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) ...

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 ...