Moving beyond the combination of adoption subsidies, standards, and (albeit limited) attempts at carbon pricing that largely characterized U.S. climate policy over the last decade, recent climate-related legislation has transformed not only the scale of U.S. climate activities but also the...

The authors explore unique complete-count data from the 1930 Census in which a respondent's race was assigned by enumerators and "Mexican" was one of the possible responses. Census enumerators frequently and selectively assigned a non-Mexican race--predominantly "white"--to U.S.-born individuals...

Percutaneous coronary intervention facility openings may have differential effects on treatment and health outcomes for Black versus White patients in residentially segregated versus integrated communities. This study looked at changes in patient treatment and health outcomes (same-day PCI, PCI...

In competitive capital markets, risky debt claims that offer high yields in good times have high systematic risk exposure in bad times. We apply this idea to bank risk measurement. We find that banks with high accounting return on equity (ROE) prior to a crisis have higher systematic tail risk...

Target Date Funds (TDFs) provide retirement investors, many of whom are unsophisticated or inattentive, with age-appropriate exposures to different asset classes like stocks and bonds. To maintain exposures, TDFs trade actively against market returns, buying stock funds when the stock market...

Past work has documented significant occupational segregation between Black and white workers in the U.S. labor force. Little work, however, has examined racial occupational segregation in recent years or by levels of education and then at the intersection of education and race. In this paper,...

Using a survey with information treatments conducted in the aftermath of SVB's collapse, we study households' perspectives on bank stability, the potential for panic-driven bank runs, and the role of public communication. When informed about SVB's collapse, households become more likely to...

When race is not directly observed, regulators and analysts commonly predict it using algorithms based on last name and address. In small business lending--where regulators assess fair lending law compliance using the Bayesian Improved Surname Geocoding (BISG) algorithm--we document large...

What are the prospects for economic growth in the United States and other advanced countries over the next several decades? U.S. growth for the past 150 years has been surprisingly stable at 2% per year. Growth theory reveals that in the long run, growth in living standards is determined by...

This paper introduces a novel measure of consumer inflation expectations: We elicit and combine inflation forecasts across categories of personal consumption expenditure to form an aggregated measure of inflation expectations. Drawing on nearly 60,000 respondents, our data comprise the early...