Firms often underinvest in research and development (R&D) when there is no government intervention. There are many uncertainties and risks that discourage firms from investing in R&D, which slows the pace of innovation. To address this problem, governments can... More »
The authors of a study analyzing state budgets find that the lack of fiscal governance, defined as enacting a budget on time, causes variation in general obligation bond yield spreads for state issuers. More »