This paper examines how networks formed through college athletics influence the early-career trajectories of Ivy League graduates. Tracking professional histories of 120,306 Ivy League graduates, we ...

Tariffs raise the prices of goods made at home, not just the imports they tax—an effect that standard pass-through estimates largely miss. Studying the 2025 U.S. tariffs, we find that about 26 percent ...

The eurozone is a monetary union without a fiscal union: Each national central bank is ultimately backed by its own government. When the European Central Bank (ECB) engages in cross-border lending or ...

When private capital markets freeze during wars and financial crises, who keeps cross-border credit flowing? Often, it is governments themselves. In States as Financiers: International Lending in War ...

Tax avoidance through personal holding companies has long been viewed as a key challenge for progressive income taxation. We exploit twenty years of administrative micro-data linking firms to owners ...

We study how temperature fluctuations affect U.S. state-level economic conditions using high frequency, weekly data from 1987 to 2024. The impulse response to a temperature shock from a panel local ...

We investigate whether, by providing better and more timely information, the first mandatory online reporting and auditing program for wastewater discharge releases in the U.S. improved facility ...

While overall effects on graduation rates are small and statistically insignificant, exploratory analyses reveal notable variation by site and over time, mirroring heterogeneity in treatment timing ...

This paper examines reforms in China’s imperial examination system during the Northern Song dynasty that anonymized exam submissions and ended local officials’ discretion to recommend candidates.

This article provides an overview of the literature on financial literacy. It covers the initial measurement that created the Big Three questions and measures of personal finance knowledge featuring ...

This paper focuses on the central role of civil service protections in delineating the boundary between politics and administration. I introduce a simple principal-agent framework to discuss the key ...

As renewable generation plays a growing role in the energy system, periods of negative wholesale electricity prices are becoming increasingly common and are expected to grow dramatically over the next ...