This paper quantifies the environmental externalities associated with electricity consumption by data centers in the United States, focusing on damages from local air pollution and greenhouse gas (GHG ...

Financial crises remain a recurrent feature of modern economies despite evidence that many are predictable and preventable. This chapter discusses how financial instability often reflects a political ...

Exploiting the staggered roll-out of China’s national air monitoring network, we document a pollutant substitution effect: PM.

This paper examines the career consequences in Norway of being initially employed in an occupation that subsequently declines during 2007–2024. Workers initially employed in occupations that later ...

Second, early purchases generate an indirect spillover to firms: local retailers learn from "pioneer'' consumers which new varieties are most likely to succeed and adjust their product offerings ...

Using a multi-sided matching equilibrium, we show that whether they exit or engage depends on whether social harm scales with productivity. When harm is uncorrelated—an implicit assumption in most ...

Inflation expectations derived from financial markets exhibited unprecedented dynamics in 2025: the correlation between one-year inflation swaps and one-year-ahead one-year forward rates turned ...

We study the macroeconomic effects of tariff policy using U.S. historical data from 1840–2024. We construct a narrative series of plausibly exogenous tariff changes – based on major legislative ...

We use novel data on the composition and cost of payments across U.S. merchants to quantify consumer redistribution in the payment system. Cards charge interchange fees to merchants to fund consumer ...

This paper studies the impact of birthright citizenship on youth crime. We leverage a German reform which automatically granted birthright citizenship to eligible immigrant children born in Germany ...

Electricity reliability is a central challenge for the energy transition, as growing energy demand, renewable energy integration, and natural disasters increase the risk of large-scale black- outs.

In 2025, the U.S. raised average tariff duties from 2.4% to 9.6%, bringing protectionism to its highest level in eighty years. We explore the structure of these tariffs, estimate their short-run ...