We study how firms’ orientation toward employee well-being shapes the health of their workers. Because this orientation is not directly observable, we measure it from the language Danish firms use in ...

We explore the historical link between populist regimes, fiscal monetization, and inflation, and how these links affect monetary policy in the 21st century. Using data for a large set of advanced ...

We study how the U.S.-China trade war has reshaped global trade patterns, creating significant spillovers to third countries. Using recent tariff policy changes and monthly international trade flow ...

This paper uses the history of private money to assess the conditions under which stablecoins could function safely at scale and what their growth may imply for U.S. monetary power. Historical systems ...

We consider official and alternative data sources for measuring and projecting the role of U.S. manufacturing in the global semiconductor manufacturing industry. We find that the government sources we ...

We investigate how limiting interest deductibility under the 2017 TCJA shapes corporate innovation. Using alternative identification strategies, we show that, relative to unaffected firms, affected ...

Do stimulus checks—one-off, deficit-financed lump-sum payments to households—boost the economy? We study a natural experiment: payments to U.S. veterans after World War II that mimic stimulus checks ...

We argue this distinctive structure—bilateral rollover risk without default risk—disciplines recipient countries' borrowing on international markets. In a quantitative long-term sovereign debt model, ...

This paper examines innovation outcomes before and after 1,200 startup acquisitions by eight major technology firms. Linking patent and workforce data to these deals, we document four main findings.

We measure the convenience yield on dollar safe assets over the last 5 years to answer this question. We find that within the set of U.S. dollar assets, safe asset convenience yields are about the ...

We study how aggregate financial conditions shape firm insurance and, through it, labor income risk. In a directed search model with dynamic wage contracts and two-sided limited commitment, firm ...

We examine the response of residential customers to an extreme price change – namely that imposed by the government in the Republic of Georgia during the pandemic lockdown in the winter of 2020 and ...