This paper uses microdata on U.S. mutual fund and ETF portfolios from SEC Form NPORT to study American investment in Chinese Renminbi (RMB)–denominated bonds. We show that, even as total foreign ...

We analyze real returns on U.S. and U.K. government debt during major wars and the COVID-19 pandemic over the past three centuries. Wars are associated with sharply negative real returns on ...

This paper studies how managers’ gender attitudes shape workplace culture and gender inequality. Using data from a multinational firm operating in over 100 countries, we leverage cross-country manager ...

With the diffusion of LLMs between 2022 and 2025, new book releases have tripled, raising a question of AI's impact on book quality. We develop a ratings-based usage measure that is comparable across ...

Technologies such as electricity, semiconductors, and the internet have been transformative, reshaping economic activity and dramatically increasing living standards throughout the world. In some ...

The task-based approach has become the dominant framework for studying the labor-market effects of artificial intelligence (AI), typically emphasizing the replacement of human workers by machines.

Machine learning systems embed preferences either in training losses or through post-processing of calibrated predictions. Applying information design methods from Strack and Yang (2024), this paper ...

The structure of US international trade has undergone a dramatic transformation since 2018 when the US began imposing substantial tariffs targeting Chinese imports. This trade policy shift, combined ...

Our collective research agenda has sought to understand the barriers to homeownership and to quantify the risks that accompany it. Households must weigh numerous factors when deciding whether to buy a ...

We demonstrate that depositor inattention gives rise to banks’ deposit market power. Using transaction-level data on millions of U.S. depositors, we document that unscheduled income remains in ...

Researchers in the Industrial Organization (IO) program study consumer and firm behavior, competition, innovation, and government regulation. This report begins with a brief summary of general ...

Against a backdrop of sharply rising inequality, the Tokyo Round of the GATT resulted in a 1.6 percentage point reduction in average US tariffs – larger than CUSFTA, NAFTA, and the liberalization ...