Inversions--in which the popular vote winner loses the election--have occurred in 4 US Presidential elections. We show that rather than being statistical flukes, inversions have been ex ante likely since the 1800s. In elections yielding a popular vote margin within one percentage point (which...

Voters punish incumbent Presidential candidates for contractions in the local (county-level) supply of mortgage credit during market-wide contractions of credit, but they do not reward them for expansions in mortgage credit supply in boom times. Our primary focus is the Presidential election of...

This paper studies how international trade influences U.S. presidential elections. We expect the positive employment effects of expanding exports to increase support for the incumbent's party, and job insecurity from import competition to diminish such support. Our national-level models show for...

We investigate the rise of the religious right in the context of the Moral Majority and Jimmy Carter, the first Evangelical President. During Carter's Presidency, the Moral Majority, an Evangelical group headed by televangelist Jerry Falwell, turned against the incumbent Carter, a Democrat, and...

Collecting and analyzing panel data over the last four U.S. presidential elections, we study the drivers of self-reported happiness. We relate our empirical findings to existing models of elation, reference dependence, and belief formation. In addition to corroborating previous findings in the...

This paper develops a model of news discernment to explore the influence of elections on the formation of partisan-driven parallel information universes. Using survey data from news quizzes administered during and outside the 2020 U.S. presidential election, the model shows that partisan...

We study how two groups, those inside vs those outside echo chambers, react to a political event when we vary social media status (Twitter). Our treatments mimic two strategies often suggested as a way to limit polarization on social media: they expose people to counter-attitudinal data, and...

We find that Republican candidates lost support in the 2018 congressional election in counties more exposed to trade retaliation, but saw no commensurate electoral gains from US tariff protection. The electoral losses were driven by retaliatory tariffs on agricultural products, and were only...

Given President Bush's popularity among relatively poor rural residents and lack thereof among wealthier urban dwellers in the 2004 presidential election, analysts have suggested that voters contradicted their economic self-interests. We investigate whether this conventional wisdom implied an...

To understand the extent to which partisan majorities in Congress influence economic policy, we compare financial market responses in recent midterm elections to Presidential elections. We use prediction markets tracking election outcomes as a means of precisely timing and calibrating the...