We examine the recent slow growth in manufacturing productivity. We show that nearly all measured TFP growth since 1987—and its post-2000s decline—comes from a few computer-related industries. We ...
This paper revisits the relationship between international trade, trade policy, and development in light of the structural, ...
The fertility decline is everywhere in the world today. Moreover, the decline goes decades back in the histories of rich countries. Birthrates have been below replacement in the U.S. and Europe since ...
Digital payment platforms can displace cash and extend financial services to underserved populations, yet many adults worldwide remain unbanked. Leveraging granular microdata on individual ...
Clean Rides, Healthy Lives: The Impact of Electric Vehicle Adoption on Air Quality and Infant Health
This paper provides the first nationwide evidence on how electric vehicle (EV) adoption has improved both air quality and child health. We assemble a rich dataset from 2010–2021 that links ...
The Dynamics of Technology Transfer: Multinational Investment in China and Rising Global Competition
US multinationals formed joint ventures in China for market access and lower labor costs. However, these ventures transfer technology to Chinese firms, fueling future competition. While individual ...
We examine the effects of changes in an interest rate cap on small loan brokers in New Jersey during the Great Depression. Using newly constructed data on brokers and banks, we find that small loans ...
When exposed to greater physical and transition climate risks, are firms more likely to engage in climate mitigation, climate adaptation, or/and political strategies? This study examines this question ...
Contrary to this assumption, we document that underemployment of quasi-fixed inputs or low capacity utilization rates (CUR) is common across firms, especially in poor countries. Low CURs are ...
We examine the implications of sleepy deposits and their impact on competition, bank value, and financial stability in the US banking sector. We first document the shopping behavior of depositors ...
We examine how healthcare providers’ opioid prescriptions are affected by changes in their home values, which proxy for shocks to their wealth. We find that providers increase opioid prescriptions ...
Banks can use the discount window to fend off a run by prepositioning assets with the Fed and borrowing against them. Following the March 2023 bank runs, policymakers have considered mandatory ...
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