The emergence of firms like SpaceX and Blue Origin has made space a leading example of how private enterprise drives innovation, marking what many see as a sharp break between Old Space and New Space.

We study how climate policy can interact with distortionary fiscal policy and potentially lead to transition risk. Using an environmental dynamic stochastic general equilibrium model that features ...

How should policymakers evaluate policy impacts when firms design products for global markets? Standard economic analyses typically focus on domestic outcomes, implicitly assuming that policies affect ...

Empirical measures of AI's wage effect typically hold fixed the bundle of activities a worker is paid for at its pre-AI shape. We argue that this assumption hides much of the action. When automation ...

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 ...

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 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 ...

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 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 ...