Gavi, the Vaccine Alliance has provided over US$16 billion in funding for vaccination expansion in low-income countries since its founding in 1999. We exploit differential timing in Gavi support across countries and vaccines to estimate the effects of this large-scale public health initiative....

Beginning in 1999, the Chinese government initiated a substantial restructuring of its roughly 4,000 research institutes. While many were given specific classifications to designate their institute objectives, many were left unconverted. We use a novel, fifteen-year panel dataset on China’s...

I consider a consumption based asset pricing model where the consumer does not know if shocks to dividends are stationary (temporary) or non-stationary (permanent). The agent uses a Bayesian learning algorithm with a bias towards recent observations to assign probability to each process. While...