These results provide a unified explanation for several asset pricing and forecasting puzzles, including: (i) the excess responsiveness of long-horizon rates to short rates, (ii) the dominance of ...

We study the relationship between health and social status in China using genealogical data from the 14th to 19th centuries. The data covers broad segments of the population linking husbands, wives, ...

Many governments and institutions use marginal price signals, such as fuel and carbon taxes, to meet emission reduction targets. However, the responses of firms and individuals to these price signals ...

Environmental decisions often impact health, yet morbidity valuation remains challenging, with current approaches like cost-of-illness (COI) measures and Quality-Adjusted Life Years failing to reflect ...

Contrary to a long-standing concern, we present evidence that classical benefit-based labor income taxation in the tradition of Smith (1776) is consistent with income redistribution through transfers ...

How exposed are open economies to global demand shocks? In equilibrium, foreign booms can be absorbed either by domestic consumption ("quantities") or by real exchange rate appreciation ("prices"). We ...

There is a long-running debate over using standardized test scores to inform college and graduate admissions decisions, with some arguing that test scores are an important signal of academic strength ...

Relatively little is known about occupational licensing across nations. Despite a large literature on occupational licensing in the United States, cross-national evidence remains scarce, especially ...

How does a person’s own learning experience affect their ability to learn from others? We conduct a field experiment on chlorination in Pakistan, where randomized “learning-arm” households use a tool ...

Large language models (LLMs) are lowering the entry barriers to working with exciting data sources that used to require strong data science skills, such as handwritten ledgers, text, images, or sound ...

What information do policymakers need to design Pigouvian taxes or subsidies? Standard logic suggests that it is sufficient to know the size of the externality and unnecessary to know about quantities ...

Mutual funds approaching the IRS 50/5/10 portfolio concentration limit trim large positions, reduce equity exposure, and subsequently underperform.