For asset pricing, the most important forces are those that systematically push the expectations of many investors in a common direction and thereby influence aggregate asset demand. The expectations ...

To fill these gaps, beneficiaries must actively choose among several insurance options—enrolling in Medicare Advantage, adding private supplemental insurance to traditional Medicare, or, for those ...

The employment rate for men declines by 18 percentage points between ages 51 and 61. If that decline were cut in half, the authors calculate that the average cognitive score would increase by about ...

Analyses of survey data may be confounded if people use response scales differently. We formalize and generalize the theory behind using “calibration questions,” such as vignettes, to correct for ...

We show that the Federal Housing Administration (FHA), from its inception in the 1930s, did not insure mortgages in low income urban neighborhoods where the vast majority of urban Black Americans ...

With an overall lack of gender and ethnic diversity in the innovation sector documented in Gompers and Wang (2017), we ask the natural next question: Does increased diversity lead to better firm ...

This paper provides both a conceptual framework for decomposing a country's gross exports into value-added components by source and a new bilateral database on value-added trade. Our parsimonious ...

We study how the U.S.-China trade war has reshaped global trade patterns, creating significant spillovers to third countries. Using recent tariff policy changes and monthly international trade flow ...

Policies restricting gun sales face substantial political opposition and constitutional constraints. In this paper, we ask how costly it would be to induce potential hand-gun buyers to choose less ...

We analyze firms’ IPO decisions using detailed financial data on US private firms. Firms with higher external capital needs are more likely to go public. Following the IPO, firms increase investment ...

Based on a survey questionnaire administered to 1478 R&D labs in the U.S. manufacturing sector in 1994, we find that firms typically protect the profits due to invention with a range of mechanisms, ...

We trace the impact of central bank stock purchases by exploiting discontinuities in the Bank of Japan's policy rule, which triggers purchases when stock market index movements fall below a threshold.