Institutional borrowing, or the debt a college takes on as an organization, is an understudied but important tool for colleges to meet strategic goals. Widespread crises, such as the Great Recession and COVID-19, can impact the financial health of institutions and create instability that may...

This paper uses a large historical dataset (1870-2016) for 16 industrial economies to show that during macroeconomic disasters (e.g., wars, pandemics, depressions) aggregate consumption and income are significantly less decoupled than during normal times. That is, during these times of turmoil,...