We investigate how advisors’ own health and survival assessments, and information about their advisees’ health and survival probabilities, shape their recommendations regarding retirement spending and ...

We argue that firms’ assets, especially their tangible assets, serve as collateral restricting both secured and unsecured debt. Secured debt is explicitly collateralized, placing a lien on specific ...

We propose a method to correct estimates from historical linked data for bias arising from type-I error—"false matches." We estimate the rate of false matching from the disagreement rate in ...

We provide new evidence using a matched difference-in-differences design in rich administrative data from New Zealand. While most outcomes remain stable prior to separation, parents' mental health ...

Housing prices across much of America have hit historic highs, while less housing is being built. If the U.S. housing stock had expanded at the same rate from 2000-2020 as it did from 1980-2000, there ...

Most S&P 500 corporations disclose that their profits depend on non-wage competition for worker talent via workplace amenities like work-life balance. We quantify this dependence using a labor market ...

Little is known about the extent and drivers of information flow within couples, and whether spouses hold aligned expectations about the same outcomes. To provide new evidence, we conduct an online ...

We quantify the private returns to government R&D contracts awarded to firms. We present new evidence that R&D contracts not only finance innovation but also embed an implicit government guarantee of ...

What should applied macroeconomists know about local projection (LP) and vector autoregression (VAR) impulse response estimators? The two methods share the same estimand, but in finite samples lie on ...

Trade and industrial policies, while primarily intended to support domestic industries, may unintentionally stimulate technological progress abroad. We document this mechanism in the case of rare ...

We argue that issuers' choice of arbitrage concentration reflects a tradeoff: efficient arbitrage improves stablecoin price stability in secondary markets, but amplifies run risks by reducing ...

This study reviews the culture and institutions of Confucianism and explores their implications for the trajectory of China’s historical development. We trace the origins and evolution of the core ...