This study uses the 1970 state abortion reforms to estimate the effect of teen and out-of-wedlock childbearing on the schooling and labor market outcomes of mothers observed in 1980 and 1990 Census ...

This essay considers some prescriptions that are currently popular regarding exchange rate regimes: a general movement toward floating, a general movement toward fixing, or a general movement toward ...

The paper explores the view that the Asian currency and financial crises in 1997 and 1998 reflected structural and policy distortions in the countries of the region, even if market overreaction and ...

We quantify how structural changes in the U.S. labor market have contributed to wage stagnation over the past four decades by weakening the job ladder. Using Current Population Survey microdata from ...

We combine nine previously proposed measures to construct an index of political polarization among US adults. We find that the growth in polarization in recent years is largest for the demographic ...

Recent studies of Ivy-Plus institutions suggest that standardized test scores (SAT/ACT) are far better predictors of college success than high school grade point average (HS-GPA), prompting a return ...

Scientific knowledge is believed to be the wellspring of innovation. Historically, firms have also invested in research to fuel innovation and growth. In this paper, we document a shift away from ...

We document new evidence on the capitalization, funding structure, and performance of private credit funds using comprehensive fund- and asset-level data covering most of the industry. Private credit ...

This paper examines how technology transfer within U.S. multinational firms changes in response to a series of IPR reforms undertaken by 16 countries over the 1982-1999 period. Analysis of detailed ...

PISA is seen as the gold standard for evaluating educational outcomes worldwide. Yet, being a low-stakes exam, students may not take it seriously resulting in downward biased scores and inaccurate ...

Starting in the late 1990s, China undertook a dramatic transformation of the large number of firms under state control. Small state-owned firms were privatized or closed. Large state-owned firms were ...

This paper develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative ...