The U.S. aggregate business cycle is often characterized as a series of distinct recession and expansion phases. We apply a regime-switching model to state-level coincident indexes to characterize state business cycles in this way. We find that states differ a great deal in the levels of growth...

This paper presents evidence that banking deregulation led to decreases in entrepreneurship in some U.S. regions, and to increases in others. This is contrary to recent research that found an unambiguous positive relationship.

Recent work has suggested the possibility that the Beveridge curve can shift over the business cycle. This is in contrast with a large body of literature claiming that Beveridge curves have shifted due to structural changes alone. To test these claims, we use county-level data to estimate the...

This paper uses a spatial panel approach to examine the effect of the government-policy environment on the level of entrepreneurship. Specifically, we investigate whether marginal income tax rates and bankruptcy exemptions influence rates of entrepreneurship. Whereas previous work in the...

Weighing the costs vs. the benefits of having children may seem like a cold-blooded exercise. Yet such an analysis can help us understand not only such private decisions but public policies, too.

Bermuda gets $46,000 a year, while Iraq receives $2.3 billion. What motivates donors to give aid to other countries? Need-and the need for favors.

Formal data don't tell policy-makers everything they need to know about the economy. The Federal Open Market Committee also pays attention to anecdotes gathered from the front lines of business.

Lists of the best places to live in the United States are as controversial and subjective as lists of Oscar nominees. A simple economic principle, though, can make the rankings much more objective and reflective of the average person's views.