We analyze the conduct of fiscal policy in a financially integrated union in the presence of financial frictions. Frictions create a wedge between the return to investment and the union interest rate. This leads to an ...

People's behavior is informed and influenced by other people's choices. In many online technologies, for instance, aggregate information about the choices of other individuals is encoded in the form of rankings. Such ...

We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity has vanished, (ii) the relative volatility of employment has risen, and (iii) the relative (and absolute) volatility ...

Women are underrepresented in the top ranks of the scientific career, including the biomedical disciplines. This is not generally the result of explicit and easily recognizable gender biases but the outcome of decisions ...

This paper explores a natural connection between fiscal multipliers and foreign holdings of public debt. Although fiscal expansions can raise domestic economic activity through various channels, they can also have crowding-out ...