For asset pricing, the most important forces are those that systematically push the expectations of many investors in a common direction and thereby influence aggregate asset demand. The expectations ...

This paper provides estimates of federal tax rates by income groups in the United States since 1960, with special emphasis on very top income groups. We include individual and corporate income taxes, ...

Over the 1990s, the share of foreigners entering the US high-skill workforce grew rapidly. This migration potentially had a significant effect on US workers, consumers and firms. To study these ...

The employment rate for men declines by 18 percentage points between ages 51 and 61. If that decline were cut in half, the authors calculate that the average cognitive score would increase by about ...

To fill these gaps, beneficiaries must actively choose among several insurance options—enrolling in Medicare Advantage, adding private supplemental insurance to traditional Medicare, or, for those ...

We study the automation and productivity effects of AI when production is a sequence of interdependent steps with a Leontief structure. Each step can be executed manually by labor, augmented with AI, ...

Analyses of survey data may be confounded if people use response scales differently. We formalize and generalize the theory behind using “calibration questions,” such as vignettes, to correct for ...

We examine how teacher strikes in the United States affect compensation, working conditions, and productivity with an original dataset of 745 teacher strikes between 2007 and 2024. Using an event ...

The impact of AI on the employment prospects of recent college graduates is hotly debated with no consensus on the magnitude of impacts nor even the timing of those potential impacts. Using CPS ...

TRIPS (1995) has played a major role in shaping the Indian pharmaceutical industry. Conventional theory suggests that strong intellectual property rights (IPR) frameworks should strengthen innovation ...

We administered the FINRA Foundation’s National Financial Capability Study questionnaire to members of the RAND American Life Panel (ALP) in 2012 and 2018. Using this unique, longitudinal data set, we ...

Consumers often benefit from increased competition in differentiated product settings. In this paper we consider consumer benefits from increased competition in a differentiated product setting: the ...