowledge and control—can explain the increase in trading and reduction in performance of online investors. [The giant] tortoise lives longer than any other animal. Collier’s Encyclopedia “Online trading is like the old west,” warns Fidelity Investments. “The slow die first.” “Trading at home? Slow can kill you,” echoes a provider of Internet connections. “If your broker’s so great, how come he still has to work?” asks E*TRADE. Another E*TRADE ad notes online investing is “A cinch. A snap. A piece of cake.” “I’m managing my portfolio better than my broker ever did,” claims a middle-aged woman (Datek Online). In Ameritrade’s “Momma’s Gotta Trade,” two suburban moms return from jogging. Straight to her computer, a few clicks and a sale later, one declares “I think I just made about $1,700!” Her kids cheer, while her friend laments, “I have mutual funds.” And then there is Discover Brokerage’s online trading tow-truck driver. He picks up a snobbish executive who spots a postcard on the dashboard and asks “Vacation?” “That’s my home,” says the driver. “Looks more like an island,” says the executive. “Technically, it’s a country,” replies the driver.
Lethal incompetence: Voters, officials, and systems

ABSTRACT The study of voter competence has made significant contributions to our understanding of politics, but at this point there are diminishing returns to the endeavor. There is little reason, in theory or in practice, to expect voter competence to improve dramatically enough to make much of a difference, but there is reason to think that officials’ competence can vary enough to make large differences. To understand variations in government performance, therefore, we would do better to focus on the abilities and performance of officials, not ordinary citizens.
TRADE, GROWTH, AND POVERTY*

The evidence from individual cases and from cross-country analysis supports the view that globalization leads to faster growth and poverty reduction in poor countries. To determine the effect of globalization on growth, poverty, and inequality, the authors first identify a group of developing countries that are participating more in globalization. China, India, and several other large countries are part of this group, so well over half the population of the developing world lives in these globalizing economies. Over the past 20 years, the post-1980 globalizers have seen large increases in trade and significant declines in tariffs. Their growth rates accelerated between the 1970s and the 1980s and again between the 1980s and the 1990s, even as growth in the rich countries and the rest of the developing world slowed. The post-1980 globalizers are catching up to the rich countries, but the rest of the developing world (the non-globalizers) is falling further behind. Next, the authors ask how general these patterns are, using regressions that exploit within-country variations in trade and growth. After controlling for changes in other policies and addressing endogeneity with internal instruments, they find that trade has a strong positive effect on growth. Finally, the authors examine the effects of trade on the poor. They find little systematic evidence of a relationship between changes in trade volumes (or any other measure of globalization they consider) and changes in the income share of the poorest-or between changes in trade volumes and changes in household income inequality. They conclude, therefore, that the increase in growth rates that accompanies expanded trade translates on average into proportionate increases in incomes of the poor. Absolute poverty in the globalizing developing economies has fallen sharply in the past 20 years. The evidence from individual cases and from cross-country analysis supports the view that globalization leads to faster growth and poverty reduction in poor countries.
Data Institutionalism: A Reply to Andrew Woods

In Against Data Exceptionalism, Andrew K. Woods explores “one of the greatest societal and technological shifts in recent years,” which manifests in the “same old” questions about government power. The global cloud is an important feature of modern technological life that has significant consequences for individual privacy, law enforcement, and governance. Yet, as Woods suggests, the legal challenges presented by the cloud have analogies in age-old puzzles of public and private international law.Identifying these connections is a conceptual advance, and this contribution should not be understated. But, to my mind, the most telling statement in Woods’s excellent article comes early on: “Showing that the jurisdictional challenges presented by the global cloud are not conceptually novel does not resolve those problems.” Data may not be exceptional, and the legal puzzles posed by data sound in existing notions of jurisdiction and conflict of laws. The problem, however, is that existing answers to these puzzles are unsatisfying. They are unsatisfying in that they do not provide clear answers, but instead pose even more challenging normative questions. And they are unsatisfying because some consensus answers sit on shaky normative footing. More satisfying answers, I contend, require attention to institutions, not just laws.
Open, Online, and Blended: Transactional Interactions with MOOC Content by Learners in Three Different Course Formats

During the 2013-14 academic year, Harvard University piloted the use of MOOCs as tools for blended learning in select undergraduate and graduate residential and online courses. One of these courses, The Ancient Greek Hero, combined for—credit (Harvard College and Harvard Extension School) and open online (HarvardX) groups into a single online unit, marking the first time the same instance of a MOOC was used simultaneously by both tuition—paying, credit—seeking students and non—paying, non—credit students enrolled exclusively online. In this article, we analyze and compare the online behavior of students and participants in the three groups that simultaneously participated in The Ancient Greek Hero via the edX platform. We find that, in similar fashion to a traditional learning setting, students enrolled in all three versions of the course engaged the online content in a transactional way, spending their time and effort on activities and exercises in ways that would optimize their desired outcomes. While user behavior was diverse, HarvardX participant engagement tended to be either very deep or virtually nonexistent, while College and Extension School students displayed relatively homogenous patterns of participation, viewing most of the content but interacting mostly with that which affected their overall course grades. Ultimately, we conclude that educators who intend to utilize MOOC content in an effort to apply blended learning techniques to their classrooms should carefully consider how best to incorporate each online element into their overall pedagogical strategy, including how to incentivize interaction with those elements. Further, for MOOCs to have maximum impact, they must address multiple learner motivations and provide participants with multiple modes of interaction with the content and with their peers.
Too Fast, Too Frequent? High-Frequency Trading and Securities Class Actions

An individual investor calls his broker and requests $100,000 of a certain stock for his portfolio. The broker sees that shares of that stock are currently being offered at $10 a share, and that there are 4,000 shares available on the New York Stock Exchange (NYSE), 3,000 on NASDAQ, and 3,000 on the BATS Global Exchange, for a total of 10,000 shares.1 Satisfied with his ability to fulfill his client’s request, the broker hits “submit”— only to find that these offerings have disappeared and that the cheapest offering price of the stock is now above $10 a share, resulting in a purchase of fewer than the expected 10,000 shares for his client. This rapid, blink-of-an-eye increase in price is but one side effect of high-frequency trading (HFT), the newest technology to affect the stock market. Because the broker in our story was located at different physical distances from the NYSE, NASDAQ, and BATS servers, the various pieces of his order reached each exchange at different times. Due to faster fiber-optic cables and closer proximity to the exchanges’ servers, high-frequency traders saw the first portion of the broker’s order on one exchange, registered that he was interested in purchasing that security, bought it themselves on the second exchange, and offered it back to the broker at a higher price when his request reached the second exchange—and so on, until his order was filled. As a result, after the broker completed the order, his client ended up with
International Initiatives that Facilitate Global Mobility in Higher Education

This article identifies a number of international initiatives that have contributed to, reflect, or facilitate global higher education mobility. The article begins by presenting statistics about global higher education mobility. The sections that follow address a number of “hard law” and “soft law” international initiatives that promote such mobility. The initiatives discussed in the article include, inter alia, European Union initiatives, the Bologna Process which led to the creation of the European Higher Education Area, and higher education initiatives of the Asia Pacific Economic Cooperation (APEC), the World Trade Organization, the United Nations, and the Organization of Economic Cooperation and Development (OECD). The paper concludes with some observations about these developments. The goals of the article are twofold: 1) to give the reader a sense of the breadth, depth, and influence of international initiatives regarding higher education; and 2) to motivate the reader to learn more about these initiatives.