In this paper, we establish a causal connection between two of the most salient social developments in the United States over the past decades: the opioid epidemic and the political realignment ...

We explore changes in product quality during France’s major liberalization episode of the mid-nineteenth century. Using new data and existing techniques from the international trade literature, we ...

Racial differences in mortality are large, persistent and likely caused, at least in part, by racism. While the causal pathways linking racism to mortality are conceptually well defined, empirical ...

Fatal school shootings often spark support for stricter gun laws, threatening the gun lobby’s influence and agenda. To prevent political fallout, do pro-gun Political Action Committees increase ...

Market definition is essential for antitrust analysis, but challenging in settings with network effects, where substitution patterns depend on changes in network size. To address this challenge, we ...

Private minibuses dominate transport in many developing country cities. They serve 62% of trips in Lagos, the largest city in sub-Saharan Africa. We collect panel data to measure how private minibuses ...

We study the short-run effects of import tariffs on GDP and the trade balance in an open-economy New Keynesian model with intermediate input trade. We find that temporary tariffs cause a recession ...

We examine next-day newspaper accounts of large daily jumps in 19 national stock markets to assess their proximate cause, clarity as to cause, and geographic source. Our sample of over 8,000 jumps, ...

Central bank balance sheet expansion is run through commercial banks. While liquid central bank reserves held on commercial bank balance sheets increase, demandable uninsured deposits issued to ...

Going to college has consistently conferred a large wage premium. We show that the relative premium received by lower-income Americans has halved since 1960. We decompose this steady rise in ...

This paper reviews the recent literature on measuring and boosting cognitive and noncognitive skills. The literature establishes that achievement tests do not adequately capture character ...

We assess the efficacy of market-based systemic risk measures that rely on U.S. financial firms’ stock return co-movements with market- or sector-wide returns under stress from 1895 to 2023. Stress ...