We use a panel of 16 OECD countries over several decades to investigate the effects of government debts and deficits on long-term interest rates. In simple static specifications, a one-percentage-point increase in the primary deficit relative to GDP increases contemporaneous long-term interest...

We present a simple theory of the quality (competence and honesty) of elected officials. Our theory offers four main insights. Low-quality citizens have a 'comparative advantage' in pursuing elective office, because their market wages are lower than those of high-quality citizens (competence),...

Overall mobility declined during the COVID-19 pandemic because of government lockdowns and voluntary social distancing. Yet, aggregate data mask important heterogeneous effects across segments of the population. Using unique mobility indicators based on anonymized and aggregate data provided by...