We document new evidence on the capitalization, funding structure, and performance of private credit funds using comprehensive fund- and asset-level data covering most of the industry. Private credit ...

We analyze the effect of California's $20 fast food minimum wage (Assembly Bill 1228), enacted in September 2023 and implemented in April 2024, on consumer prices using the Bureau of Labor Statistics' ...

To study this transformation, we compile a comprehensive, synchronized database spanning the pharmaceutical drug development supply chain, covering scientific publications, clinical trials, drug ...

We study the role of expertise in new work–novel occupational roles that emerge as technological and economic conditions evolve–using newly available 1940 and 1950 Census Complete Count files and ...

Yet, though Africa will produce much of the world’s future workforce, there is little information on college students’ financial constraints. Novel data from a Zambian flagship university show that ...

We quantify how structural changes in the U.S. labor market have contributed to wage stagnation over the past four decades by weakening the job ladder. Using Current Population Survey microdata from ...

We develop a general equilibrium model of international trade in which the temporal structure of production is a key determinant of comparative advantage. Building on Böhm-Bawerk’s theory of capital, ...

The U.S. hospital sector expanded rapidly in the 1950s and 1960s, largely due to construction subsidies provided under federal legislation known as the Hill-Burton Act. This paper examines the impact ...

The elasticity of taxable income (ETI) parameter is a key quantity in empirical analysis of tax policy and labor supply. We examine when a commonly applied class of ETI estimands can be used to learn ...

We analyze monetary policy responses to noisy financial conditions in an open economy where exchange rates and domestic asset prices affect aggregate demand. Noise traders operate in both markets, and ...

Limiting global warming to 1.5 degrees requires that cumulative carbon dioxide emissions remain within a finite remaining carbon budget. How this budget is allocated across countries raises questions ...

We develop a framework to measure the severity of financial constraints for young firms across countries. Using ORBIS balance-sheet data for 23 economies, we show that short-term leverage rises while ...