We argue that the key impediment to accurate measurement of the effect of police on crime is not necessarily simultaneity bias, but bias due to mismeasurement of police. Using a new panel data set on crime in medium to large U.S. cities over 1960- 2010, we obtain measurement error corrected...

As a result of the BoJ's large-scale asset purchases, the consolidated Japanese government borrows mostly at the floating rate from households and invests in longer-duration risky assets to earn an extra 3% of GDP. We quantify the impact of Japan's low-rate policies on its government and...

Many environmental hazards produce health effects that take years to arise, but quasi-experimental studies typically measure outcomes and treatment over short time periods. We develop a new approach to overcome this challenge and use it to gauge the effect of exposure to air pollution on US life...

This paper uses U.S. loan-level credit register data and the 2018-2019 Trade War to test for the effects of international trade uncertainty on domestic credit supply. We exploit cross-sectional heterogeneity in banks' ex-ante exposure to trade uncertainty and find that an increase in trade...

The world has pledged to protect 30 percent of its land and waters by 2030 to halt the rapid deterioration of critical ecosystems. We summarize the state of knowledge about the impacts of protected area policies, with a focus on deforestation and vegetation cover. We discuss critical issues...

Commercial real estate accounts for roughly 20% of the U.S. fixed asset stock, and commercial land use is highly regulated. However, little is known about the quantitative impact of these regulations on economic activity or consumer welfare. This paper develops a spatial general equilibrium...