Merck EVP DeLuca sells $5.9m in stock

The views expressed herein are those of the authors and should not be attributed to the IMF, its Executive Board, or its management, or the National Bureau of Economic Research. An earlier version of this paper circulated as “Central Bank Swap Lines as Bilateral Sovereign Debt.” For thoughtful comments and suggestions we would like to…

Actor Danny DeVito, from left, Charlie Morrison, chief executive officer of Jersey Mike’s Subs Inc., Eli Manning, former National Football League (NFL) quarterback and founding partner of Brand Velocity Partners, and Peter Cancro, founder and chairman of Jersey Mike’s Subs Inc., during the company’s initial public offering (IPO) at the New York Stock Exchange (NYSE)…

Earnings inequality among college graduates has grown, and returns to a bachelor’s degree (BA) vary substantially across colleges. We experimentally evaluate a program that shifted high-achieving, low-income students into higher-quality colleges. Students randomly offered a guarantee of four years of tuition and fees at the University of Michigan were 21 percentage points more likely to…

US stock valuations are approaching levels last seen during the dot-com bubble. Investors argue this time is different because of AI. But that is exactly what investors said about the internet in 1999. Nothing illustrates today’s optimism better than the SpaceX IPO.At launch SpaceX was valuing itself at $2 trillion. This means a valuation of …

Financial giants in Japan partner with AI firms to build zero-trust cybersecurity defenses. This article appears in the July/August issue of Global Finance Magazine. Japan’s banking sector is becoming a high-stakes proving ground for AI-driven cybersecurity.  As autonomous “frontier AI” models rapidly increase the speed and scale of cyberthreats by identifying zero-day vulnerabilities, the country’s…

A proposed rule could let families do a “discount Roth conversion.”