When the Federal Reserve (Fed) expanded its balance sheet via quantitative easing (QE), commercial banks financed reserve holdings with deposits and reduced their average maturity. They also issued lines of credit to corporations. However, when the Fed halted its balance-sheet expansion in 2014...

While behavioral non-price interventions (“nudges”) have grown from academic curiosity to a bona fide policy tool, their relative economic efficiency remains under-researched. We develop a unified framework to estimate welfare effects of both nudges and taxes. We showcase our approach by...

Can policy sustainably manage economically valuable biological resources? We find evidence it can, with the use of science-based decision rules. In 1996, with United States fish populations in decline, Congress overhauled fishing laws with scientific thresholds for rebuilding overfished stocks....

Across many sectors, research has established that management explains a notable portion of productivity differences across organizations. A remaining question, however, is whether it is managers themselves or firm-wide management practices that matter. We shed light on this question by...

We estimate the extensive and intensive margin labor supply response to the monthly Child Tax Credit disbursed in 2021 as a part of the American Rescue Plan Act. Using Current Population Survey microdata, we compare labor supply outcomes among households who qualify for varying relative...

How much do consumers’ privacy valuations change under the influence of choice architecture? How does this influence affect the efficiency of data collection, by changing not only the quantity of data collected but also its representativeness? To answer these questions, we run a large-scale...

The extent of voluntary cooperation in the presence of externalities is shown as an equilibrium outcome in the supply and demand framework. The analysis uses familiar ingredients to provide a new way of understanding the results of the extensive literature beginning with Buchanan, Coase, Ostrom,...

How are inventors allocated in the US economy and does that allocation affect innovative capacity? To answer these questions, we first build a model of creative destruction where an inventor with a new idea has the possibility to work for an entrant or incumbent firm. If the inventor works for...

Many, if not most, personalistic dictatorships end up with a disastrous decision such as Hitler’s attack on the Soviet Union, Hirohito’s government launching a war against the United States, or Putin’s invasion of Ukraine in February 2022. Even if the decision is not ultimately fatal for...

Actual and perceived gender norms are key to understanding gender inequality in society. In this paper, using newly collected nationally representative datasets from 60 countries that cover over 80% of the world population, we study gender norms on two distinct policy issues: 1) basic rights,...