This paper investigates the relationship between dividend payouts and corporate investment. We find significant heterogeneity in the relationship across firms — heterogeneity that helps reconcile competing results in the literature. Drawing on financial filing data from Compustat, we first...

This paper presents results from the fourth year of a multi-year, pre-committed research design for analyzing recent minimum wage changes. Using ACS and CPS data through 2018, we find that relatively large minimum wage increases reduced employment among low-skilled individuals by roughly 2.5...

Using within-high-school variation and controlling for a measure of cognitive ability, this paper finds that high-school leadership experiences explain a significant portion of the residual gender wage gap and selection into management occupations. Our results imply that high-school leadership...

The effects of single-sex education are hotly contested, both in academic and policy circles. Despite this heated debate, there exists little credible empirical evidence of the effect of a U.S. public school's decision to offer single-sex classrooms on the educational outcomes of students. This...

This paper investigates whether minimum wage increases impact worker health in the United States. We consider self-reported measures of general, mental, and physical health. We use data on lesser-skilled workers from the 1993 to 2014 Behavioral Risk Factor Surveillance Survey. Among men, we find...

Despite the importance of earnings instability, little is known about its correlates or causes. This article seeks to better understand earnings instability by studying whether volatile firms pay volatile earnings and is the first to directly test the relationship using US linked...

This article outlines six realities that will likely shape the policy response to the long-run fiscal imbalance. First, defense spending will likely continue trending downward as a share of GDP over the long run because defense needs do not rise proportionately to income, and defense will likely...

This paper presents results from the third year of a multi-year, pre-committed research design for analyzing recent minimum wage changes. Using ACS and CPS data through 2017, we find that relatively large minimum wage increases reduced employment among low-skilled individuals by just over 2...

A holistic assessment of the labor market effects of minimum wage regulation requires understanding employer compliance. The economics literature has paid little attention to this issue. We investigate how minimum wage increases and the strength of enforcement regimes affect the prevalence of...