Following the global financial crisis (GFC), regulators made it harder for banks to retain leveraged loan exposure. We conjecture their actions increased the share of leveraged loan issuances with no ...

We use newly digitized records for 1.2 million students at 60 co-educational U.S. colleges, 1915–1943, linked to enrollment records for their children through 1963, to study how colleges shape marital ...

Gender disparities in becoming a CEO are pronounced, and women who become CEOs, especially of large firms, are less likely to have children or be married. We study the effects of children and marriage ...

We examine how prenatal exposure to air pollution interacts with gender-biased parental investments to shape long-run cognitive performance. Using nationally representative survey data from China, we ...

We study how extended stockholder liability shaped bank resolution during and after the Panic of 1893, comparing California state banks (unlimited liability) with national banks (double liability).

Generative AI has been promoted as the technology that could transform education by providing every student a personal tutor. We provide some of the first large-scale experimental evidence, from a two ...

Macroeconomics tends to view exchange rate movements as transitory. However, persistent exchange rate realignments and the associated capital flows can have long-run implications for structural change ...

Navigating the tax system often requires information and judgment that taxpayers may lack. Although taxpayers sometimes rely on human experts, AI could provide comparable assistance at substantially ...

Large language models (LLMs) can make tutoring more scalable, but only if students use them to reason through mistakes rather than avoid effort. We study this question in a randomized field experiment ...

The existence of aggregate welfare gains from trade is one of the classic insights from international economics. However, these conventional welfare gains are static, in the sense that they take ...

We use a sample of administrative payroll data covering a large and nationally representative share of U.S. workers to study how wages adjusted during the recent inflation period. Most firms apply a ...

More than 2,700 researchers, hailing from 39 countries, traveled to Cambridge, MA for the 49th annual NBER Summer Institute in mid-July. The Summer Institute included 49 distinct workshops arranged by ...