Lauren Cohen, David Kim and Eric So received a Best Paper Prize from the Eastern Finance Association Meetings. Cohen, with ...

Most US innovation stems from firms that operate R&D facilities in many local markets. IBM and Google are two prominent examples, with R&D activities—measured by patenting—in approximately 70 and 20 ...

Shifting from realization-based to accrual-based taxation of the gains on founders’ equity would dilute the stakes of those who succeed but also provide some insurance to those who fail. To evaluate ...

We quantify how structural changes in the U.S. labor market have contributed to wage stagnation over the past four decades by weakening the job ladder. Using Current Population Survey microdata from ...

We document new evidence on the capitalization, funding structure, and performance of private credit funds using comprehensive fund- and asset-level data covering most of the industry. Private credit ...

We analyze monetary policy responses to noisy financial conditions in an open economy where exchange rates and domestic asset prices affect aggregate demand. Noise traders operate in both markets, and ...

We analyze the effect of California's $20 fast food minimum wage (Assembly Bill 1228), enacted in September 2023 and implemented in April 2024, on consumer prices using the Bureau of Labor Statistics' ...

To study this transformation, we compile a comprehensive, synchronized database spanning the pharmaceutical drug development supply chain, covering scientific publications, clinical trials, drug ...

Yet, though Africa will produce much of the world’s future workforce, there is little information on college students’ financial constraints. Novel data from a Zambian flagship university show that ...

We study the role of expertise in new work–novel occupational roles that emerge as technological and economic conditions evolve–using newly available 1940 and 1950 Census Complete Count files and ...

We develop a general equilibrium model of international trade in which the temporal structure of production is a key determinant of comparative advantage. Building on Böhm-Bawerk’s theory of capital, ...

We investigate how fertility relates to work from home (WFH) in the post-pandemic era, drawing on original data from our Global Survey of Working Arrangements and U.S. Survey of Working Arrangements ...