We study the equilibrium effects of financial repression on government funding costs in an endowment economy with limited asset market participation. We show how a broad set of repression policies ...

Contrary to a long-standing concern, we present evidence that classical benefit-based labor income taxation in the tradition of Smith (1776) is consistent with income redistribution through transfers ...

Boudreaux, Brandy Lipton, and Melissa McInerney, "When Medicaid Pays the Bill: Routine Vision Benefits, Eye Care Use, and Eyeglasses Spending Among Dual-eligible Medicar ...

This paper studies how geopolitical risk shapes financial fragmentation and international risk-sharing, using bilateral official lending data from 1910 to 2024. We document that when geopolitical risk ...

Large language models (LLMs) are lowering the entry barriers to working with exciting data sources that used to require strong data science skills, such as handwritten ledgers, text, images, or sound ...

We study how wealth inequality shapes safe-asset demand in heterogeneous-agent economies. Asset bubbles arise when agents face sufficiently high probabilities of falling into extreme poverty. In such ...

We study the emerging market for tokenized US Treasuries and yield-bearing dollar instruments on public blockchains. Using a comprehensive dataset that combines on-chain transactions, protocol-level ...

There is a long-running debate over using standardized test scores to inform college and graduate admissions decisions, with some arguing that test scores are an important signal of academic strength ...

Mutual funds approaching the IRS 50/5/10 portfolio concentration limit trim large positions, reduce equity exposure, and subsequently underperform.

GLP-1 medications generate large weight loss and may also alter social and economic outcomes. Using the Understanding America Study, I compare women starting GLP-1s for weight loss with matched women ...

What information do policymakers need to design Pigouvian taxes or subsidies? Standard logic suggests that it is sufficient to know the size of the externality and unnecessary to know about quantities ...

These results provide a unified explanation for several asset pricing and forecasting puzzles, including: (i) the excess responsiveness of long-horizon rates to short rates, (ii) the dominance of ...