Income is simultaneously one of the most important variables used by economists and the variable most likely to be missing due to item non-response. While observations that are missing income responses are often dropped from analyses, such treatment is usually inappropriate. More appropriate...

The United Nations Human Development Index (HDI) is arguably the most widely used alternative to gross domestic product for measuring national development. This is in large part due to its multidimensional nature, as it incorporates not only income, but also education and health. However, the...

Are speculators driving up oil prices? Should we raise energy prices to slow global warming? The present study takes a small number of such questions and compares the views of economic experts with those of the public. This comparison uses a panel of more than 2000 respondents from YouGov with...

We study the distribution of political speech across U.S. firms. We develop a measure of political engagement based on firms' communications (earnings calls, regulatory filings, and social media), by training a large language model to identify statements that contain political opinions. Using...

Primary historical sources are often by-passed for secondary sources due to high human costs of accessing and extracting primary information-especially in lower-resource settings. We propose a supervised machine-learning approach to the natural language processing of Chinese historical data. An...

We examine asset prices in environments where the risk-free rate lies considerably below the growth rate. To do so, we introduce a tractable model of a production economy featuring heterogeneous trading technologies, as well as idiosyncratic and aggregate risk. We show that allowing for the...

Using data from the Turkish University Entrance Exam, we investigate the extent of the gender gap in college placement, its underlying causes, and potential policy interventions. We estimate preferences using a novel approach which improves our ability to capture substitution patterns and find...

Forestation is viewed as an important means of removing CO₂ from the atmosphere and thereby reducing net CO₂ emissions. But how much CO₂ can be removed, and at what cost? Focusing on forested and forestable areas in South America, and using spatially disaggregated data, we estimate a...

We evaluate how anticipation and adaptation shape the aggregate and local costs of climate change. We develop a dynamic spatial model of the U.S. economy and its 3,143 counties that features costly forward-looking migration and capital investment decisions. Recent methodological advances that...

This paper proposes an analytic representation of perturbations in heterogeneous agent economies with aggregate shocks. Treating the underlying distribution as an explicit state variable, a single value function defined on an infinite-dimensional state space provides a fully recursive...