We study the optimal monetary policy response to the imposition of tariffs in a model with imported intermediate inputs. In a simple open-economy framework, we show that a tariff maps exactly into a ...

Conditionality can prevent poor households from receiving cash transfers. Re-analyzing five randomized evaluations of conditional cash transfers, we find: (1) non-compliers — households that do not ...

To study the causal role of income on children’s development, the Baby’s First Years randomized control trial provided families with monthly unconditional cash transfers. One thousand racially and ...

We review recent research and experiences linking inflation and expectations, emphasizing what has been learned since 2020. One clear lesson is that the inflation expectations of most economic agents ...

In this paper we investigate the impact of mask mandates in schools on COVID spread. We use event study and difference-in-differences models that exploit the removal of mask mandates in districts ...

The COVID business cycle was unique. The recession was by far the deepest and shortest in the U.S. postwar record and the recovery was remarkably rapid. The cycle saw an unprecedented reallocation of ...

Our identification strategy is based on the exogenous rotation of voting rights among Reserve Banks and on within borrower-time and district-time variation in DW loans and Federal Home Loan Bank (FHLB ...

For example, killing enemy combatants may create martyrs, while targeting civilians may lower their pro-war morale. We solve this problem by leveraging a natural experiment in Japan in which military ...

We shed new light on historical black-white disparities in wealth and economic mobility by examining datasets of linked census records. First, we compare black and white men’s intra- and ...

We document the structural transformation of innovation using historical patent data since the 1850s, along with R&D expenditure and TFP growth for the post-war period. Over time, innovation has ...

We use these estimates to formulate a test of conduct based on exclusion restrictions. Oligopsonistic models incorporating strategic interactions between firms and tailoring of wage offers to workers’ ...

The trade-off between meaning and pay flattens as those with low meaning and high pay leave the firm. Treatment also reshapes stated priorities and reduces gender gaps in preferences and behaviors, ...