<i>NBER working paper <a href="/papers/w24856">w24856</a> comments on this paper. A reply to that comment is posted <a href="https://www.nber.org/data-appendix/w19795/KL_Response_to_JJK-JBES-July_2018_FINAL.pdf">here</a>. <a href="/papers/w24857">Another NBER working paper</a> addresses issues in both of these papers.</i>

We estimate the effect of local media outlets on political accountability in Mexico, focusing on malfeasance by municipal mayors. We study federal grants earmarked for infrastructure projects targeting the poor, and leverage two sources of plausibly exogenous variation. First, we exploit...

Media outlets are increasingly owned by conglomerates, inducing a conflict of interest: a media outlet can bias its coverage to benefit companies in the same group. We test for bias by examining movie reviews by media outlets owned by News Corp.—such as the Wall Street Journal—and by Time...

We develop a simple approach to identify economic news and monetary shocks at a high frequency. The approach is used to examine financial market developments in the United States following the Federal Reserve's May 22, 2013 taper talk suggesting that it would begin winding down its quantitative...

Over the years, welfare has become highly intertwined with ideological beliefs involving gender, race, and poverty. As the nature of welfare transformed to include non-white recipients, the perception of welfare recipients as single "worthy white widows" was replaced by the "lazy...