We evaluate the duration of the China trade shock and its impact on a wide range of
outcomes over the period 2000 to 2019. The shock plateaued in 2010, enabling analysis of …

We provide new time-varying estimates of the housing wealth effect back to the 1980s. We
use three identification strategies: ordinary least squares with a rich set of controls, the Saiz …

We explore the transmission mechanism of income inequality to output. In the short run,
higher inequality reduces output because marginal propensities to consume are negatively …

We provide evidence of the stock market consumption wealth effect by using a local labor
market analysis. An increase in local stock wealth driven by aggregate stock prices …

We show a causal impact of immigration on innovation and dynamism in US counties. To
identify the causal impact of immigration, we use 130 years of detailed data on migrations …

We show that, in a general family of linearized structural macroeconomic models,
knowledge of the empirically estimable causal effects of contemporaneous and news shocks …

In this article, we review the rapidly growing literature on the real effects of banks' corporate
credit supply. We cover recent methodological advances and provide an in‐depth survey of …

This paper argues that the debt forgiveness provided by the US consumer bankruptcy
system helped stabilize employment levels during the Great Recession. We document that …

I give conditions under which changes in private spending are accommodated in general
equilibrium exactly like changes in aggregate fiscal expenditure. Under such demand …

A growing literature emphasizes that the output effect of fiscal consolidation hinges on its
composition, as the choice of increasing revenues vs cutting expenditure is not neutral …