Central bank reserves function as a liquidity buffer to mitigate country exposure and vulnerability to external shocks. Emerging Market Economies are the countries most exposed to the volatility of capital flows and have usually preferred to build up large war-chests of international reserves as...

This study exploits a large-scale natural experiment in Finnish conscription to study how exposure to peers from different family backgrounds affects education, earnings, employment, and hourly wage. Our research design is based on the alphabetic rule in assigning conscripts to dorms, which...

We provide novel evidence of discrete labor supply responses to tax incentives and study the broader implications of discrete rather than continuous labor supply. We utilize an income notch and a reform that shifted the location of the notch in order to study the labor supply mechanisms. We find...

We study the impact of corporate taxes on firm-level investments, total output and input usage by exploiting a 4.5 percentage-point corporate tax rate cut in Finland in 2014. We use detailed administrative data and a differences-in-differences method comparing small corporations (tax rate cut)...

Central bank reserves function as a liquidity buffer to mitigate country exposure and vulnerability to external shocks. Emerging Market Economies are the countries most exposed to the volatility of capital flows and have usually preferred to build up large war-chests of international reserves as...

Short-cycle higher education programs (SCPs), lasting two or three years, capture about a quarter of higher education enrollment in the world and can play a key role enhancing workforce skills. This paper estimates the program-level contribution of SCPs to student academic and labor market...

We show how characterizing optimal patent policy for the pharmaceutical industry only requires information about generic producers' responses to changes in the effective duration and scope of new drug patents. To estimate these responses, we use data on Paragraph IV patent challenges, and two...