We investigate how the U.S. dollar’s prominence in the denomination of international debt securities has evolved in recent decades, using a comprehensive global dataset with far more extensive ...

How do firms make decisions on investments in emerging technologies? We find that firms adjust AI/green investments in response to market reactions to announcements of such emerging-technology ...

Since the late 1980s, extreme poverty has declined sharply, life expectancy and schooling have increased, and electoral democracy has expanded. However poverty reduction has slowed in recent years, ...

This paper shows that the pace of technology creation is a key driver of the skill premium. It develops a model in which skilled workers have a comparative advantage in learning new technologies. As ...

Do firms respond similarly to corporate tax incentives across countries? We provide globally comparable estimates of the corporate elasticity of taxable income using administrative tax return data ...

We examine two approaches to improving urban school systems: changing who gets to go to existing schools (reallocation) and restructuring school portfolios through closures and reconstitution ...

The rate of return to R&D investments is a key driver of research investments in both the public and private sectors. The ...

Improving education and labor market outcomes for low-income students is critical for advancing socioeconomic mobility in the United States. We use longitudinal data on five cohorts of 9th grade ...

While economic theory suggests various possibilities, empirical evidence on the distribution of tariff burdens across the supply chain, from producers through distributors to retailers, is limited.

Since different distortions imply different wedge properties, wedges provide a diagnostic to distinguish between models. We measure wedges using administrative transactions data linked to surveyed ...

Immune checkpoint inhibitors (ICIs) are immunotherapy drugs that mobilize the patient’s immune system to detect and attack cancer cells. They are considered a breakthrough development in cancer care, ...

We examine the historical frequency of stock market booms, crashes, and bubbles in the United States from 1792 to 2024 using aggregate market data and industry-level portfolios. We define a bubble as ...