This paper provides a comprehensive assessment of financial intermediation and the
economic effects of the Paycheck Protection Program (PPP), a large and novel small …

Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that
a sizable decline in mortgage payments (up to 50 percent) induces a significant increase in …

Artificial intelligence (AI) is surpassing human performance in a growing number of domains.
However, there is limited evidence of its economic effects. Using data from a digital platform …

We follow a representative panel of US borrowers to study the suspension of household
debt payments (debt forbearance) during the COVID-19 pandemic. Between March and …

A geographic cross-sectional fiscal spending multiplier measures the effect of an increase in
spending in one region of a monetary union. Empirical studies of such multipliers have …

We estimate the effect of temporary tax incentives on equipment investment using shifts in
accelerated depreciation. Analyzing data for over 120,000 firms, we present three findings …

This paper tests whether the 2003 dividend tax cut—one of the largest reforms ever to a US
capital tax rate—stimulated corporate investment and increased labor earnings, using a …

We present results from an experiment that randomized the expansion of electric grid
infrastructure in rural Kenya. Electricity distribution is a canonical example of a natural …

We measure the change in household spending caused by receipt of the economic stimulus
payments of 2008, using questions added to the Consumer Expenditure Survey and …

Since 2006, US households have received more than $18 billion in federal income tax
credits for weatherizing their homes, installing solar panels, buying hybrid and electric …