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 ...

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 ...

This paper examines the long-term effects of early-life exposure to county health departments (CHDs), a public health initiative aimed at providing affordable healthcare access to disadvantaged and ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 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.

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 ...