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 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 ...

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 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).

Ten states implemented Supplemental Nutrition Assistance Program (SNAP) Food Restriction Waivers to restrict purchases of sugary beverages with SNAP funds for the first time in program history in 2026 ...

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 ...

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 ...

We document that firms with high price-earnings ratios tend to see increases in their subsequent earnings relative to sales, which we interpret as rents from ideas (innovation). We construct an ...

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 ...

What ultimately supports the market value of U.S. government debt? We measure valuation frameworks: the perceived channels that back debt value. We survey bond investors, registered voters, and ...

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 ...