Early evidence on the pandemic's effects pointed to women's employment falling disproportionately, leading observers to call a 'she-cession.' This paper documents the extent and persistence of this phenomenon in a quarterly sample of 38 advanced and emerging market economies. We show that there...

We quantify the effect of mask mandates in the United States. Our regression discontinuity design exploits county-level variation in COVID-19 cases, hospital admissions, and deaths across the border between states with and without mandates. We find a significant and substantial effect-mask...

We quantify the effect of vaccinations on economic activity in the United States using weekly county level data covering the period end-2020 to mid-2021. Causal effects are identified through instrumenting vaccination rates with county-level pharmacy density interacted with state-level vaccine...

Banking credit to the private sector in Latin America has on average increased by 7 percent of GDP from primo 2004 to ultimo 2011, with real credit in some countries growing by up to 20 percent per year. This paper documents and analyzes the patterns of credit growth in 18 countries in Latin...

Inequality is increasingly a concern. Fiscal and structural policies are well-understood mitigators. However, less is known about the potential role of monetary policy. This paper investigates how inequality matters for monetary policy within a tractable Two-Agent New Keynesian model that...

We show that macroprudential regulation can considerably dampen the impact of global financial shocks on emerging markets. More specifically, a tighter level of regulation reduces the sensitivity of GDP growth to VIX movements and capital flow shocks. A broad set of macroprudential tools...

Output gap estimates are widely used to inform macroeconomic policy decisions, including in Korea. The main determinant of these estimates is the measure of labor market slack. The traditional measure of unemployment in Korea yields an incomplete estimate of labor market slack, given that many...

We evaluate the impact of fiscal reforms on growth and inequality in Cambodia using a calibrated general equilibrium model with heterogeneous agents (Peralta-Alva and others, 2018). Over the last two decades, Cambodia's consumption inequality and poverty have declined. However, income inequality...

Atkinson et al. (2018) propose a measure of the glass ceiling exploiting thattop incomes are approximately Pareto distributed. We clarify how this glass-ceilingcoefficient describes the increasing scarcity of women further up in the income dis-tribution and show how it relates to the top-income...