The COVID-19 pandemic has caused major disruptions in international trade and has raised concerns about adverse effects on international supply chains. Using a unique establishment survey matched with administrative data from Germany, we provide novel evidence on how establishments have adjusted...

The geography of the U.S. opioid epidemic has shifted repeatedly across epidemic waves. After a period in which overdose mortality increasingly burdened rural and suburban communities, the fentanyl era appears to have redirected the crisis toward dense urban cores. Here, we document a post-2015...

As the economy emerges from a crisis, macroeconomic policy confronts a dilemma: a protracted stimulus can foster a more inclusive labor market recovery, yet risks igniting inflation that ultimately undermines workers' welfare through real income erosion. This tension amplifies in the presence of...

The portfolio approach of financing drug development has been proposed as a financial innovation to improve the risk/return tradeoff of investment in drug development projects through the use of diversification and securitization. By investing in a sizable and well-diversified portfolio of novel...