How does the conduct of optimal cross-border financial policy change with prevailing trade agreements? We study the joint optimal determination of trade policy and capital- flow management in a two-country, two-good model with trade in goods and assets. While the cooperative optimal allocation...

This paper reviews the experience of Latin American countries with structural reforms, and discusses the relationship between macroeconomic stabilization and trade liberalization programs undertaken in the region since the early 1980s. The problem of sequencing of stabilization and structural...

We study the interpretation of regressions with multiple treatments and flexible controls. Such regressions are often used to analyze stratified randomized control trials with multiple intervention arms, to estimate value-added (for, e.g., teachers) with observational data, and to leverage the...

We construct a synthetic panel of household expenditures from the Consumer Expenditure Survey (CEX) and use the Quadratic Almost Ideal Demand System to estimate expenditure shares and income elasticities of demand that vary by good-income-time. We show that the size and distribution of income...

We examine US workers' employment and earnings before and after trade liberalization with China. Among workers initially employed in manufacturing, we find substantial and persistent declines in both outcomes, with indirect exposure via input-output linkages exacerbating the negative effects of...

We formalize the GATT/WTO principle of reciprocity in workhorse quantitative trade models, characterizing reciprocal tariff cuts that hold terms of trade fixed and investigating their labor-market impacts. We provide closed-form expressions mapping reciprocal tariff cuts to labor market...