They find that while there is significant heterogeneity across countries, the reforms of recent decades have generally reduced the implicit tax on work at older ages. These changes correlate ...

Liquidity provision is often attributed to debt-issuing intermediaries like banks. We develop a unified theoretical framework and empirically show that mutual funds issuing demandable equity also ...

This paper examines how the composition of firm exposure and competition among imperfectly substitutable workers mediate the earnings, welfare, and unemployment incidence of changes in the ...

Using surveys of households across thirteen countries, we study how much individuals would be willing to pay to eliminate business cycles. These direct estimates are much higher than traditional ...

The posterior means define a class of shrinkage estimators, indexed by hyperparameters that determine the relative weight on maximum likelihood estimates and prior means. In a Bayesian setting, it is ...

This paper proposes that the adoption of the modern U.S. mortgage (i.e., low down payment, long-term, and fixed-rate)—led by the Federal Housing Administration (FHA) and Veteran’s Administration (VA) ...

We investigate the impact of digital technology on employment patterns in Korea, where firms have rapidly adopted digital technologies such as artificial intelligence (AI), big data, and the internet ...

China’s stock market greatly outperformed other national markets during the first several months of the COVID-19 pandemic, and it did so even before it became evident that early containment efforts ...

Does a successful disinflation contribute to the anchoring of inflation expectations? We provide novel survey evidence on the dynamics of euro area firms’ inflation expectations during the ...

We study cost-price dynamics in normal times and during inflation surges. Using microdata on firms’ prices and production costs we construct an empirical measure of price gapsth ...

Residential properties with the lowest rent levels provide the highest investment returns to their owners. Using detailed rent, cost, and price data from the United States, Belgium, and The ...

We examine whether genome-wide summary measures of genetic risk known as polygenic indices (PGIs) provide new insights into the efficacy of the Lung Health Study (LHS)–a large, randomized controlled ...