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In the context of a green energy transition, capital adjustment costs render effective substitution between clean and dirty energy sources finite and endogenous, despite
An environmental limit changes the nature of economic growth, but does not preclude it. When atmospheric greenhouse gas levels reach a critical threshold, further
This paper examines the long run effects of refugee settlement on local development amid demographic decline. We study Serbs displaced from Croatia and Bosnia
We examine how complementor-level openness affects value capture in platform markets. We argue that openness changes not only the amount of activity a complementor
We estimate the labor market effects of Italy's statutory priority to work from home (WFH) for parents of children under age twelve. Using population-wide
Short-term return reversal is one of the most robust asset-pricing anomalies, and is commonly linked to liquidity provision. We decompose individual firm stock returns
Clean-energy technologies are getting better and cheaper, but just how much is uncertain. Falling costs for solar, wind, and batteries have repeatedly changed expectations
Emerging markets are vulnerable to sudden shifts in investor sentiment, which can lead to pressure on exchange rates and financing conditions. Using panel evidence
Employee referrals may reinforce occupational gender segregation, but gendered referrals could simply reflect the composition of workers’ networks. We test whether incumbents also make
Standard macroeconomic theories assume that representative or heterogeneous agents share a common model of how the economy operates. Yet evidence shows that households hold
The sharp rise in long-term interest rates since 2020 is difficult to explain from slow-moving fundamentals. This column shows that narrow windows around nonfarm
Few heterogeneous-firm models are calibrated to firms' responses to income shocks because estimates of these responses are lacking. We estimate the average marginal propensity
We construct a new high-frequency measure of risk appetite shifts around Federal Open Market Committee (FOMC) meetings, the common component of changes in risk-sensitive