Interpreting real-time labor market conditions is challenging because commonly used indicators are noisy, revised over time, and often send conflicting signals. In practice, policymakers and market ...

We extend the literature on the importance of trust for financial behaviors by examining trust, financial literacy, and financial behavior related to retirement security. Using the Health and ...

Using a panel of confidential corporate tax returns, we provide the first direct estimates of the realized present value of corporate tax benefits from R&D credits and deductions in the United States.

How should an organisation choose the breadth of its experimentation portfolio? Breadth has two distinct margins—the number of paths kept alive, and the degree of contrast among them—and prior ...

Distressed firms need urgent financing to preserve operations and avoid inefficient liquidation, but they borrow in concentrated markets shaped by existing-creditor blocking power and a small group of ...

We consider why fertility has fallen in recent decades in almost all high-income countries. We begin by documenting declining total fertility and rising childlessness across cohorts, highlighting the ...

This paper documents stylized facts about the “Great Reallocation” in US supply chain trade following the 2018–2019 tariff shocks and the April 2025 Liberation Day announcements. We find that: (i) The ...

Has the United States economy become less competitive in recent decades? One might think so based on a body of research that has rapidly become influential for antitrust policy. We explain that the ...

This paper studies the effects of automation in economies with labor market distortions that generate worker rents—wages above opportunity cost—in some jobs. We show that automation targets high-rent ...

Two-sided platforms (2SPs) cater to two or more distinct groups of customers, facilitating value-creating interactions between them. The village market and the village matchmaker were 2SPs; eBay and ...

Digitization has vastly increased the amount of new music produced and available directly to consumers. While this has levelled the playing field between already-prominent and new artists, creators ...

We use novel data from a survey of nearly 750 corporate executives to study the effects of artificial intelligence (AI) on productivity and the workforce. We document substantial heterogeneity in AI ...