In this paper, we investigate a neglected aspect of financial systems of many countries around the world: government ownership of banks. We assemble data which establish four findings. First, ...

Racial differences in mortality are large, persistent and likely caused, at least in part, by racism. While the causal pathways linking racism to mortality are conceptually well defined, empirical ...

In this paper, we establish a causal connection between two of the most salient social developments in the United States over the past decades: the opioid epidemic and the political realignment ...

We explore changes in product quality during France’s major liberalization episode of the mid-nineteenth century. Using new data and existing techniques from the international trade literature, we ...

Salary negotiations are a widespread phenomenon that can shape key labor market outcomes, such as welfare and inequality. We provide novel empirical and theoretical insights into the causes and ...

Market definition is essential for antitrust analysis, but challenging in settings with network effects, where substitution patterns depend on changes in network size. To address this challenge, we ...

Private minibuses dominate transport in many developing country cities. They serve 62% of trips in Lagos, the largest city in sub-Saharan Africa. We collect panel data to measure how private minibuses ...

Fatal school shootings often spark support for stricter gun laws, threatening the gun lobby’s influence and agenda. To prevent political fallout, do pro-gun Political Action Committees increase ...

Going to college has consistently conferred a large wage premium. We show that the relative premium received by lower-income Americans has halved since 1960. We decompose this steady rise in ...

This paper studies the causal impacts of public universities on the outcomes of their marginally admitted students. I use administrative admission records spanning all 35 public universities in Texas, ...

Recent empirical evidence by Fieldhouse and Mertens (2024) points to a strong causal link between federal nondefense R&D funding and private-sector productivity growth, and large implied social ...

We show better-managed firms are more dynamic in plant acquisitions, disposals, openings and closings in U.S. Census and international data. Better-managed firms also birth better-managed plants and ...