Venture capital plays an important role in funding and shaping innovation outcomes, characterized by investors' deep knowledge of the technology, industry, and institutions, as well as their long-running relationships with the entrepreneurship and innovation community. China, in its pursuit of...

This study uses individual-level census data from Argentina to examine the socioeconomic disparities between Native and non-Native people. Native people fare worse across a variety of indicators, including housing, education, employment, and health. On average, the observed disparities amount to...

This paper examines how spatial frictions that differ among heterogeneous workers and establishments shape the geographic and demographic incidence of alternative local labor demand shocks, with implications for the appropriate level of government at which to fund local economic initiatives....

Thanks to standardized work protocol and technology of McDonald's restaurants, the hourly wage of McDonald's Basic Crew enables wage comparisons under near-identical skill inputs and hedonic job conditions. McWages capture labor costs in entry-level jobs, while the Big Macs (earned) Per Hour...

The arrival of creative machines--software capable of producing human-like creative content--has triggered a series of legal challenges about intellectual property. The outcome of these legal challenges will shape the future of the creative industry in ways that could enhance or jeopardize...

Principal-agent models take outside options, determining participation and incentive constraints, as given. We construct a general equilibrium model where workers' reservation wages and the maximum punishment acceptable before workers quit are instead determined endogenously. We simultaneously...

We explore the evolution of income inequality and mobility in the U.S. for a large number of subnational groups defined by race and ethnicity, using granular statistics describing income distributions, income mobility, and conditional income growth derived from the universe of tax filers and W-2...

This paper examines the impact of Generative AI (GAI) on communication through the lens of salience and signalling models. It explores how GAI affects both senders' ability to create salient messages and receivers' costs of absorbing them. The analysis reveals that while GAI can increase...

We show that intergenerational mobility changed rapidly by race and class in recent decades and use these trends to study the causal mechanisms underlying changes in economic mobility. For white children in the U.S. born between 1978 and 1992, earnings increased for children from high-income...

This paper develops a novel method to identify the causal contribution of managers to team performance. The method requires repeated random assignment of managers to multiple teams and controls for individuals' skills. A good manager is someone who consistently causes their team to produce more...