We develop and quantify a novel growth theory in which economic activity endogenously shifts from material production to quality improvements. Consumers derive utility from goods with differing ...

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 ...

In recent years, field experiments have reshaped policy worldwide, but scaling ideas remains a thorny challenge. Perhaps the most important issue facing policymakers today is deciding which ideas to ...

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 ...

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 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 ...

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 ...

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 ...

In this paper, we establish a causal connection between two of the most salient social developments in the United States over the past decades: the opioid epidemic and the political realignment ...

We explore changes in product quality during France’s major liberalization episode of the mid-nineteenth century. Using new data and existing techniques from the international trade literature, we ...