Does ambiguity (Knightian uncertainty) or risk provide a greater discouragement to investment? There is general agreement in the financial press that uncertainty discourages investment, with ...

Mutual funds create liquidity for investors by issuing demandable equity shares while holding illiquid securities. We study the implications of this liquidity creation by examining frequent trading ...

This paper examines a large-scale randomized evaluation of the One Laptop Per Child (OLPC) program in 531 Peruvian rural primary schools. We use administrative data on academic performance and grade ...

We conclude that the DEU methodology and data, as they are described in the article, do not support the conclusion that broad-based increases in market power have occurred in recent decades. This ...

Consistent with this shortage, we estimate that the median social rate of return to installing an additional kilometer of two-lane highway in EMDEs is 55 percent—roughly eight times the social rate of ...

We use comprehensive tax data to study how saving behavior responds to the Health Savings Account (HSA) “catch-up” contribution provision, which raises HSA contribution limits for individuals aged 55 ...

Target allocation funds (TAFs) make predictable rebalancing trades to maintain portfolio weights across asset classes. During the COVID-19 stock market crash, TAFs sold $59 billion of bond fund shares ...

We use high-frequency retail microdata to measure the short-run impact of the 2025 U.S. tariffs on consumer prices. By matching daily prices from major U.S. retailers to product-level tariff rates and ...

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We estimate and compare impacts of cash and in-kind transfers on the consumption of temptation goods in the same population, and explore normative implications. We use two decades of data from South ...

We study how the spatial distribution of income and commuting patterns within cities vary across the development spectrum, drawing on new granular data from 50,000 neighborhoods in 121 cities across ...

During World War II, the U.S. government incarcerated all West Coast Japanese Americans in internment camps. We ask how this forced displacement affected Japanese American enclaves. Using the recently ...