As the economy emerges from a crisis, macroeconomic policy confronts a dilemma: a protracted stimulus can foster a more inclusive labor market recovery, yet risks igniting inflation that ultimately ...

This paper studies how minimum wage policy affects firms’ adoption of automation technologies. Using both state-level measures of robot exposure and novel plant-level data on industrial robot imports ...

Improving education and labor market outcomes for low-income students is critical for advancing socioeconomic mobility in the United States. We use longitudinal data on five cohorts of 9th grade ...

We examine the historical frequency of stock market booms, crashes, and bubbles in the United States from 1792 to 2024 using aggregate market data and industry-level portfolios. We define a bubble as ...

Agricultural soils represent one of the largest underutilized opportunities for climate mitigation through land-based carbon sequestration. This study analyzes how farmers make long-term decisions ...

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, ...

This paper investigates whether demand-side market pressure explains colleges' decisions to provide consumption amenities to their students. We estimate a discrete choice model of college demand using ...

We examine the effects of total suspended particulates (TSPs) air pollution on infant health using the air quality improvements induced by the 1970 Clean Air Act Amendments (CAAA). This legislation ...

We evaluate consumption and income measures of the material well-being of the poor. We begin with conceptual and pragmatic reasons that favor income or consumption ...

While economic theory suggests various possibilities, empirical evidence on the distribution of tariff burdens across the supply chain, from producers through distributors to retailers, is limited.

The CHIPS and Science Act generated approximately 15,000 direct semiconductor jobs and twice as many indirect jobs in affected counties. The study applies two difference-in-differences research ...

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