Intro -- Editorial -- Abstracts -- 1 Work and Leisure in the United States and Europe: Why So Different? -- 2 Job Loss, Job Finding, and Unemployment in the U.S. Economy over the Past Fifty Years -- 3 The Rise in Firm-Level Volatility: Causes and Consequences -- 4 Monetary Policy Under...

We examine public trust in the European Central Bank (ECB) and its determinants using data from the Bundesbank Household Panel survey for Germany. Employing an interdisciplinary approach that integrates insights from political science and psychology, we offer a fresh perspective on the factors...

Matched transaction-level, credit-registry, and survey-based data reveal that consumers on average form excessively high (low) income expectations relative to ex-post realizations after unexpected positive (negative) income shocks. These extrapolative income expectations lead consumers to...

We survey undergraduate students at a large public university to understand the pecuniary and non-pecuniary factors driving their college major and career decisions with a focus on K-12 teaching. While the average student reports there is a 6% chance they will pursue teaching, almost 27% report...

Using rich Texas administrative data, we estimate the impact of middle school principals on post-secondary schooling, employment, and criminal justice outcomes. The results highlight the importance of school leadership, though striking differences emerge in the relative importance of different...

We use data on stock portfolios of Norwegian households to show that stock market wealth increases entrepreneurship by relaxing financial constraints. Our research design isolates idiosyncratic variation in household-level stock market returns. An increase in stock market wealth increases the...

This paper provides new evidence on the causal relationship between income and health by studying a randomized experiment in which 1,000 low-income adults in the United States received $1,000 per month for three years, with 2,000 control participants receiving $50 over that same period. The cash...

In the United States, there are 741 billionaires with a combined net worth of $5.2 trillion. These billionaires live highly public lives, with some achieving superstar status. Despite growing inequality, billionaires face effective tax rates lower than the average American. Is this due to a lack...

Since formal rules can only partially reduce opportunistic behavior, third-party sanctioning to promote fairness is critical to achieving desirable social outcomes. Social norms may underpin such behavior, but they can also undermine it. We study one such norm the "don't be a toad" norm, as it...