We study the sectoral reallocation of employment over time and across countries, with a focus on the rise of services. We document substantial changes in the ratio of aggregate employment to working-age population across countries that are not systematically related to productivity growth or...

This paper quantifies aggregate productivity in general equilibrium economies where agents with heterogeneous preferences make discrete choices between locations and occupations. We show how the conventional tools of welfare economics, like cost-benefit analysis, can be extended to these...

Older home sellers receive lower returns than younger home sellers. Homes sold by older people have fewer major renovations but higher rates of poor upkeep. Older sellers are also more likely to sell off-MLS ("pocket listings") and to sell to investors, leading to lower prices. These patterns...

Artificial intelligence (A.I.) will likely be the most important technology we have ever developed. Technologies such as electricity, semiconductors, and the internet have been transformative, reshaping economic activity and dramatically increasing living standards throughout the world. In some...

With the diffusion of LLMs between 2022 and 2025, new book releases have tripled, raising a question of AI's impact on book quality. We develop a ratings-based usage measure that is comparable across book release vintages, and we find that the vintages from the AI influx period have lower...

We study how generative AI, and in particular agentic AI, shapes human learning incentives and the long-run evolution of society's information ecosystem. We build a dynamic model of learning and decision-making in which successful decisions require combining shared, community-level general...

One of the promising opportunities offered by AI to support the decarbonization of electricity grids is to align demand with low-carbon supply. We evaluated the effects of one of the world's largest AI managed EV charging tariffs (a retail electricity pricing plan) using a large-scale natural...

Generative AI use for content generation is associated with divergent outcomes on different financial social media platforms: indications of reasoning enhancement on Seeking Alpha, and of belief distortions on WallStreetBets. On Seeking Alpha, adoption is associated with information frictions....

Human capital--encompassing cognitive skills and personality traits--is central for labor-market success, yet personality remains difficult to measure at scale. Leveraging advances in AI and comprehensive LinkedIn microdata, we extract the Big 5 personality traits from facial images of 96,000...

Efforts to move care out of hospitals and into the community face a hard constraint: while most medications can be delivered anywhere, diagnosis is still mostly trapped inside the formal health system--clinics, hospitals, and the people and machines inside them. This is especially binding in...