This paper studies an economy inhabited by overlapping generations of homeowners and investors, with the only difference between the two being that homeowners derive utility from housing services whereas investors do not. Tight collateral constraint limits the borrowing capacity of homeowners...

We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP. During booms, employment in agriculture declines while labor productivity increases...

We study the case of a Chinese industrial policy, implemented in Shanghai, that makes it mandatory for car manufacturers to share electro-mechanical performance and real time navigation data from their entire fleet of electric and hybrid vehicles with local and central government authorities....

Many regard the 2010-2012 Massachusetts Criminal Offender Record Information (CORI) Reform as a national model to improve ex-offenders' labor market outcomes. This reform prohibits most employers from inquiring about an individual's criminal history on the initial job application (the "ban the...

This paper examines how changes in employers' access to job applicants' criminal histories affect ex-offender recidivism. We use extensive state administrative data on individual criminal histories spanning the 2010-2012 Massachusetts Criminal Offender Record Information (CORI) Reform, widely...

Since the launch of Bitcoin in 2009, the spectacular rise and fall of cryptocurrencies and the underlying blockchain technology have attracted global attention. While the application of distributed ledger technology presents great economic and business potential, significant volatility and...

We develop a new measure of relative debt transparency by comparing the amount of state debt reported in the annual Census survey and the amount reported in the statistical section of the state Comprehensive Annual Financial Report (CAFR). GASB 44 requires states to start reporting their total...