U.S. income inequality has varied inversely with union density over the past hundred years. But moving beyond this aggregate relationship has proven difficult, in part because of limited micro-data on union membership prior to 1973. We develop a new source of micro-data on union membership...

Investing in college carries high returns, but comes with considerable risk. Financial products like equity contracts can mitigate this risk, yet college is typically financed through non--dischargeable, government-backed student loans. This paper argues that adverse selection has unraveled...

It is well-documented that, since at least the early twentieth century, U.S. income inequality has varied inversely with union density. But moving beyond this aggregate relationship has proven difficult, in part because of the absence of micro-level data on union membership prior to 1973. We...

We conduct a field experiment that randomly offers individuals different monthly payment obligations (debt) in exchange for pledging varying shares of their future incomes (equity). Our design identifies selection and treatment effects across both debt and equity dimen- sions of the experimental...