A recent econometric literature shows two distinct paths for identification with shift-share instruments, leveraging either many exogenous shifts or exogenous shares. We present the core logic of both ...

We rationalize these findings in a menu cost model with positive trend inflation and decreasing returns at the firm level, which replicates firm and aggregate Phillips curve convexity. The ...

We answer this question by studying the end of one of the final explicit occupational barriers to women in the U.S.: in 2016, the U.S. military opened all positions to women, including historically ...

How do venture capital investors react to social movements, including those that relate to historical underrepresentation in funding? We use image and name algorithms combined with clerical review to ...

Performance persistence among angels is largely attributable to unobserved investor characteristics. Professional networks are critical determinants of performance: top-performing angels tend to have ...

In this paper, we develop a model that combines elements of modern macro labor theories with nominal wage rigidities to study the consequences of unexpected inflation on the labor market. The slow and ...

At baseline, local new business entry is positively associated with the proportion of occupations amenable to telework in the region. Utilizing the advent of the COVID-19 pandemic and the ...

We study racial and gender disparities in entrepreneurial activity through the lens of a Roy model, focusing on the distinction between idea generation and execution. Using nationally representative ...

Our analysis uncovers new facts about investor memory and highlights similarity-based recall as a novel mechanism of belief formation in financial markets. A rising market prompts investors to recall ...

How are applications to start new businesses related to aggregate economic activity? This paper explores the properties of three monthly business application series from the U.S. Census Bureau’s ...

New firms do not yet have employees who can aid recruiting by referrals, but entrepreneurs can recruit workers they know to their startups—in effect making their own referrals. We consider new firms ...

Markets, likened to an invisible hand, often appear to contradict econometric assumptions that rule out spillovers of one person’s treatment on another’s outcomes. This paper provides a simple ...