We document novel survey-based facts on preferred long-run inflation rates among U.S. consumers. Consumers on average prefer a 0.20% annual inflation rate, considerably below the Federal Reserve's 2% target. Inflation preferences not only correlate with demographic and socioeconomic...

We provide theory and evidence that relative price shocks can cause aggregate inflation and act as aggregate supply shocks. Empirically, we show that exogenous positive energy price shocks have a positive impact not only on headline but also on U.S. core inflation while depressing U.S. real...

We examine how changes in the salience of workplace risk affect police behavior and public safety. Specifically, we investigate cases of police officer deaths while on duty. Officers respond to a peer death by decreasing arrest activity for one to two months, consistent with heightened fear....

How does immigration enforcement affect public safety? Heightened enforcement could reduce crime by deterring and incapacitating immigrant offenders or, alternatively, increase crime by discouraging victims from reporting offenses. We study the U.S. Secure Communities program, which expanded...