In 2025, the U.S. raised average tariff duties from 2.4% to 9.6%, bringing protectionism to its highest level in eighty years. We explore the structure of these tariffs, estimate their short-run ...

We develop a dynamic general equilibrium model with a rational asset bubble and an occasionally binding borrowing constraint that reproduces these empirical regularities. The bubble raises collateral ...

This paper studies the impact of birthright citizenship on youth crime. We leverage a German reform which automatically granted birthright citizenship to eligible immigrant children born in Germany ...

Consumer sentiment influences household behavior in important ways, yet we lack causal evidence on whether government policies themselves shape these perceptions. We help fill this gap by studying the ...

Electricity reliability is a central challenge for the energy transition, as growing energy demand, renewable energy integration, and natural disasters increase the risk of large-scale black- outs.

There is widespread opposition to affirmative action policies. We study whether personal disappointments shape preferences for such policies. Specifically, we test whether individuals' college ...

Bank regulation supports financial stability, but might constrain economic activity. This paper estimates the macroeconomic effects of bank regulation using a high-frequency identification approach.

We study who joins startup accelerators, how founders sort across programs, and which accelerators improve startup outcomes. Using a comprehensive sample of about 750,000 U.S. startups linked to 329 ...

We examine the relationship between age and various measures of wellbeing and illbeing across three major surveys – the Gallup World Poll (GWP, Global Minds (GM) and the Global Flourishing Survey (GFS ...

Nominal interest rates have real effects. Residential mortgages and other real world debt contracts require a sequence of constant nominal payments. Combined with payment-to-income constraints, these ...

We penetrate the black box of post-acquisition integration by examining whether business unit leaders (BULs)—executives responsible for integrating and operating acquired targets—shape integration ...

Risk tolerance is a strong predictor of willingness to move to Kharkiv—the most risk-averse have roughly half the odds of the most risk-tolerant—but matters much less for Kyiv. This asymmetry is ...