Transaction-level data for the federal funds market provide a rare look at the intraday behavior of trade volume and prices. An analysis of the data reveals that trade volume exhibits large swings over the course of the day while prices remain fairly stable, with rate volatility rising sharply...

This paper quantifies the extent to which individuals experience changes in reported racial identity in the historical U.S. context. Using the full population of historical Censuses for 1880-1940, we document that over 19% of black males “passed” for white at some point during their...

We examine the impact of enforcing non-compete covenants (CNC) on the formation and performance of new firms using matched employer-employee data on 30 US states. To identify the impact of CNC, we exploit the inter-state variation in CNC enforcement along with the fact that courts do not enforce...