Disability benefit recipients in the United States have nearly doubled in the past two decades, growing substantially faster than the population. It is difficult to estimate how much of this increase is explained by changes in population health, as we often lack a valid counterfactual. We...

During the past two decades, there has been a dramatic change in IPO activity around the world. Though vibrant IPO activity, attributed to better institutions and governance, used to be a strength of the U.S., it no longer is. IPO activity in the U.S. has fallen compared to the rest of the world...

Using a large panel of firms across the world from 1991-2006, we show that the median foreign firm has lower idiosyncratic risk than a comparable U.S. firm. Country characteristics help explain variation in the level of idiosyncratic risk, but less so than firm characteristics. Idiosyncratic...

We estimate holdings of highly-rated tranches of mortgage securitizations of American deposit-taking banks ahead of the credit crisis and evaluate hypotheses that have been advanced to explain these holdings. We find that holdings of highly-rated tranches were economically trivial for the...

In the United States in the 19th and early 20th centuries, there was a substantial mortality 'penalty' to living in urban places. This circumstance was shared with other nations. By around 1940, this penalty had been largely eliminated, and it was healthier, in many cases, to reside in the city...

This paper examines variations in stature and the Body Mass Index (BMI) across space for the United States in 1917/18, using published data on the measurement of approximately 890,000 recruits for the American Army for World War I. It also connects those anthropometric measurements with an index...

This paper studies long-term trends in the labor market performance of immigrants in the United States, using the 1960-2000 PUMS and 1994-2009 CPS. While there was a continuous decline in the earnings of new immigrants 1960-1990, the trend reversed in the 1990s, with newcomers doing as well in...

All nations that can be characterized as developed have undergone the demographic transition from high to low levels of fertility and mortality. Most presently developed nations began their fertility transitions in the late nineteenth or early twentieth centuries. The United States was an...

We use county and individual-level data from 1850 and 1860 to examine the economic impact of gaining access to a railroad. Previous studies have found that rail access was positively correlated with the value of agricultural land at a point in time, and have interpreted this correlation as...