This paper compares the impacts of critical mineral price and oil price on an economy in a unified neoclassical growth model.

Bank failures can stem from runs on otherwise solvent banks or from losses that render banks insolvent, regardless of withdrawals. Disentangling the relative importance of liquidity and solvency in ...

Does generative artificial intelligence (AI) reinforce or reduce productivity differences across workers? Existing evidence largely studies AI within firms and occupations, where organizational ...

We study the macroeconomic effects of tariff policy using U.S. historical data from 1840–2024. We construct a narrative series of plausibly exogenous tariff changes – based on major legislative ...

We examine how workers perceive the trade-offs of freelancing using a novel survey design that explores the nature of workers' perceptions of their own jobs and the implications of work arrangements ...

This paper quantifies the effects of large-scale deportations on wages, prices, and real incomes in the United States. We impute the legal status for each worker in the American Community Survey by ...

Furthermore, greater correlation (and hence a smaller optimal bidder pool) yields the target a higher surplus from the sale (i.e., higher premium). We test the model empirically and show that M&A ...

We estimate income and taxes for the wealthiest group of US households by matching Forbes 400 data to the individual, business, estate, and gift tax returns of the corresponding group in 2010–2020. In ...

Commodity prices are back. This paper looks at connections between monetary policy, and agricultural and mineral commodities. We begin with the monetary influences on commodity prices, first for a ...

Following the Great Financial Crisis (GFC), the Credit Risk Transfer (CRT) bond market emerged as a new asset class in U.S. mortgage market. We develop an asset pricing framework for CRTs consistent ...

Deportation is often framed as a necessary tool to protect public safety by removing people who commit crimes. We use newly available, and externally validated, administrative data containing all US ...