We examine the rise of cloud computing and AI in China and their impacts on industry dynamics after the shock to the cost of Internet-based computing power and services. We find that cloud computing is associated with an increase in firm entry, exit and the likelihood of M&A in industries that...

When obtaining information on individuals' race and ethnicity, the Current Population Survey (CPS) currently follows the 1997 OMB standards, which prescribes race and Hispanic ethnicity as distinct concepts that should be asked about in separate questions. In 2024, OMB updated the standards to...

We present a dynamic two-country model in which military spending, geopolitical risk, and government bond prices are jointly determined. The model is consistent with three empirical facts: hegemons have a funding advantage, this advantage rises with geopolitical tensions, and war losers suffer...

Bank distress was a defining feature of the Great Depression in the United States. Most banks, however, weathered the storm and remained in operation throughout the contraction. We show that surviving banks cut lending when depositors withdrew funds en masse during panics. This panic-induced...

We consider the optimal policy problem of a benevolent planner, who is uncertain about an individual's true preferences because of inconsistencies in revealed preferences across behavioral frames. We adapt theories of expected utility maximization and ambiguity aversion to characterize the...

We examine technology adoption and consumer welfare disparities across demographic groups using data from an online solar photovoltaic (PV) marketplace. Low-income households are 25% less likely to purchase solar through the platform and obtain 53% lower expected consumer surplus than...

Several states have recently attempted to boost retirement saving by adopting "auto-IRA" policies that require employers not currently offering an employer-sponsored retirement plan (ESRP) to either (1) establish an ESRP or (2) enroll employees in state-facilitated Individual Retirement Accounts...

This paper provides an overview of what has happened over the past fifty years for women as they worked to break through professional barriers in economics, policy, and institutional leadership. We chart the progress of women in higher education at the college level and beyond and then go on to...

Medium- and long-run dynamics undermine the effect of automatic enrollment and default savings-rate auto-escalation on retirement savings. Our analysis of nine 401(k) plans incorporates the facts that employees frequently leave firms (often before matching contributions from their employer have...

Research on the causal effects of online advertising on consumer welfare is limited due to challenges in running large-scale field experiments and tracking effects over extended periods. We analyze a long-running field experiment of online advertising in which a random 0.5% subset of all users...