Using quarterly micro data on capacity utilization among Swedish manufacturing firms, we show that idiosyncratic factors are much more important than aggregate influences in explaining variation in ...

Many US federal agencies model the economic and budgetary effects of research and development (R&D) investments -- both public R&D and private R&D -- as if R&D were the same as any other form of ...

We decompose inflation into the component due to macroeconomic shocks and the granular residuals capturing the impact of individual firms and product categories, respectively. In advanced economies, ...

Differentiated product consumption choices made without full information can lead to welfare losses from regret and missed opportunities, but a lack of post-purchase usage data has prevented their ...

We construct a framework that defines optimal outcomes in criminal courts, and we use this framework to interpret and organize the existing literature on racial disparities in pretrial detention, ...

We present a model that links heterogeneity of preferences across ethnic groups in a city to the amount and type of public good the city supplies. We test the implications of the model with three ...

This paper reconsiders the Phelps-Lucas hypothesis, according to which temporary real effects of purely nominal disturbances result from imperfect information, but departs from the assumptions of ...

This paper examines a novel mechanism linking fertility and growth. Household fertility is determined by relative wages of women and men. Increasing women's wages reduces fertility by raising the cost ...

This paper examines the impact of the iconic Perry Preschool Project on the children and siblings of the original participants. The children of treated participants have fewer school suspensions, ...

The members of the Conference on Research in Income and Wealth (CRIW) have elected Research Associate Karen Dynan of Harvard University to succeed Katharine Abraham of the University of Maryland as ...

Younger entrepreneurs are disadvantaged by traditional loan underwriting, which relies heavily on personal credit scores. With data from three fintech companies, we show that incorporating timely ...

The US trade war against China in 2018–2019 can either enhance or diminish the US soft power in China, depending on whether it is recognized as legitimate by Chinese citizens. We study how the ...