The rate of return to R&D investments is a key driver of research investments in both the public and private sectors. The ...

Improving education and labor market outcomes for low-income students is critical for advancing socioeconomic mobility in the United States. We use longitudinal data on five cohorts of 9th grade ...

Immune checkpoint inhibitors (ICIs) are immunotherapy drugs that mobilize the patient’s immune system to detect and attack cancer cells. They are considered a breakthrough development in cancer care, ...

We examine the historical frequency of stock market booms, crashes, and bubbles in the United States from 1792 to 2024 using aggregate market data and industry-level portfolios. We define a bubble as ...

While economic theory suggests various possibilities, empirical evidence on the distribution of tariff burdens across the supply chain, from producers through distributors to retailers, is limited.

First, are macro shocks large enough to alter the course of the economy? Second, are they large enough to materially impact economic welfare? Lucas and many others have addressed these issues, but do ...

This paper studies how minimum wage policy affects firms’ adoption of automation technologies. Using both state-level measures of robot exposure and novel plant-level data on industrial robot imports ...

As the economy emerges from a crisis, macroeconomic policy confronts a dilemma: a protracted stimulus can foster a more inclusive labor market recovery, yet risks igniting inflation that ultimately ...

We design an online platform to connect unemployed job seekers with ‘buddies’: former job seekers who recently found employment. We focus on job seekers who search in occupations with poor prospects ...

Since different distortions imply different wedge properties, wedges provide a diagnostic to distinguish between models. We measure wedges using administrative transactions data linked to surveyed ...

A central insight from neoclassical economics is that international trade operates like an improvement in production technology. It generates mutual aggregate welfare gains for countries as a whole, ...

The Vietnam draft conscripted hundreds of thousands of young Americans into an integrated military. I combine near-random draft lottery variation with administrative voter data to study the long-run ...