Increasing within-country disparities have led policymakers to deploy public employment reallocation as a place-based policy tool to support struggling regions. This paper surveys the economics ...

We decompose inflation into the component due to macroeconomic shocks and the granular residuals capturing the impact of individual firms and product categories, respectively. In advanced economies, ...

Differentiated product consumption choices made without full information can lead to welfare losses from regret and missed opportunities, but a lack of post-purchase usage data has prevented their ...

We construct a framework that defines optimal outcomes in criminal courts, and we use this framework to interpret and organize the existing literature on racial disparities in pretrial detention, ...

Science of Science Funding is an NBER initiative, supported by the Alfred P. Sloan Foundation, which seeks to improve understanding of effective methods of supporting scientific research. Its goal is ...

Many US federal agencies model the economic and budgetary effects of research and development (R&D) investments -- both public R&D and private R&D -- as if R&D were the same as any other form of ...

Using quarterly micro data on capacity utilization among Swedish manufacturing firms, we show that idiosyncratic factors are much more important than aggregate influences in explaining variation in ...

We study racial and gender disparities in entrepreneurial activity through the lens of a Roy model, focusing on the distinction between idea generation and execution. Using nationally representative ...

Global banks played a significant role in the transmission of the 2007 to 2009 crisis to emerging market economies. We examine the relationships between adverse liquidity shocks on main ...

In this paper, we compare the characteristics of real world financial contracts to their counterparts in financial contracting theory. We do so by conducting a detailed study of actual contracts ...

China's economic model involves active government intervention in financial markets. We develop a theoretical framework in which interventions prevent a market breakdown and a volatility explosion ...

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