This paper presents market-based evidence that President Trump influences expectations about monetary policy. We use tick-by-tick fed funds futures data and a collection of Trump tweets criticizing the conduct of monetary policy and consistently advocating that the Fed lower interest rates....

In several markets, firms compete not for consumer expenditure but instead for consumer attention. We model and characterize how households allocate their scarce attention in arguably the largest market for attention: the Internet. Our characterization of household attention allocation operates...

COVID-19 vaccines are widely available in wealthy countries, yet many people remain unvaccinated. Understanding the effectiveness -- or lack thereof -- of popular vaccination campaign strategies is therefore critical. In this paper, we report results from two studies that tested strategies...

Third-party cookies and related 'offsite' tracking technologies are frequently used to share user data across applications in support of ad delivery. These data are viewed as highly valuable for online advertisers, but their usage faces increasing headwinds. In this paper, we quantify the...

We model social media as collections of users producing and consuming content. Users value consuming content, but doing so uses up their scarce attention, and hence they prefer content produced by more able users. Users also value receiving attention, creating the incentive to attract an...

We use anonymized and aggregated data from Facebook to explore the spatial structure of social networks in the New York metro area. We highlight the importance of transportation infrastructure in shaping urban social networks by showingthat travel time and travel costs are substantially stronger...

We use aggregated data from Facebook to show that COVID-19 was more likely to spread between regions with stronger social network connections. Areas with more social ties to two early COVID-19 "hotspots" (Westchester County, NY, in the U.S. and Lodi province in Italy) generally had more...

We document that the recent house price experiences within an individual's social network affect her perceptions of the attractiveness of property investments, and through this channel have large effects on her housing market activity. Our data combine anonymized social network information from...