We review historical budget trends and basic fiscal processes. We provide new estimates of the budget outlook, incorporating the recently enacted One Big Beautiful Bill Act (OBBBA), and finding that ...

We examine what is widely considered to be one of the strongest channels of monetary policy transmission into household spending – the effect of changes in mortgage payments when mortgage rates are ...

Many low and middle-income countries are working to expand health insurance to previously uncovered people by creating health insurance programs intended for low-income people who would otherwise lack ...

This paper documents video consumption among school-aged children in the U.S. and explores its impact on human capital development. Video watching is common across all segments of society, yet ...

Hundreds of power plants have closed in the United States since 2010, including 130+ gigawatts of coal and 50+ gigawatts of natural gas. In this paper, we highlight the potential for regulation to ...

Nursing home costs in the United States now exceed $100,000 per year, and government assistance programs such as Medicaid help out only when retirees are largely destitute. Moreover, health shocks ...

We study the long-run effects of the first wave of U.S. banking market integration on capital mobility and manufacturing productivity. Using newly digitized bank and branch balance sheet data matched ...

Faculty sexual misconduct targeted at students is a widespread problem. The consequences of such incidents include direct harm to victims and may also entail a loss to science if students who ...

Immigrant integration is a central issue in policy debates, with wage assimilation serving as a key indicator of immigrants’ economic success. Using matched employer–employee data from Canada, we ...

Program is the largest federal affordable housing program in the U.S. Yet, little is known about its impacts on children and families. This paper shows how LIHTC exposure during childhood affects ...

Governments often rely on private vendors to deliver in-kind benefits, yet little is known about how vendor participation affects markets and welfare. We study a sharp rise in retailer participation ...

AI agents—autonomous systems that perceive, reason, and act on behalf of human principals—are poised to transform digital markets by dramatically reducing transaction costs. This chapter evaluates the ...