We estimate the causal impacts of immigration to U.S. cities on the intergenerational economic mobility of children of U.S.-born parents. Immigration raises the educational attainment and earnings ...

In a fuzzy regression discontinuity (RD) design, the probability of treatment jumps when a running variable (R) passes a threshold (R0). Fuzzy RD estimates are obtained via a procedure analogous to ...

Monetary policy transmits through broad financial conditions—interest rates, asset prices, credit spreads and exchange rates—rather than through the policy rate alone. Yet current frameworks remain ...

We develop a quantitative New Keynesian DSGE model with monopolistic banks to study the macroeconomic effects of introducing a central bank digital currency (CBDC). Households benefit from an ...

Using Eurobarometer data for 21 Western European countries since 1973 we show the U-shape in life satisfaction by age, present for so long, has now vanished. In 13 northern European countries - ...

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This paper tests whether mergers between nursing home chains and independent facilities affect quality of care using facility-level data from 1999-2019. Staggered difference-in-differences estimates ...

This paper develops a framework to quantify racial disparities in earnings and employment that are not plausibly due to differences in productivity. Over an employment cycle, employers learn about ...

We study how uncertainty propagates through production networks. First, we construct a highly disaggregated, forward-looking measure of industry-level uncertainty using option-implied volatility data ...

We estimate an equilibrium model of car attribute production using U.S. household microdata for 1995–2017 and structurally decompose attribute trends into underlying mechanisms. We find that technical ...

This paper analyzes 630,000 paintings from 1400 onward to uncover how visual art reflects its socioeconomic context. We develop a learning algorithm to predict nine basic emotions conveyed in each ...

In 2015, the City University of New York (CUNY) launched a new program— Accelerate, Complete, and Engage (ACE)—aimed at improving college graduation rates. A randomized-control evaluation of the ...