The Ramsey approach to policy analysis finds the best competitive equilibrium given available instruments but is silent about how to get there uniquely. Many ways of specifying monetary policy lead to indeterminacy. Sophisticated policies do not. They depend on the history of past actions and...

We present the first estimates of long-run trends in intergenerational relative mobility for samples that are representative of the full U.S.-born population. Harmonizing all surveys that ask about father's occupation and own family income, we develop a mobility measure that allows for the...

Why have white, less educated voters left the Democratic Party over the past few decades? Scholars have proposed ethnocentrism, social issues and deindustrialization as potential answers. We highlight the role played by the 1994 North American Free Trade Agreement (NAFTA). In event-study...