Beren Professor of Economics at Harvard University, presented the 2025 Martin Feldstein... 2025, Methods Lecture, Raj Chetty ...

We measure benefits to households from Mumbai’s new Metro rail system. We estimate a commute mode choice model to value commute time savings in the short run and a housing choice model to value the ...

This paper presents evidence suggesting that delayed Social Security claiming by husbands – resulting in an actuarially enhanced benefit – attenuates the financial shock of widowhood for their wives.

The Heterogeneous-Agent New Keynesian literature has revisited the transmission of monetary and fiscal policy to consumption using models where heterogeneous households face idiosyncratic income risk ...

Discount rates play a key role in firms’ investment decisions. In standard theory and in practice, firms undertake an investment project if the expected return of the project exceeds a required return ...

The study examines the quasi-natural experiments provided by the staggered introduction of open drivers in the supply chains for routers. It is rare to observe components become open and measure ...

We document that rising volatility in U.S. interest rates, a key dimension of global financial risk, notably depresses the trend of economic activity in emerging market economies (EMEs) but not in ...

The post-World War II reconstruction of Western Europe was one of the greatest economic policy and foreign policy successes of this century. "Folk wisdom" assigns a major role in successful ...

This paper develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative ...

Between 1970 and 1973 priority for military service was randomly assigned to draft-age men in a series of lotteries. Many men who were at risk of being drafted managed to avoid military service by ...

Standard approaches to evaluating this property exploit the Welfare Theorems and equate the observed real exchange rate with the social relative costs of consumption. Given the large literature ...

A free and informative press is widely agreed to be crucial to the democratic process today. But throughout much of the nineteenth century U.S. newspapers were often public relations tools funded by ...