We study sovereign external debt crises over the past 200 years, with a focus on creditor losses, or “haircuts”. Our sample covers 327 sovereign debt restructurings with external private creditors ...

The Global Financial Crisis and the COVID-19 pandemic were two major shocks to the world economy in the 21st century. In this study, we analyze the patterns of recessions and recoveries of 101 ...

Greater reliance on nonbank financing makes firms fragile as it leads banks to limit their access to credit lines. Besides demonstrating this result in panel tests subject to range of controls and ...

This paper studies the use of mobile crisis response teams—a non-uniformed pair consisting of a mental health worker and a medic—as a component of emergency response to 911 calls. We provide the first ...

Child maltreatment is a major public health concern in the United States. Maltreatment is associated with a range of poor health, developmental, and economic outcomes for child victims. In this study, ...

A classic result in trade theory is that it is socially optimal to set the tariff on a good equal to the inverse of the elasticity of its foreign supply. However, this result is based on the ...

The Index of Coincident Economic Indicators, currently compiled by the U.S. Department of Commerce, is designed to measure the state of overall economic activity. The index is constructed as a ...

Darrick Hamilton and Barry Melancon. Hamilton will represent the American Federation of Labor and Congress of Industrial ...

Darrick Hamilton and Barry Melancon. At its meeting on April 28, the NBER Board of Directors elected two new members: Darrick Hamilton and Barry Melancon. Hamilton will r ...

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Taking into account the recessionary effect of tariffs dramatically brings down the optimal unilateral tariff level derived in standard trade theory.

Amid rising global interest in state interventions, this paper examines how China’s infrastructure investments—a key macroeconomic policy tool—affect firm productivity. We focus on a policy that ...