The participation of the United States in World War II led to a substantial mobilization of domestic resources to produce the materiel used on the battlefields of Europe and in the Pacific. We produce new estimates for the impact of war mobilization on long-run economic growth and regional...

Nutritional disparities across socioeconomic groups contribute to health inequality in the U.S. This paper studies the role of heterogeneous consumer preferences in food choices and explores pricing policies that can promote healthier eating among disadvantaged consumers. Using detailed...

Firm location decisions are a key managerial choice, usually optimized over factors like proximity to customers or suppliers. These decisions may also impose externalities on the environment, and on other firms due to competitive or agglomerative forces. The inherent endogeneity of location...

This paper examines how power lawyers shape judicial and economic outcomes by studying the "revolving door" between judges and lawyers in China's judicial system--namely, former judges who quit the bench to practice law. In otherwise identical lawsuits, revolving-door lawyers deliver 8-23%...

The analysis of corporate governance begins with a central feature of modern capitalism--the separation of ownership and control in large corporations--first empirically documented by Berle and Means (1932). Such separation entails several agency problems reflecting conflicts between managers...

Modern theories of aggregate supply are built on the foundation that firms set prices and commit to producing whatever the market demands. We remove this strategic restriction and allow firms to choose supply functions, mappings that describe the prices charged at each quantity of production....

The Global Macro Database is an open-source, continuously updated dataset of macroeconomic statistics that unifies and extends existing resources. By harmonizing and integrating data from 32 major contemporary sources--including the IMF, World Bank, and OECD--with historical records from 78...

Recent policy proposals seek to regulate out-of-network hospital prices. We study how such regulation affects equilibrium prices, network formation, and hospital exit. We estimate a structural model of insurer-hospital bargaining that allows for out-of-network transactions between...

China's hybrid economy blends state planning with market mechanisms, using annual economic targets to guide development and macroeconomic management to ensure their achievement. Local governments set ambitious growth targets to align with central mandates and incentivize subordinates, leading to...

How does improving access to the supply of energy affect regional specialization in manufacturing? We evaluate the long-run employment impacts of pipelines constructed by the U.S. government during World War II to transport oil and gas from the oil fields of the Southwest to wartime industrial...