We study a flexible class of trade models with international production networks and arbitrary wedge-like distortions like markups, tariffs, or nominal rigidities. We characterize the general ...

U.S. and European banking institutions were hit by a wave of distress in March 2023. Policymakers on both sides of the Atlantic reacted with an array of interventions, some targeting individual ...

We examine next-day newspaper accounts of large daily jumps in 19 national stock markets to assess their proximate cause, clarity as to cause, and geographic source. Our sample of over 8,000 jumps, ...

We assess the efficacy of market-based systemic risk measures that rely on U.S. financial firms’ stock return co-movements with market- or sector-wide returns under stress from 1895 to 2023. Stress ...

A college degree offers a pathway to economic mobility for low-income students. Using a multi-site randomized controlled trial combined with administrative and survey data, we demonstrate that ...

Using data on 2.5 million great-grandchildren linked to their great-grandfathers in the US (1850–1940), we show that economic gaps persisted strongly across four generations despite major structural ...

This disagreement reflects a 60-year history of misapplication of the neoclassical theory of investment to interpret empirical work and guide policy analysis. In this article I reconsider the ...

Social desirability bias (SDB) is a pervasive threat to the validity of survey and experimental data. Respondents might often misreport sensitive attitudes and behaviors to appear more socially ...

Using a regression discontinuity design and administrative data, we study a Danish policy that cut welfare benefits for refugees, increasing crime among affected individuals. Linking refugees to ...

We study the short-run effects of import tariffs on GDP and the trade balance in an open-economy New Keynesian model with intermediate input trade. We find that temporary tariffs cause a recession ...

We quantify the macroeconomic effects of the tariff measures announced (but not entirely implemented yet) on Liberation Day (April 2nd, 2025) through the lens of a New-Keynesian two-country model ...

We use a dynamic trade and reallocation model with downward nominal wage rigidities to quantitatively assess the economic consequences of recent U.S. tariff increases on imports from Mexico, Canada, ...