The Development of the American Economy (DAE) program was one of the first research programs launched by Martin Feldstein in ...

This summary reviews our recent work on detecting and tackling collusive behavior in procurement auctions. Historically, antitrust agencies have taken a reactive approach to cartels, initiating ...

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 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 ...

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 ...

We develop a framework to theoretically and empirically analyze the fluctuations of the aggregate stock market. Households allocate capital to institutions, which are fairly constrained, for example ...

We build a tractable general equilibrium model to analyze the effects of cross-border data flows and pre-existing development gaps in digital economies on each country’s production and international ...

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 ...

Central bank balance sheet expansion is run through commercial banks. While liquid central bank reserves held on commercial bank balance sheets increase, demandable uninsured deposits issued to ...