This paper compares the impacts of critical mineral price and oil price on an economy in a unified neoclassical growth model. Unlike oil price shocks, which affect the cost of utilizing existing ...

Variation in the quality of financial accounting reporting can explain more than 10 percent of the dispersion in productivity across private US firms.

Furthermore, greater correlation (and hence a smaller optimal bidder pool) yields the target a higher surplus from the sale (i.e., higher premium). We test the model empirically and show that M&A ...

We estimate income and taxes for the wealthiest group of US households by matching Forbes 400 data to the individual, business, estate, and gift tax returns of the corresponding group in 2010–2020. In ...

Housing prices across much of America have hit historic highs, while less housing is being built. If the U.S. housing stock had expanded at the same rate from 2000-2020 as it did from 1980-2000, there ...

Climate disasters threaten intergenerational equity by exposing future generations to rising risks. We develop a model in which a government learns about disaster risk and enforces a sustainability ...

The Vietnam draft conscripted hundreds of thousands of young Americans into an integrated military. I combine near-random draft lottery variation with administrative voter data to study the long-run ...

A central insight from neoclassical economics is that international trade operates like an improvement in production technology. It generates mutual aggregate welfare gains for countries as a whole, ...

First, are macro shocks large enough to alter the course of the economy? Second, are they large enough to materially impact economic welfare? Lucas and many others have addressed these issues, but do ...

We use newly available, and externally validated, administrative data containing all US Immigration and Customs Enforcement (ICE) arrests from September 2015-October 2025. Beyond demonstrating ...

We use frontier advancements in Artificial Intelligence and machine learning to extract and classify the part of key economic agents’ behaviors that are predictable from past behaviors. Even the ...

Using confidential transaction-level data on overnight tri-party Treasury repo from 2018–2025, we study liquidity flows within bank holding companies (BHCs) between primary dealers and affiliated ...