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Small businesses have long supplied a disproportionate share of major innovations in the United States. We review a centerpiece policy on this topic: the US Small Business Innovation Research (SBIR) ...

This paper tests whether mergers between nursing home chains and independent facilities affect quality of care using facility-level data from 1999-2019. Staggered difference-in-differences estimates ...

Our findings offer insights into how blockbuster products shape firms' customer segment and innovation choices, with implications for understanding the dynamics of technological change in ...

We show long-term Treasury convenience yields are more sensitive to changes in Treasury supply than short-term Treasury convenience yields. The fiscal expansion in the past two decades and the ...

We develop a quantitative New Keynesian DSGE model with monopolistic banks to study the macroeconomic effects of introducing a central bank digital currency (CBDC). Households benefit from an ...

We estimate an equilibrium model of car attribute production using U.S. household microdata for 1995–2017 and structurally decompose attribute trends into underlying mechanisms. We find that technical ...

Using Eurobarometer data for 21 Western European countries since 1973 we show the U-shape in life satisfaction by age, present for so long, has now vanished. In 13 northern European countries - ...

This paper develops a framework to quantify racial disparities in earnings and employment that are not plausibly due to differences in productivity. Over an employment cycle, employers learn about ...

We study how uncertainty propagates through production networks. First, we construct a highly disaggregated, forward-looking measure of industry-level uncertainty using option-implied volatility data ...

In 2015, the City University of New York (CUNY) launched a new program— Accelerate, Complete, and Engage (ACE)—aimed at improving college graduation rates. A randomized-control evaluation of the ...

We uncover a new real effect of harmonizing accounting standards on international trade: following a mandatory adoption of International Financial Reporting Standards, exporters experiencing a greater ...