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 ...

Our identification strategy is based on the exogenous rotation of voting rights among Reserve Banks and on within borrower-time and district-time variation in DW loans and Federal Home Loan Bank (FHLB ...

One of the major findings in wellbeing research until recently was that happiness was U-shaped by age and unhappiness hump-shaped by age. There was a midlife crisis — a finding reported in well over ...

In early April, following his Senate confirmation, Jay Bhattacharya, a Professor of Medicine at the Stanford Medical School, became the 18th Director of the National Institutes of Health (NIH). The ...

We investigate how advisors’ own health and survival assessments, and information about their advisees’ health and survival probabilities, shape their recommendations regarding retirement spending and ...

Recent empirical evidence by Fieldhouse and Mertens (2024) points to a strong causal link between federal nondefense R&D funding and private-sector productivity growth, and large implied social ...

We provide new evidence using a matched difference-in-differences design in rich administrative data from New Zealand. While most outcomes remain stable prior to separation, parents' mental health ...

This paper studies the causal impacts of public universities on the outcomes of their marginally admitted students. I use administrative admission records spanning all 35 public universities in Texas, ...

Trade and industrial policies, while primarily intended to support domestic industries, may unintentionally stimulate technological progress abroad. We document this mechanism in the case of rare ...

We show better-managed firms are more dynamic in plant acquisitions, disposals, openings and closings in U.S. Census and international data. Better-managed firms also birth better-managed plants and ...

We review recent research and experiences linking inflation and expectations, emphasizing what has been learned since 2020. One clear lesson is that the inflation expectations of most economic agents ...

What should applied macroeconomists know about local projection (LP) and vector autoregression (VAR) impulse response estimators? The two methods share the same estimand, but in finite samples lie on ...