Ex-ante, the government has incentives to delegate monetary policy to a central bank with an inflation targeting mandate. Ex-post, however, the government faces temptations to revoke the mandate to ...

Strands of the literature document four broad error sources: survey coverage, unit non-response, item non-response, and measurement error. Yet the absence of comparable error measures across sources ...

How much does pricing pollution cut aggregate emissions, and at what cost? We develop a microfounded equilibrium model of firm production and abatement that can be estimated from standard firm ...

Using a 330-basis-point benchmark for the rate-equivalent wealth benefit, the safe-debt margin—the difference between this benefit and marginal cost—fell from about 250 to 143 basis points. At the CBO ...

With complete-information bilateral bargaining in network settings, holdup is eliminated when contracts across the network are agreed atomically (all or none) via a smart contract. Applications ...

We derive four facts from experiments on the spillover effects of cash and in-kind transfer programs onto non-recipients: (1) average spillovers on consumption and asset value are negligible; (2) ...

As of July 2026, 23 states had approved policies that disallow spending of SNAP benefits on sugary drinks. The effects of such restrictions on consumption are unclear, however, since most households ...

The One Big Beautiful Bill Act (OBBBA, P.L. 119-21) eliminates the federal GradPLUS loan program for new borrowers effective July 1, 2026, replacing nearly two decades of uncapped federal graduate ...

Kowalski, and Jenna Wiens, "Survival Analysis with Limited Overlap and Censoring Distribution Shift," NBER Working ...

Entrepreneurs are a substantial presence in state legislatures, accounting for over 40 percent of legislators, and their representation varies primarily across states rather than within states over ...

We study the meritocratic consensus in American higher education: colleges that high-testing students (who are generally also from high-income families) attend spend dramatically more on instruction ...

We develop stress tests based on an original International Monetary System (IMS) model with regime switchings. The model is calibrated for nine reference currencies from the beginning of the Classical ...