We use administrative payroll data to examine how firms adjust employment in response to aggregate shocks. We use the COVID-19 pandemic as a laboratory. Exploiting within firm-state variation, we find that firms are more likely to lay off low-income and high-tenure employees before other classes...

We examine how the withdrawal of the largest expansion of unemployment insurance (UI) benefits in U.S. history affected job-finding, the demand for other government assistance, and defaults on credit products. Using administrative UI data merged with applications for government services and...

We examine the extent of external labor market punishment for misconduct in finance and contrast the consequences for those in non-finance sectors. Using detailed proprietary data on individual job separations and income, we document that finance employees involuntarily separated for misconduct...

To mitigate asymmetric information in the consumer lending market, lenders typically rely on credit information to grant loans. In this paper, we study how the digitization of employment and income verification promotes inclusive access to credit by further reducing asymmetric information over...

We use individual-level data to quantify the effect of getting a mortgage on non-mortgage credit outcomes. We use a regression discontinuity design and find that individuals that transition to homeownership increase their credit card and auto balances by $8,300 and $14,800, suggesting a debt...