There are two ways to eliminate this distortion toward successful fiscal restoration. One of them is to make the monetary authority more conservative than society in the sense that the price stability weight of monetary authority is higher than that of society. The other way of eliminating the...

Countries with high debt loads are vulnerable to an adverse feedback loop in which doubts by lenders lead to higher sovereign interest rates which in turn make the debt problems more severe. We analyze the recent experience of advanced economies using both econometric methods and case studies...

The global economy has a chronic shortage of safe assets which lies behind many recent macroeconomic imbalances. This paper provides a simple model of the Safe Asset Mechanism (SAM), its recessionary safety traps, and its policy antidotes. Safety traps share many common features with...

Aging populations in advanced economies are placing ever-increasing demands on government spending in the form of old-age benefits. Economies that have promised substantially more benefits than they have made provision to finance are heading into a prolonged era of fiscal stress. Unresolved...

The effect of interracial contact in public schools on the enrollment of whites has been an important concern in assessments of desegregation since the 1970s. It has been feared that 'white flight' -- meaning exit from or avoidance of racially mixed public schools -- could undermine the racial...

We evaluate the effect on newly arrived refugees' employment of a policy, introduced in Denmark in 2013, that matched refugees to occupations with local labor shortages after basic training for those jobs. Leveraging the staggered roll-out across municipalities, we find that the policy increased...

We use de-identified data from Facebook to study the social integration of Syrian migrants in Germany, a country that received a large influx of refugees during the Syrian Civil War. We construct measures of migrants' social integration based on Syrians' friendship links to Germans, their use of...

How do ethnic religious organizations influence immigrants' assimilation in host societies? This paper offers the first systematic answer to this question by focusing on Italian Catholic churches in the US between 1890 and 1920, when four million Italians moved to America, and anti-Catholic...

The literature on immigrant assimilation and intergenerational progress has sometimes reached surprising conclusions, such as the puzzle of immigrant advantage which finds that Hispanic immigrants sometimes have better health than U.S.-born Hispanics. While numerous studies have attempted to...

Social and economic integration of refugees are key to their personal fulfillment and to producing positive effects in the host country. We evaluate the impact of a reform that expanded and improved early language classes to refugees in Denmark while also temporarily lowering welfare benefits...