The U.S. net foreign asset position has declined sharply since 2007 and is currently negative 65 percent of U.S. GDP. This deterioration primarily reflects a U.S.-specific rise in corporate asset ...

This paper studies external sovereign bonds as an asset class. We compile a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the ...

I show that monetary policy divergence vis-a-vis the U.S. has larger spillover effects in emerging markets than advanced economies. The monetary policy of the U.S. affects domestic credit costs in ...

Current technological developments in a number of industries, such as the rise of artificial intelligence and innovations ...

Fundamental knowledge in the life sciences has consequential implications for medicine and subsequent medical innovations. Using publications in leading life science journals to measure fundamental ...

This study analyzes, for the first time, the effect of increases in the minimum wage on the labor market outcomes of working age adults with cognitive disabilities, a vulnerable and low-skilled sector ...

In this paper we provide new evidence on the health spillover effects of health shocks within couples. Using administrative data from the Netherlands and a matching event-study framework, we estimate ...

In the United States, unemployment insurance (UI) is funded through employer-side payroll taxes that are experience-rated based on previous UI claims. States differ significantly with respect to the ...

We investigate the economic impacts of one of the world's largest anti-corruption crackdowns, Brazil's Operação Lava Jato (Car Wash). Using a difference-in-differences analysis of unique, matched firm ...

While prior studies of language acquisition have focused on schools, we show the overwhelming influence of out-of-school learning. We identify the causal effect of subtitling in a ...

We estimate transitory and permanent import tariff shocks in the United States over the postwar period. We find that transitory tariff increases are neither inflationary nor contractionary, and are ...

This paper considers why fertility has fallen to historically low levels in virtually all high-income countries. Using cohort data, we document rising childlessness at all observed ages and falling ...