AbstractThis paper provides a nonparametric test for deciding the dimensionality of a policy shock as manifest in the abnormal change in asset returns’ stochastic covariance matrix, following the release of a macroeconomic announcement. We use high-fre…
AbstractThis paper examines the effects of high school curriculum reforms on infant health by exploiting sharp and staggered changes across states in core course requirements for graduation. Our results suggest that curriculum reforms significantly red…
AbstractWe use matched employer-employee data to study the role of the firm in the transmission of income growth into consumption growth. We find that growth in income relative to the firm average (the within-firm component) translates significantly le…
AbstractThis paper uses the universe of mortgage contracts to estimate the response of high-interest lenders to borrower protection regulations aimed at simplifying and making loan terms more transparent. Using a quasi-experimental design, I find that …
AbstractThis study proposes an econometric framework to interpret and empirically decompose the difference between instrumental variables (IV) and ordinary least squares (OLS) estimates given by a linear regression model when the true causal effects of…
AbstractWe propose methods to estimate and make inferences on conditional quantile processes for models with both nonparametric and (locally or globally) linear components. We derive their asymptotic properties, optimal bandwidths, and uniform confiden…
AbstractWe measure trends in affective polarization in twelve OECD countries over the past four decades. According to our baseline estimates, the United States experienced the largest increase in polarization over this period. Five countries experience…
AbstractSimple functional forms for utility require restrictive structural assumptions that are often contrary to observed behavior. Even so, they are widely used in applied economic research. I address this issue using a two-part adaptive experimental…
AbstractWe study how homeowners’ consumption responds to a negative and anticipated disposable income shock: the beginning of the amortization period on interest-only mortgages. We identify spending behavior through an event study approach, by matching…
AbstractBiofuels offer one approach for reducing carbon emissions. However, the necessary agricultural expansion may endanger tropical forests. I use a dynamic model of land use to disentangle the roles of acreage and yields in the supply of sugarcane …