A college degree offers a pathway to economic mobility for low-income students. Using a multi-site randomized controlled trial combined with administrative and survey data, we demonstrate that ...

Using data on 2.5 million great-grandchildren linked to their great-grandfathers in the US (1850–1940), we show that economic gaps persisted strongly across four generations despite major structural ...

This disagreement reflects a 60-year history of misapplication of the neoclassical theory of investment to interpret empirical work and guide policy analysis. In this article I reconsider the ...

Using a regression discontinuity design and administrative data, we study a Danish policy that cut welfare benefits for refugees, increasing crime among affected individuals. Linking refugees to ...

Social desirability bias (SDB) is a pervasive threat to the validity of survey and experimental data. Respondents might often misreport sensitive attitudes and behaviors to appear more socially ...

U.S. and European banking institutions were hit by a wave of distress in March 2023. Policymakers on both sides of the Atlantic reacted with an array of interventions, some targeting individual ...

We study the short-run effects of import tariffs on GDP and the trade balance in an open-economy New Keynesian model with intermediate input trade. We find that temporary tariffs cause a recession ...

This paper uses two large datasets built from quarterly labor force surveys to provide a global perspective on labor market downturns. The distribution of the severity and duration of labor market ...

We assess the efficacy of market-based systemic risk measures that rely on U.S. financial firms’ stock return co-movements with market- or sector-wide returns under stress from 1895 to 2023. Stress ...

We examine the labor market effects of AI chatbots using two large-scale adoption surveys (late 2023 and 2024) covering 11 exposed occupations (25,000 workers, 7,000 workplaces), linked to matched ...

Using confidential administrative data from the U.S. Census Bureau we revisit how the rise in Chinese import penetration has reshaped U.S. local labor markets. Local labor markets more exposed to the ...

We quantify the macroeconomic effects of the tariff measures announced (but not entirely implemented yet) on Liberation Day (April 2nd, 2025) through the lens of a New-Keynesian two-country model ...