Mutual funds approaching the IRS 50/5/10 portfolio concentration limit trim large positions, reduce equity exposure, and subsequently underperform.

GLP-1 medications generate large weight loss and may also alter social and economic outcomes. Using the Understanding America Study, I compare women starting GLP-1s for weight loss with matched women ...

We study how wealth inequality shapes safe-asset demand in heterogeneous-agent economies. Asset bubbles arise when agents face sufficiently high probabilities of falling into extreme poverty. In such ...

This article introduces the evidence and associated modeling frameworks contemporary economists use to understand the effects of trade and trade policy on labor markets, with a particular emphasis on ...

Large language models (LLMs) are lowering the entry barriers to working with exciting data sources that used to require strong data science skills, such as handwritten ledgers, text, images, or sound ...

What information do policymakers need to design Pigouvian taxes or subsidies? Standard logic suggests that it is sufficient to know the size of the externality and unnecessary to know about quantities ...

Boudreaux, Brandy Lipton, and Melissa McInerney, "When Medicaid Pays the Bill: Routine Vision Benefits, Eye Care Use, and Eyeglasses Spending Among Dual-eligible Medicar ...

Artificial intelligence (AI) reshapes workers’ comparative advantage by altering the tasks they perform and the skills those tasks require. We develop a dynamic task-based model to quantify the ...

We study fragility in semi-liquid private credit funds, which have expanded rapidly and now manage over $300 billion in assets. These funds perform liquidity transformation by holding far more ...

We use this framework to evaluate the effects of three policy levers for Europe that affect the effective size of the euro: internal harmonization and enlargement, trade openness, and capital-account ...

We run a randomized controlled trial among 203 Kenyan minibuses, testing whether an incentive scheme improves safety overall or merely shifts unsafe driving to unmonitored times. Drivers reduce ...

This paper studies how geopolitical risk shapes financial fragmentation and international risk-sharing, using bilateral official lending data from 1910 to 2024. We document that when geopolitical risk ...