We propose a new specification test to assess the validity of the judge leniency design. We characterize a set of sharp testable implications, which exploit all the relevant information in the observed data distribution to detect violations of the judge leniency design assumptions. The proposed...

Many centralized assignment systems seek to not only provide good matches for participants' current needs, but also to accommodate changes in preferences and circumstances. We study the problem of designing a dynamic reassignment mechanism in the context of Norway's system for allocating...

We study how investors respond to inflation combining a customized survey experiment with trading data at a time of historically high inflation. Investors' beliefs about the stock return-inflation relation are very heterogeneous in the cross section and on average too optimistic. Moreover, many...

We propose a new framework to explain the factor structure in the full cross section of Treasury bond returns. Our method unifies non-parametric curve estimation with cross-sectional factor modeling. We identify smoothness as a fundamental principle of the term structure of returns. Our approach...

The failure of the Freedman's Savings Bank (FSB), one of the only Black-serving banks in the early post-bellum South, was an economic catastrophe and one of the great episodes of racial exploitation in post-Emancipation history. It was also most Black Americans' first experience of banking. Can...

Uncertainty triggers two confounding effects: a realization and an anticipation effect. By using the 2019 riots in Chile as a quasi-natural experiment, we show that the pricing behavior of supermarkets is consistent with a pure anticipation effect: during the 31-day period following the start of...

We present new evidence on the long-run trend of occupational task content by race in the United States, 1900-2021. Black workers began the transition to better paid, cognitive-intensive modern jobs at least a generation after white workers; substantial convergence only occurred from 1960...

This paper investigates gender gaps in long-term career expectations and outcomes of PhD candidates in economics. For this purpose, we match rich survey data on PhD candidates (from the 2008-2010 job market cohorts) to public data on job histories and publication records through 2022. We...

This paper reports new evidence that giving financial rewards for adopting a child from foster care or becoming a kin guardian improves the later school performance of these children. It uses linked administrative data to examine a policy change in Minnesota. This change increased the payments...

Yes. We state closed-form expressions for steady state gains from trade that apply in a class of dynamic trade models that includes dynamic versions of the Krugman (1980), Melitz (2003), and customer capital (e.g., Arkolakis, 2010) models. The gains are a function of the domestic trade share and...