Many efforts to improve school quality by adding school resources have proven to be ineffective. This paper presents the results of two experiments conducted in Mumbai and Vadodara, India, designed to ...

We study how exposure to scientific research in university laboratories influences students’ pursuit of careers in science. Using administrative data from thousands of research labs linked to student ...

We study the equilibrium effects of financial repression on government funding costs in an endowment economy with limited asset market participation. We show how a broad set of repression policies ...

The narrative approach to macroeconomic identification uses qualitative sources, such as newspapers or government records, to provide information that can help establish causal relationships. This ...

Contrary to a long-standing concern, we present evidence that classical benefit-based labor income taxation in the tradition of Smith (1776) is consistent with income redistribution through transfers ...

We study how wealth inequality shapes safe-asset demand in heterogeneous-agent economies. Asset bubbles arise when agents face sufficiently high probabilities of falling into extreme poverty. In such ...

This paper studies how geopolitical risk shapes financial fragmentation and international risk-sharing, using bilateral official lending data from 1910 to 2024. We document that when geopolitical risk ...

There is a long-running debate over using standardized test scores to inform college and graduate admissions decisions, with some arguing that test scores are an important signal of academic strength ...

We study the emerging market for tokenized US Treasuries and yield-bearing dollar instruments on public blockchains. Using a comprehensive dataset that combines on-chain transactions, protocol-level ...

GLP-1 medications generate large weight loss and may also alter social and economic outcomes. Using the Understanding America Study, I compare women starting GLP-1s for weight loss with matched women ...

These results provide a unified explanation for several asset pricing and forecasting puzzles, including: (i) the excess responsiveness of long-horizon rates to short rates, (ii) the dominance of ...

We find the chatbot messaging increased students’ final grades and engagement with academic supports, such as tutoring. Treatment effects were generally consistent across student demographics, with ...