We study how Chapter 11 bankruptcies affect local legal labor markets. We document that bankruptcy shocks increase county legal employment and corroborate this finding by exploiting a stipulation of the law known as Forum Shopping during the Court Competition Era (1991-1996). We quantify losses...

Economic growth in the 19th and 20th centuries, following the Industrial Revolutions, was much faster than in preceding centuries. This unprecedented global growth coincided with the global proliferation of democracy, with some evidence for bidirectional causation. Macroeconomic forecasts have...

Currently living agents might have selfish reasons to undertake climate policy, because young agents benefit in the future from an improved climate, and policy affects the asset price. Previous models downplayed the first factor and assumed away the second. Self-interested incentives induce...

Money laundering is the process of moving proceeds from illicit activities into the legal economy. We develop a monopolistic competition model incorporating a criminal enterprise which chooses between laundering through offshore financial investments or by acquiring legitimate establishments,...

We show how to use field‐programmable gate arrays (FPGAs) and their associated high‐level synthesis (HLS) compilers to solve heterogeneous agent models with incomplete markets and aggregate uncertainty (Krusell and Smith (1998)). We document that the acceleration delivered by one single FPGA...