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When the adoption of a new labor‐saving technology increases labor productivity, it is an open question whether the economy adjusts in the medium‐term by decreasing employment or increasing output. This paper studies the effects of cheaper electricity on the labor market during the Great Depression.

This research project elaborates an original model of Keynesian demand-led growth and communicates Keynesian macroeconomic insights to a broad and diverse audience.

This research project aims to better understand the impact of various forms of central bank communication by blending techniques from psychology and political science.

It’s time to rethink the narrative and recognize the real legacy of forced labor.

Workers, innovation, and productivity all suffer when corporations spend their new U.S. tax breaks on stock buybacks.

ProMarket and the Consumer Welfare Standard An output increase is not sufficient to increase welfare. Allocation—how goods are distributed—matters.

Like Republicans with political polls, unemployed Black workers are underrepresented in federal employment data because of non-response.

Updating Hawtrey for the Shadow Banking System

As a matter of accounting, if the U.S. as a whole buys from the rest of the world more than it sells to the rest of the world, then it must, on net, also be borrowing from the rest of the world. Perry has previously put this into a money-view context.

Asset markets are indispensable in harnessing society’s diverse views and insights about future business performance. But those views are shaped as much by emotion and crowd mentality as by rational expectations.

This research project investigates how economists sought to make their science more relevant to real-world issues and policy design from the mid-1960s on, by becoming “applied economists.”

This research project seeks to understand the linkages between the changes in the financial economy and the behavior of households in the real economy.

This research project organizes a systematic database of policies implemented in response to crises, focusing on fiscal and monetary measures, in order to identify policy action rather than simply looking at endogenous outcome variables.

This research project argues that economics currently lacks the capability to assess when mathematical modeling, on its own, is a sufficient means for understanding a given set of social phenomena.