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We characterize equilibria in a canonical class of economies with endogenous production networks, showing that log-prices equal a min-max over networks of a primitive
Analyses of survey data may be confounded if people use response scales differently. We formalize and generalize the theory behind using “calibration questions,” such
Immigration affects natives through both labor markets and public budgets, yet these channels are usually studied separately. We combine them in a general-equilibrium model
We study how global financial conditions transmit to firms’ investment. We document that increases in risk premia are followed by large investment contractions, particularly
Expanding access to financial services may not be enough to develop markets in low-income settings: providers also need to be held accountable to consumers.
Foreign aid has become a melting pot of motivations and policies, where differently-motivated actors often converge on recommended policies while the similarly-motivated diverge. Breaking
We study equilibrium market structure in a model of credit-market competition with correlated or uncorrelated screening errors and endogenous screening technologies. A pool externality
Market power may arise not only from firms, but also from individual salespeople who can exploit informational advantages over consumers. We explore this phenomenon
Gains from trade are typically calculated using a constant trade elasticity estimated from substitution across foreign countries. For general homothetic preferences, we show how
We use a dynamic factor time series model to estimate the national mortality impact of the Great Recession. In aggregate, the Great Recession reduced
The return covariance matrix is widely assumed to have an eigenvalue cliff: a few large eigenvalues, then a bounded bulk, as in the approximate
Credit constraints and other demand distortions are pervasive in lower-income contexts. A model of clean technology adoption shows that demand distortions can increase the
Some firms are more likely than others to invest in workers’ skills. We document this phenomenon and discuss its implications in light of models
Do shorter workweeks generate work-sharing and productivity gains, as intended by policymakers? We study France’s pay-preserving reduction in the workweek from 39 to 35
This paper investigates how the expansion of social insurance affects households’ accumulation of debt. Insurance can reduce reliance on debt by lessening the financial
More than 23 million adults in the United States lack a high school diploma, and most who return to school drop out before graduating.
States that delegate governance to local officials face a trade-off between the benefits of local knowledge and the costs of biased administrators. Can imposing
How leaders allocate their limited time and attention is an important question in economics. This paper constructs and analyzes a novel data set covering
We propose a general equilibrium model in which U.S. monetary policy affects global risk premia by revaluing the wealth of currency-mismatched arbitrageurs. Assuming their
2nd FYI Workshop on Publishing in Top Macro & Finance Journals A joint workshop by Leipzig University, Kiel Institute for the World Economy, Halle
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