We document a causal effect of social interactions on investor behavior using the number of local soccer games as a measure of social interaction intensity. Social transmission is identifiable in buy but not sell trades. The effect of Social Interaction Intensity (SII) on the sensitivity of...

We use Bayesian meta-analysis methods to estimate the impact of unconditional cash transfers (UCTs) on twelve primary outcomes from 114 studies of 72 UCT programs in middle and low income countries. Cash transfers generate strong and positive average treatment effects on ten of thirteen...

We characterize sabotage, exemplified by recent U.S. policies concerning China's semiconductor industry, as trade policy. For some (but not all) goods, completely destroying foreigners' productivity increases domestic real income by shifting the location of production and improving the terms of...

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...

This paper investigates the reversibility of the effects of transport infrastructure investments, based on a programme that removed much of the rail network in Britain during the mid-20th Century. We find that a 10% loss in rail access between 1950 and 1980 caused a persistent 3% decline in...

find strong evidence that strategic misreporting was present but conclude that its remaining quantitative extent after enforcement actions already taken by the tax authorities was relatively small. Firms tend to misreport 4 percent more often than expected, and the actual support paid out was 5...

This paper develops a model of news discernment to explore the influence of elections on the formation of partisan-driven parallel information universes. Using survey data from news quizzes administered during and outside the 2020 U.S. presidential election, the model shows that partisan...

Despite the fact that 30 percent of opioid overdoses also involve a benzodiazepine, there is little policy guidance on how to curb concurrent misuse and even less evidence on how changes to co-prescribing practices can affect patients' economic trajectories. In 2012, Austria restricted access to...

Theories of crime in economics focus on the roles of deterrence and incapacitation in reducing criminal activity. In addition to deterrence, a growing body of empirical evidence has shown that both income support and employment subsidies can play a role in crime reduction. This paper extends the...

Neural networks offer a promising tool for the analysis of nonlinear economies. In this paper, we derive conditions for the global stability of nonlinear rational expectations equilibria under neural network learning. We demonstrate the applicability of the conditions in analytical and numerical...