What is the effect of labour market adjustment to automation on political participation? We study the consequences of the introduction of industrial robots across US commuting zones on voter turnout in US counties between 2000 and 2016. We first replicate prior results showing negative effects...

This paper examines the impact of the large structural shocks - automation and import competition - on voter turnout during US federal elections from 2000 to 2016. Although the negative income effect of both shocks is comparable, we find that political participation decreases significantly in...

Although many streams of literature have recognized that firms with broader scope often underperform those with greater focus, relatively little research has examined the mechanisms that might account for these diseconomies of scope. One potential mechanism is that uncertainty shocks |events or...

We estimate a multi-country multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020-2023 in several countries, including the United States. The model matches observed inflation together with sector-level prices and wages. We further measure the relative...

We use panel data from the Italian Survey of Household Income and Wealth from 1991 to 2016 to document empirically what components of the household budget constraint change in response to shocks to household labor income, both over shorter and over longer horizons. We show that shocks to labor...

We leverage the inflation upswing of 2022 and various granular datasets to identify robust price-setting patterns following a large supply shock. We show that the frequency of price changes increases dramatically after a large shock. We set up a parsimonious New Keynesian model and calibrate it...

We introduce dynamic incentive contracts into a model of unemployment dynamics and present three results. First, wage cyclicality from incentives does not dampen unemployment dynamics: the response of unemployment to shocks is first-order equivalent in an economy with flexible incentive pay and...

When countries are hit by supply shocks, central banks often face the dilemma of either looking through such shocks or reacting to them to ensure that inflation expectations remain anchored. In this paper, we propose a tractable framework to capture this dilemma and explore optimal policy under...

We study the impact of Federal alcohol Prohibition in 1919 on workers in the alcohol industry and their families using newly linked census records that allow us to follow spouses, sons and daughters. Immediately after Prohibition, men previously working in alcohol-related industries were less...