The task-based approach has become the dominant framework for studying the labor-market effects of artificial intelligence ...

This paper studies how managers’ gender attitudes shape workplace culture and gender inequality. Using data from a multinational firm operating in over 100 countries, we leverage cross-country manager ...

We document and characterize a new history of U.S. federal-level industrial policies by scanning all 12,167 Congressional ...

Conventional wisdom holds that the social rate of return to R&D significantly exceeds the private rate of return and, therefore, R&D should be subsidized. In the U.S., the government has directly ...

We propose rational disagreement as a formal framework for analyzing seemingly irrational behavior that can persist despite ...

Technologies such as electricity, semiconductors, and the internet have been transformative, reshaping economic activity and dramatically increasing living standards throughout the world. In some ...

We provide the first global, long-run evidence on how war reshapes democratic institutions. Using data on all conflicts since ...

With the diffusion of LLMs between 2022 and 2025, new book releases have tripled, raising a question of AI's impact on book quality. We develop a ratings-based usage measure that is comparable across ...

We demonstrate that depositor inattention gives rise to banks’ deposit market power. Using transaction-level data on millions of U.S. depositors, we document that unscheduled income remains in ...

This paper considers a firm that must issue common stock to raise cash to undertake a valuable investment opportunity. Management is assumed to know more about the firm's value than potential ...

The origins of stagflation and the possibility of its recurrence continue to be an important concern among policymakers and in the popular press. It is common to associate the origins of the Great ...

Against a backdrop of sharply rising inequality, the Tokyo Round of the GATT resulted in a 1.6 percentage point reduction in average US tariffs – larger than CUSFTA, NAFTA, and the liberalization ...