Trade and industrial policies, while primarily intended to support domestic industries, may unintentionally stimulate technological progress abroad. We document this mechanism in the case of rare ...

What should applied macroeconomists know about local projection (LP) and vector autoregression (VAR) impulse response estimators? The two methods share the same estimand, but in finite samples lie on ...

We provide new evidence using a matched difference-in-differences design in rich administrative data from New Zealand. While most outcomes remain stable prior to separation, parents' mental health ...

We review recent research and experiences linking inflation and expectations, emphasizing what has been learned since 2020. One clear lesson is that the inflation expectations of most economic agents ...

We elicited over a million stated preference choices over 126 dimensions or “aspects” of well-being from a sample of 3,358 respondents on Amazon’s Mechanical Turk (MTurk). Our surveys also collected ...

Little is known about the extent and drivers of information flow within couples, and whether spouses hold aligned expectations about the same outcomes. To provide new evidence, we conduct an online ...

The COVID business cycle was unique. The recession was by far the deepest and shortest in the U.S. postwar record and the recovery was remarkably rapid. The cycle saw an unprecedented reallocation of ...

This study reviews the culture and institutions of Confucianism and explores their implications for the trajectory of China’s historical development. We trace the origins and evolution of the core ...

This paper develops a new approach to measuring non-wage amenities and compensating differentials in the labor market. Using a survey of 20,000 job movers in Denmark, we elicit workers’ reservation ...

We argue that issuers' choice of arbitrage concentration reflects a tradeoff: efficient arbitrage improves stablecoin price stability in secondary markets, but amplifies run risks by reducing ...

We argue that firms’ assets, especially their tangible assets, serve as collateral restricting both secured and unsecured debt. Secured debt is explicitly collateralized, placing a lien on specific ...

For example, killing enemy combatants may create martyrs, while targeting civilians may lower their pro-war morale. We solve this problem by leveraging a natural experiment in Japan in which military ...