A pre-specified set of nine prominent U.S. equity return anomalies produce significant alphas in Canada, France, Germany, Japan, and the U.K. All of the anomalies are consistently significant across ...

Macro-finance addresses the link between asset prices and economic fluctuations. Many models reflect the same rough idea: the market's ability to bear risk varies over time, larger in good times, and ...

This study investigates how occupational AI exposure impacts employment at the intensive margin, i.e., the length of workdays and the allocation of time between work and leisure. Drawing on individual ...

This paper draws on cross-country census data to study how agricultural productivity gaps have evolved over the last four decades. We find little tendency for gaps to decline on average despite global ...

Housing expense inflation has historically averaged an annual growth rate of 3.0 percent. However, starting in early 2021 housing expense inflation surged, peaking at 8.2 percent by March 2023.

The recent development of quantitative urban models provides a new set of tools for evaluating transport improvements. Conventional cost-benefit analyses are typically undertaken in partial ...

Mexico’s pioneering conditional cash transfer program Progresa, later renamed Prospera, operated over two decades in a shifting policy landscape. We exploit the program's sudden and unexpected ...

In many countries, local governments struggle with inefficiency and corruption, often perpetuated by entrenched elites. This paper explores how leadership changes affect local bureaucratic performance ...

We estimate causal effects of 121 graduate degrees on log earnings. The returns average 0.159 but vary widely across fields, with a standard deviation of 0.176. Experience profiles of the returns also ...

When we split the Big Value portfolio into heavy- and light-emitter stocks, we find that these two portfolios had similar realized (raw and risk-adjusted) returns and expected returns, as measured by ...

Many behavioral responses to climate change are carbon-intensive, raising concerns that adaptation may cause additional warming. The sign and magnitude of this feedback depend on how increased ...

The Program on the Economics of Aging studies the health and economic circumstances of individuals as they age with particular emphasis on late-life experiences, as well as the broader economic ...