Every time a consumer swipes a credit card, the merchant pays an interchange fee—typically around 1.9 percent of the transaction value—most of which funds the rewards that cardholders receive. Because ...

The shift to a managed care model for delivery of long-term services and supports was associated with a 0.9 percentage point (4.2 percent) increase in the quarterly risk of a hospitalization in ...

Nursing homes certified by the Centers for Medicare & Medicaid Services to provide care and receive public reimbursement through Medicare and Medicaid are subject to mandatory annual inspections.

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

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 ...

The fertility decline is everywhere in the world today and goes back decades for rich countries. Birthrates have been below replacement in the U.S. and Europe since the mid-1970s. Completed cohort ...

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 examine pandemic related racial and ethnic disparities in test scores, absenteeism, and disciplinary incidents for K-12 students in the State of Connecticut through the 2024-25 school year. Notably ...

We build a model that combines (i) heterogeneous households with incomplete markets, and (ii) state-dependent pricing with strategic complementarities by firms, to analyze the effects of large ...

Missing markets for opportunity originate in capital market imperfections for borrowing on children’s future earnings, neighbor spillovers, behavioral biases, and housing search frictions. Customized ...

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 ...

Vehicle inspections—commonly known as smog and safety checks—are often delegated to private agents, much like other quality certification markets. When these agents compete, they face incentives to ...