We estimate the age distribution’s effect on business cycle fluctuations across a large number of countries. A 10 percentage point increase in the middle-aged share of the population decreases output volatility by 15 percent for the average country.

Troy Davig and Michael Redmond gauge the contributions of three factors to the declining U.S. federal budget deficit.

After rising substantially during the Great Recession, the U.S. federal budget deficit has narrowed the past few years. While policy reforms and cyclical economic recovery have certainly contributed to this improvement, an array of temporary factors such as Federal Reserve remittances, dividends...

Multi-modal travel itineraries are based on traversing multiple legs using more than one mode of transportation. The more combinations of legs and modes, the more challenging it is for a traveler to identify a reliable itinerary. Transportation providers collect data that can increase...