College loans expand education access but may distort human capital investment through repayment burdens. Using a structural model on NLSY79 data, we find income-driven repayment increases education, lifetime earnings, welfare, and government revenue vs. fixed repayment plans.

Tariffs generate different outcomes across US states. States specializing in industries protected from foreign competition may benefit, others may lose. We show how regional economic structure shapes distribution of gains & losses from trade policy, states’ preferences toward it

The paper shows that in heterogeneous agent incomplete markets models the price level is determined from the asset market clearing condition. Fiscal and monetary policy then jointly and uniquely determine the finite steady-state price level and the inflation rate.

Are men & women evaluated differently? Yes! Erkal et al. refer to this as the “gender criteria gap”. Men’s bonuses & penalties are driven by both outcomes & beliefs about their actions. Women are evaluated based on outcomes only; beliefs about their intentions carry no weight.

This paper studies a novel two-way feedback between credit and labor market frictions. Collateral constraints amplify capital demand volatility, affecting labor demand. Search frictions damp wage adjustment, increasing net worth volatility and feeding back into capital demand.

How does labour market monopsony affect the transition path and gains, following trade and FDI liberalisation? Monopsony gives welfare gains that are 4x larger to tariff reduction, while leading to welfare losses from FDI liberalisation.

We study Prohibition’s repeal and its effects on decentralized liquor policy. Combining new Texas roll-call data with public referenda, we estimate a multidimensional probabilistic voting model and show decentralization aligned policy with local preferences and improved welfare.

In the U.S. housing market, the chance of selling drops sharply after two weeks on the market. “Quick” and “slow” sales follow very different dynamics over the housing cycle—patterns a stock-flow matching model can replicate.

Do tax cuts work better when targeted to high or low earners? New HANK model evidence: cuts for the bottom 90% generate larger output effects than for the top 10%, but incentive effects matter for both. Welfare gains from progressive cuts are much larger.