The U.S. Federal Reserve purchased both agency mortgage-backed securities (MBS) and Treasury securities to conduct quantitative easing (QE). Using micro-level data, we find that banks benefiting from MBS purchases increase mortgage origination, compared to other banks. At the same time, these...

The COVID-19 pandemic severely disrupted financial markets and the real economy worldwide. These extraordinary events prompted large monetary and fiscal policy interventions. Recognizing the unusual nature of the shock, the academic community has produced an impressive amount of research during...

This paper evaluates the Jumpstart Program (JSP), a parenting intervention implemented by a school district in the Houston area to enhance school readiness among economically disadvantaged three-year-old children. Unlike many early childhood programs typically tested in controlled research...

The Liberty Bond drives of World War I were nation-wide interventions aimed at increasing financial literacy and associating bond ownership with patriotism. Using data from the first year of the Survey of Consumer Finances, 1947, through 1971, we investigate whether exposure to the drives shaped...

Using a randomized control trial, this paper studies an at-scale preschool construction program that serves poor communities in rural Mozambique. We show that the program significantly increased preschool enrollment in treated communities by 73 percentage points, from a small base of 2 percent...

We use difference-in-differences research designs to estimate the effects of abortion bans on births at the county level, leveraging data on changes in driving distance and appointment availability at the nearest facility where abortion remains legal. We find that bans alone increase births, but...

Recent empirical research shows that air pollution harms student test scores and attendance and increases office discipline referrals. However, the mechanism by which air pollution operates within schools to negatively affect student and teacher outcomes remains largely opaque. The existing...

Starting in January 2025, New York City became the first city in the United States to introduce a fee for vehicles entering its central business district (CBD). Using Google Maps Traffic Trends, we show that the policy increased speeds in the CBD, had spillovers onto non-CBD roads, and reduced...

How does early educational quality affect longer-term academic outcomes? We shed light on this question via a natural experiment in the Philippines--the implementation of a mother tongue education policy in public schools in kindergarten to Grade 3. This policy led to an unexpected decline in...