Zambia, an economy heavily reliant on hydropower for electricity, has faced sustained disruptions to electricity generation amid increasingly frequent and severe droughts. These drought-related disruptions have caused large GDP losses in recent years and have tilted electricity generation...

Zambia, an economy heavily reliant on hydropower for electricity, has faced sustained disruptions to electricity generation amid increasingly frequent and severe droughts. These drought-related disruptions have caused large GDP losses in recent years and have tilted electricity generation...

This paper constructs a novel firm-level measure of geopolitical risk using textual analysis of 130,061 earnings conference call transcripts and examines its impact on firms' reliance on bank-based financing. Using a panel of 4,692 listed firms across 38 countries over 2005-2024, we find that...

We quantify the contribution of firm-level technological change to skill demand and aggregate inequality in the presence of imperfect competition in the labor market. We show that skill-biased technological change increases both the firm-level skill ratio and the skill premium, while other...

We study how U.S. dollar fluctuations transmit through domestic supply chains in emerging markets. Large firms borrow in foreign currency and extend trade credit to domestic partners, exposing the supply chain to exchange rate risk. We develop a model where financially constrained suppliers pass...

This paper reviews recent developments in the economics of human development, focusing on the early years of life as a critical period for shaping long-term outcomes. Early childhood development is inherently multidimensional: cognitive and socioemotional skills evolve dynamically and interact...