This paper proposes a fully nonparametric model to investigate the dynamics of intergenerational income mobility for discrete outcomes. In our model, an individual's income class probabilities depend on parental income in a manner that accommodates nonlinearities and interactions among various...

This study investigates how occupational AI exposure impacts employment at the intensive margin, i.e., the length of workdays and the allocation of time between work and leisure. Drawing on individual-level time diary data from 2004-2023, we find that higher AI exposure--whether stemming from...

We examine the link between the diffusion of artificial intelligence (AI) enabled technologies and changes in the female employment share in 16 European countries over the period 2011-2019. Using data for occupations at the 3-digit level, we find that on average female employment shares...

This paper describes a process for automatically generating academic finance papers using large language models (LLMs). It demonstrates the process' efficacy by producing hundreds of complete papers on stock return predictability, a topic particularly well-suited for our illustration. We first...

Residential properties with the lowest rent levels provide the highest investment returns to their owners. Using detailed rent, cost, and price data from the United States, Belgium, and The Netherlands, we show that this phenomenon holds across housing markets and time. If anything, low-rent...

What does it take to live a meaningful life? We exploit a unique corpus of over 1,400 life narratives of older Americans collected by a team of writers during the 1930s. We combine detailed human readings with large language models (LLMs) to extract systematic information on critical junctures,...

Cities are often described as engines of economic growth. We assess this statement quantitatively. We focus on two mechanisms: a static agglomeration effect that makes production in bigger cities more efficient, and a dynamic effect whereby urban scale impacts the productivity of invention,...

In this study, we investigate whether reproductive rights affect migration. We do so using a synthetic difference-in-differences design that leverages variation from the 2022 Dobbs decision, which allowed states to ban abortion, and population flows based on change-of-address data from the...

We leverage recent advances in NLP to construct measures of workers' task exposure to AI and machine learning technologies over the 2010 to 2023 period that vary across firms and time. Using a theoretical framework that allows for a labor-saving technology to affect worker productivity both...

The core statistical technology in artificial intelligence is the large-scale transformer network. We propose a new asset pricing model that implants a transformer in the stochastic discount factor. This structure leverages conditional pricing information via cross-asset information sharing and...