We study the equilibrium effects of financial repression on government funding costs in an endowment economy with limited asset market participation. We show how a broad set of repression policies ...

We quantify the impact of the loss of reserve currency status in goods and asset markets. In goods markets, the loss of seigniorage (1% of GDP per annum) makes American households spend less, mostly ...

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 ...

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, ...

We find the chatbot messaging increased students’ final grades and engagement with academic supports, such as tutoring. Treatment effects were generally consistent across student demographics, with ...

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 ...

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 ...

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 ...

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 ...

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 ...