Between September 2021 and April 2022, anhydrous ammonia prices in the United States more than doubled, topping out at a record-high $1,300/ton. At the time, Senator John Boozman, Ranking Member of the Senate Committee on Agriculture, Nutrition, and Forestry, asked the Agricultural & Food Policy...

Amid the current U.S.-China technological race, the U.S. has imposed export controls to deny China access to strategic technologies. We document that these measures prompted a broad-based decoupling of U.S. and Chinese supply chains. Once their Chinese customers are subject to export controls,...

In consumer credit, "ability-to-pay" (ATP) rules require lenders to consider whether the consumer can repay a loan without experiencing undue hardship. ATP rules have recently been implemented or considered in many countries and markets. Using a large panel of credit card accounts, we study the...