How much does pricing pollution cut aggregate emissions, and at what cost? We develop a microfounded equilibrium model of firm production and abatement that can be estimated from standard firm ...

Ex-ante, the government has incentives to delegate monetary policy to a central bank with an inflation targeting mandate. Ex-post, however, the government faces temptations to revoke the mandate to ...

Strands of the literature document four broad error sources: survey coverage, unit non-response, item non-response, and measurement error. Yet the absence of comparable error measures across sources ...

Using a 330-basis-point benchmark for the rate-equivalent wealth benefit, the safe-debt margin—the difference between this benefit and marginal cost—fell from about 250 to 143 basis points. At the CBO ...

We derive four facts from experiments on the spillover effects of cash and in-kind transfer programs onto non-recipients: (1) average spillovers on consumption and asset value are negligible; (2) ...

With complete-information bilateral bargaining in network settings, holdup is eliminated when contracts across the network are agreed atomically (all or none) via a smart contract. Applications ...

The One Big Beautiful Bill Act (OBBBA, P.L. 119-21) eliminates the federal GradPLUS loan program for new borrowers effective July 1, 2026, replacing nearly two decades of uncapped federal graduate ...

This paper analyzes foreign demand for U.S. assets, with particular emphasis on U.S. Treasury securities. It documents compositional shifts in U.S. bilateral external positions across geographic ...

How do the productivity effects of AI evolve across successive generations of tools, and to what extent do task-level gains ultimately translate into final output? We study these questions in the ...

This paper provides an overview of the transmission mechanisms of monetary policy, starting with traditional interest rate channels, going on to channels operating through other asset prices, and then ...

The secular decline in birth rates across the globe over the past seven decades has slowed population growth, raised average ages, and reshaped labor markets and the macroeconomy. Contrary to the ...

The Global Macro Database is an open-source, continuously updated dataset of macroeconomic statistics that unifies and extends existing resources. By harmonizing and integrating data from 32 major ...