The integration of algorithmic trading with reinforcement learning, termed AI-powered trading, is transforming financial markets. Alongside the benefits, it raises concerns for collusion. This study ...

We construct new population-level linked administrative data to study households' access to credit in the United States. These data reveal large differences in credit access by race, class, and ...

Targeting distributional impacts is gaining importance in the design of environmental policy. To achieve this, policy makers are adopting advances in air transport models to predict the benefits of ...

The mergers we study – hospital acquisitions of physician practices – have reshaped the $1 trillion US physician industry, nearly doubling the share of physicians working for hospitals between 2008 ...

We examine how interbank wholesale funding shapes the transmission of interest-rate-based monetary policy in China and contributes to systemic risk. Using a bank-level quarterly panel dataset and an ...

This paper evaluates Laffer curves produced by reforms to nonlinear income taxes, focusing on individual taxpayers. A reform puts a taxpayer on the “wrong” side of the Laffer curve if it increases ...

Empirical research in the social and medical sciences frequently involves testing multiple hypotheses simultaneously, increasing the risk of false positives due to chance. Classical multiple testing ...

The attendance rate at religious services is an important variable for the sociology and economics of religion, but long-term and global data are scarce. Retrospective questions from the International ...

We study the role of job transitions and firm pay policies in the Black-White earnings gap in the US. We use administrative data for the universe of employer-employee matches from 2005-2019 to analyze ...

The importweighted average tariff subsequently used by USTR to rank how protectionist are trading partners is atheoretic and misleading for this purpose. We propose and implement a theory-consistent ...

This paper presents new evidence on the critical role of lower-level organizational leaders. Unlike top managers, frontline leaders are essential for implementing organizational strategies by ...

Consistent with synergies, new disclosures of employee misconduct in the investment advisory industry drop by between 17 and 22 percent following mergers. Both targets and acquirers have better ...