Analyses of survey data may be confounded if people use response scales differently. We formalize and generalize the theory behind using “calibration questions,” such as vignettes, to correct for ...

Venture capital specializes in the financing of customer capital intensive firms—firms with higher sales and marketing expense to revenue ratios, a higher wage bill for sales and marketing employees, ...

We propose a general equilibrium model in which U.S. monetary policy affects global risk premia by revaluing the wealth of currency-mismatched arbitrageurs. Assuming their portfolios are mean-variance ...

Market power may arise not only from firms, but also from individual salespeople who can exploit informational advantages over consumers. We explore this phenomenon in the mortgage market by examining ...

This paper examines the revenue and migration impact of the 2026 California Billionaire Tax Act, a one-time 5 percent tax on the worldwide net worth of individuals exceeding $1 billion. Using data ...

We study the role of foreign ideas in U.S. innovation by constructing a directed “genealogy” of technologies from the full text of 13 million patents filed between 1887 and 2024. By tracing which ...

China launched a nationwide, rate-based carbon market in 2021. Covering the world’s top CO2 emitter, compliance depends on the intensity of carbon emissions rather than an absolute cap. We draw on the ...

Foreign aid has become a melting pot of motivations and policies, where differently-motivated actors often converge on recommended policies while the similarly-motivated diverge. Breaking down the ...

Export controls restrict trade to limit adversaries’ access to goods that contribute to military capability, but their effectiveness depends on how trade and production adjust across countries. We ...

We use a dynamic factor time series model to estimate the national mortality impact of the Great Recession. In aggregate, the Great Recession reduced the average annual, age-adjusted mortality rate by ...

Gains from trade are typically calculated using a constant trade elasticity estimated from substitution across foreign countries. For general homothetic preferences, we show how to calculate these ...

Credit constraints and other demand distortions are pervasive in lower-income contexts. A model of clean technology adoption shows that demand distortions can increase the welfare gains from green ...