We introduce the concept of racial capital, defined as the collective material and non- material assets of the racial groups to which a child is exposed while growing up, and examine its potential to explain racial disparities in life outcomes that persist even after accounting for a broad range...

Median household wealth shot up by 21.2 percent in real terms between 2016 and 2019, as asset prices continued to rebound. However, 2007 still remains the watershed year, and median wealth was down 20.4 percent relative to 2007, though mean wealth more than fully recovered. There was a modest...

Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We find little support for a number of...

We study racial and gender disparities in entrepreneurial activity through the lens of a Roy model, focusing on the distinction between idea generation and execution. Using nationally representative sur-vey data, we find that Black and Hispanic individuals demonstrate higher entrepreneurial...

How does immigration enforcement affect public safety? Heightened enforcement could reduce crime by deterring and incapacitating immigrant offenders or, alternatively, increase crime by discouraging victims from reporting offenses. We study the U.S. Secure Communities program, which expanded...

We document the existence of a racial gap in realized housing returns that is an order of magnitude larger than disparities arising from housing costs alone, and is driven almost entirely by differences in distressed home sales (i.e. foreclosures and short sales). Black and Hispanic homeowners...

Median household wealth shot up by 21.2 percent in real terms between 2016 and 2019, as asset prices continued to rebound. However, 2007 still remains the watershed year, and median wealth was down 20.4 percent relative to 2007, though mean wealth more than fully recovered. There was a modest...

We identify the existence of a racial gap in housing returns that is an order of magnitude larger than disparities arising from housing costs alone. The returns gap is driven almost entirely by differences in distressed home sales (i.e. foreclosures and short sales). Black and Hispanic...

We study how recent gentrification shocks impact Black and Hispanic neighborhoods, including where minority households move to after a shock and if the subsequent spatial distribution of households within a labor market area affects segregation. We first report that household moves from a given...

We document that racial disparities in COVID-19 in New York City stem from patterns of commuting and housing crowding. During the initial wave of the pandemic, out- of-home activity related to commuting is strongly associated with COVID-19 cases at the ZIP Code level and hospitalization at an...

Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We find little support for a number of...