This paper explores the interaction between wage inequality and the marriage and fertility decisions of young women. We develop an equilibrium search model of marriage, divorce, and investment in children that allows for differential timing of fertility. We show how patterns of fertility timing...

For decades credit rating agencies were viewed as trusted arbiters of creditworthiness and their ratings as important tools for managing risk. The common narrative is that the value of ratings was compromised by the evolution of the industry to a form where issuers pay for ratings. In this paper...

At the onset of COVID-19, U.S. labor-force participation dropped by about 3 percentage points and remained below pre-pandemic levels three years later. Recovery varied across states, with slower rebounds in those more affected by the pre-pandemic opioid crisis, as measured by age-adjusted opioid...

The role of friends in the US opioid epidemic is examined. Using data from the National Longitudinal Survey of Adolescent Health (Add Health), adults aged 25-34 and their high school best friends are focused on. An instrumental variable technique is employed to estimate peer effects in opioid...

Frontmatter -- CONTENTS -- ILLUSTRATIONS -- TABLES -- PREFACE -- CONTRIBUTORS -- 1. Economic Growth and Business Cycles -- 2. Recursive Methods for Computing Equilibria of Business Cycle Models -- 3. Computing Equilibria of Nonoptimal Economies -- 4. Models with Heterogeneous Agents -- 5....