We obtained data on the age and educational outcomes of nearly 3,000 college students who are DACA recipients — Deferred Action for Childhood Arrivals — and used it to forecast their income in the ensuing decade. We then used this data, along with the income we forecast for DACA recipients...

A selling point of recent attempts to end the incidence of "surprise" medial billing arising from the inadvertent use of out-of-network providers has been that it would increase tax revenue by reducing insurance costs, which would serve to boost (taxable) wage income. However, that increase in...

Few ideas have had as much of an effect on the science of economics as the concept of rational expectations. This elementary notion, first formulated by the economist John Muth, ultimately upended four decades of Keynesian macroeconomics and monetary policy. Despite the impact of Muth's idea,...

Authorization for the National Flood Insurance Program (NFIP) expires on September 30, 2017, offering policymakers an opportunity to rethink the scheme and bring forward reforms that would allow a private flood insurance market to develop in its place. Congress tried to fix the NFIP's flawed...

This paper estimates the economic impacts of DACA, on the educational attainment, earnings and federal tax payments of the DACA population, on state and local tax revenues, on the broader American workforce, and on the U.S. economy as a whole. We construct two models of the DACA population and...

Fees charged by U.S. equity exchanges for services such as non-core market data, connectivity, and co-location have become controversial. Recently, the Securities and Exchange Commission required the exchanges justify hundreds of past fee increases. In their defense, exchanges argue that the...