We model the competition between digital forms of fiat money and private digital money (PDM). Countries strategically digitize their fiat money -- upgrading existing or launching new payment systems (including CBDCs) -- to enhance adoption and counter PDM competition. A pecking order emerges:...

We examine the transmission of monetary policy shocks to the long-duration liabilities of households and firms using high-frequency variation in 10-year swap rates around FOMC announcements. We find that four weeks after the announcement mortgage rates move one-for-one with 10-year swap rates,...

In this paper I analyze the work on exchange rates and external imbalances by University of Chicago faculty members during the university's first hundred years, 1892-1992. Many people associate Chicago's views with Milton Friedman's advocacy for flexible exchange rates. But, of course, there was...

Motivated by the establishment of major U.S. Federal programs seeking to harness the potential of regional innovation ecosystems, we assess the promise and challenges of place-based innovation policy interventions. Relative to traditional research grants, place-based innovation policy...

During the first half of the twentieth century, many US states enacted laws restricting women's labor market opportunities, including maximum hours restrictions, minimum wage laws, and night-shift bans. The era of so-called protective labor laws came to an end in the 1960s as a result of civil...

Using new surveys on more than 40,000 respondents in twenty countries that account for 72% of global CO2 emissions, we study the understanding of and attitudes toward climate change and climate policies. We show that, across countries, support for climate policies hinges on three key perceptions...

Using cross-sectional data from 93 countries, we investigate the relationship between the desired level of redistribution among citizens from different socioeconomic backgrounds and the actual extent of government redistribution. Our focus on redistribution arises from the inherent class...

Staggered difference-in-differences designs are pervasive in policy evaluations but little is known about the mechanisms of policy diffusion: How and why do such policies spread across jurisdictions? In this study, we highlight the role of elections in policy diffusion in settings where...

One frequently overlooked aspect of the U.S.-style electoral college system is that it discourages election fraud. In a presidential election based on the popular vote, competing political parties are motivated to manipulate votes in areas where they hold the most significant influence, such as...

We conduct parallel surveys of legislators and citizens in three countries to study their tolerance for corruption. In Italy, Colombia, and Pakistan legislators and citizens respond similarly to hypothetical scenarios involving trade-offs between, for example, probity and efficiency: both...