Once a famous tale of conquest, law and foreign bond markets, the saga of the Silesian Bonds of 1734-37 is missing from the literature on sovereign debt. The Silesian Bonds were among the earliest foreign currency sovereign bonds issued. They go into the market 84 years prior to the 1818...

Whether targeted foundational instruction yields broad, long-term human capital gains is central to education policy but largely untested. We provide causal evidence from Zambia's government-run foundational skills program in public primary schools. After two years, a randomized trial shows the...

Immigration has become a central driver of U.S. labor force growth. We document new empirical findings that shed light on the relationships between immigration, labor shortages, wage growth, and job openings during the high-immigration period of 2021-2024. The textbook search-and-matching model...

In an online experiment with a representative US sample (N=12,960) we show that increasing the salience of an economic or cultural conflict without providing any news boosts disagreement on a range of political issues by 8-35%. The data support two key predictions of the Bonomi et al. (2021)...

The retail payment industry is significant, affects every citizen and is a very precondition for a modern society based on the division of labor. It is characterized by two-sidedness, strong network effects, high fixed costs, high concentration and high profitability of successful firms,...

This paper analyzes how ESG-linked executive compensation interacts with carbon taxation in a multitask principal-agent framework. A risk-neutral principal with financial and environmental preferences incentivizes a risk-averse manager to exert productive and abatement effort while facing an...

We provide experimental evidence on how fiscal news shapes households' expectations and spending behavior. Using a new survey of ~11,000 Korean individuals linked to automatically collected high-frequency spending data, we elicit respondents' fiscal and macroeconomic beliefs and randomly provide...

This paper reviews the theoretical and empirical foundations of peer and network effects, aiming to bridge insights from both literatures. We first analyze the microfoundations of peer effects through linear-quadratic network games, linking equilibrium behavior to network centrality and...

Providing recently laid off workers with cash benefits may help them overcome mobility costs and thereby stimulate labor mobility. On the other hand, cash benefits may dampen the employment shock and reduce the incentive to move. In this paper, we test these two competing mechanisms against each...

Extreme outcomes depend not only on shock tails but also on heterogeneity in how many opportunities agents get to sample. In the mixed-Poisson search framework, a randomly drawn agent's normalized maximum converges to Hγ,F (x) = P0 (vγ (x)) , a Laplace-transform mixture of a classical...