The core statistical technology in artificial intelligence is the large-scale transformer network. We propose a new asset pricing model that implants a transformer in the stochastic discount factor. This structure leverages conditional pricing information via cross-asset information sharing and...

Protecting species' habitats is the main policy tool employed across the globe to reduce biodiversity losses. These protections are hypothesized to conflict with private landowners' interests. We study the economic consequences of the most extensive and controversial piece of such environmental...

Great powers are increasingly using their economic and financial strength for geopolitical aims. This rise of "geoeconomics" has the potential to reshape the international trade and financial system. This paper examines the role of domestic political economy forces in determining a government's...

Positive assortative matching refers to the tendency of individuals with similar characteristics to form partnerships. Measuring the extent to which assortative matching differs between two economies is challenging when the marginal distributions of the characteristic along which sorting takes...

Is the top tail of wealth a set of fixed individuals or is there substantial turnover? We estimate upper-tail wealth dynamics during the Gilded Age and beyond, a time of rapid wealth accumulation and concentration in the late 19th and early 20th centuries. Using various wealth proxies and data...

We report on the wellbeing of the young in 31 Ex-Soviet Republics located in Eastern Europe and Central Asia. We find no evidence of the decline in the mental health of the young relative to older people which characterizes Western Europe and English-speaking advanced economies. The mental...

The U.S. has one of the highest incarceration rates in the world, with over seven million admissions to jails each year. Incarcerated individuals are the only group in the U.S. that have a constitutional right to receiving "reasonably adequate" health care. Yet, there is little oversight and...

This paper examines technology sophistication in establishments. To comprehensively measure technology sophistication, we create a grid that covers key business functions and the technologies used to conduct them. Analyzing data from over 21,000 establishments in 15 countries, we find that the...

Effective information sharing is critical for the success of organizations and governments. Because information that is easy to access is more likely to be adopted, leaders often minimize friction in information delivery. However, one type of friction may increase engagement: piquing curiosity...

We use administrative records on the healthcare utilization and economic outcomes of the universe of Danish households to characterize survivors' mental health following their spouse's death. We provide visually clear evidence for the inevitable immediate, large, and lingering adverse impacts...