We study the design of optimal monetary policy under uncertainty in a dynamic stochastic general equilibrium models. We use a Markov jump-linear-quadratic (MJLQ) approach to study policy design, approximating the uncertainty by different discrete modes in a Markov chain, and by taking...

Popularity is self reinforcing. The attention garnered by popular options propels further interest in them. Yet rather than blindly follow the crowd, most pay attention to how well these items match their tastes. We model this role of social learning in guiding selective attention and market...

Schools closed extensively during the COVID-19 pandemic and occur in other settings, such as teacher strikes and natural disasters. This paper provides some of the first experimental evidence on strategies to minimize learning loss when schools close. We run a randomized trial of low-technology...

Experimental studies rarely consider the shape and nature of the education production function, which is useful for deriving optimal levels of input substitution in increasingly resource constrained environments. Because of the rapid expansion of EdTech as a substitute for traditional learning...

We partnered with the Ghanaian government to test simultaneously four methods of increasing achievement in schools with low and heterogeneous student achievement| assistant led remedial pull-out lessons, assistant led remedial after school lessons, assistant led smaller class sizes, or teacher...

Shocks to equity options' ATM implied volatility (ATMIV) are followed by persistently lower short-term rates. Shocks to the ratio of OTM puts' over OTM calls' implied volatilities (P/C) are followed by persistently higher rates. The stock's and Treasury-bond's ATMIV indices, which measure market...

This paper examines the relationship between technological change and wages using pooled cross-sectional industry-level data and several alternative indicators of the rate of introduction of new technology. Our main finding is that industries with a high rate of technical change pay higher wages...