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 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 ...

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 ...

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 ...

This paper examines the impact of the UK's decision to leave the European Union (Brexit) in 2016. Using almost a decade of data since the referendum, we combine simulations based on macro data with ...

This paper provides the first evidence on how restrictive marriage migration policies affect family outcomes of migrants. We exploit a 2014 reform in South Korea that introduced pre-entry requirements ...

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 ...

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 ...

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 ...

We study the causal effect of different early career occupational experiences on labor market outcomes. To do so, we pair over two decades of administrative tax data with internal personnel records ...

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 ...

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 ...