In research conducted in collaboration with Arkey Barnett at the University of Michigan and Meghan Beal at the National Sheriffs’ Association, we investigate the effects of innovative investments in ...

In Manhattan and elsewhere, housing prices have soared over the 1990s. Rising incomes, lower interest rates, and other factors can explain the demand side of this increase, but some sluggishness on ...

The NBER has awarded four Robert Summers fellowships that enable economic statisticians to attend the Conference on Research in Income and Wealth (CRIW) meeting on July 20–21, 2026, in Cambridge, MA.

Existing measures of ESG (environmental, social, and governance) performance ESG ratings are noisy and, therefore, standard regression estimates of the effect of ESG performance on stock returns are ...

Christian Valencia received his Ph.D. in Agricultural and Applied Economics from the University of Illinois at Urbana-Champaign. His research sits at the intersection of labor and agricultural ...

We study human capital in venture capital (VC) using a new dataset covering over 100,000 professionals affiliated with U.S. VC firms. Investment success is extremely concentrated: fewer than 40% of ...

This paper uses administrative data to analyze wealth flows from Norway to offshore tax havens before and after a major improvement of global financial transparency: automatic exchange of bank account ...

We revisit the classic identification problem of separating supply and demand for a homogeneous good using data from multiple markets. We allow markets to be heterogeneous according to unobservables, ...

Recently the global economy has experienced several major shocks yet EMEs have been remarkably resilient. Some of this improved performance can be attributed to prudent policies and stronger economic ...

We empirically investigate whether such “retrieval failures” distort consumption smoothing behavior among Zambian farmers, who derive their income from one annual harvest and then spend it down over ...

We study the causes and consequences of bank runs. By applying large language models to historical newspapers, we create a comprehensive database of bank runs in U.S. history with information on 3,984 ...

We interpret exchange rate and yield curve responses to the April 2, 2025 U.S. tariff announcement through the lens of an equilibrium model capturing the portfolio balance mechanism. Disciplined by ...