Since the 1980s, the United States has experienced a pronounced saving glut of the rich, a large accumulation of assets among the top 1% of earners. We argue that this development partly reflects a ...

We measure the convenience yield on dollar safe assets over the last 5 years to answer this question. We find that within the set of U.S. dollar assets, safe asset convenience yields are about the ...

The cognitive noise hypothesis is an increasingly popular explanation for a wide range of puzzling regularities in human behavior. Using simple, familiar tools and minimal assumptions drawn from ...

Identifying the impact of capital inflows on output is challenging because inflows are forward-looking and respond to expectations about future economic conditions. We develop a new measure of capital ...

We examine how information affects the choice between Social Security Disability Insurance (DI) and Old-Age Insurance (OAI) benefits for people between 62 and full retirement age. We find that ...

We study the employment effects of California’s $20 fast-food minimum wage. Evaluating this policy poses two challenges in commonly used aggregate datasets: coverage is based on 60-establishment chain ...

Motivated by William Julius Wilson’s account of concentrated disadvantage, we examine a local poverty-trap interpretation of low entrepreneurship in Black neighborhoods. Using registration data from ...

There is substantial heterogeneity in economic, educational, and health outcomes among American Indians, shaped by factors such as geographic location (urban vs. rural), resource endowments, and ...

The use of managed retreats, or “buyouts,” of flood-prone properties is likely to grow as an adaptation response to increasing flood risks. This paper investigates the role of race and ethnicity in ...

Pre-analysis plans (PAPs) can improve research reproducibility by reducing researchers’ degrees of freedom, but their value depends on adherence. We argue that large language models (LLMs) can provide ...

Probabilistic expectation questions are often used to measure subjective uncertainty, but respondents frequently assign all probability to one outcome. We show that this bunching is partly a survey ...

The No Surprises Act (NSA) capped patients' liability for surprise bills and established federal final-offer arbitration for insurer–provider payment disputes. Linking arbitration records to the ...