Policy & the Economy
![employees unload pallets from a truck using hand carts](/imager/clientcontent/262234/Full_0521_operations_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/262234/Full_0521_operations_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/262234/Full_0521_operations_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
December 1, 2022
What Happens to Worker Productivity after a Minimum Wage Increase?
A pay raise boosts productivity for some—but the impact on the bottom line is more complicated.
Decio Coviello, Erika Deserranno and Nicola Persico
![person climbing a small ladder against a wall with longer ladders](/imager/clientcontent/331132/Full_1222_inequality_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/331132/Full_1222_inequality_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/331132/Full_1222_inequality_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
December 1, 2022
How COVID Changed the Way Americans Think about Economic Inequality
For some, the pandemic laid bare the social factors that can keep people down. But not everyone adopted a new perspective.
Hannah J. Birnbaum, Andrea G. Dittmann, Nicole Stephens, Ellen C. Reinhart, Rebecca M. Carey and Hazel Rose Markus
![two people look out over a city](/imager/clientcontent/314884/Full_0722_capitalism_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/314884/Full_0722_capitalism_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/314884/Full_0722_capitalism_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
November 28, 2022
Post-War Reconstruction Is a Good Investment
Ukraine’s European neighbors will need to make a major financial commitment to help rebuild its economy after the war. Fortunately, as the legacy of the post–World War II Marshall Plan shows, investing in Ukraine’s future will also serve Europe’s own long-term interests.
Nancy Qian
![two people playing chess](/imager/clientcontent/326954/Full_1122_complex_decisions_chess_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/326954/Full_1122_complex_decisions_chess_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/326954/Full_1122_complex_decisions_chess_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
November 1, 2022
How Experts Make Complex Decisions
By studying 200 million chess moves, researchers shed light on what gives players an advantage—and what trips them up.
Yuval Salant and Jörg L. Spenkuch
![A horse-drawn wagon pulls wheat through an autumnal wheatfield](/imager/clientcontent/304912/Full_0422_Ukraine_Famine_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/304912/Full_0422_Ukraine_Famine_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/304912/Full_0422_Ukraine_Famine_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
October 1, 2022
Why Did So Many Ukrainians Die in the Soviet Great Famine?
They perished at a much higher rate than ethnic Russians during what’s known as Holodomor. A new study suggests this was a deliberate policy decision.
Andrei Markevich, Natalya Naumenko and Nancy Qian
![a flag melding china and russia flags](/imager/clientcontent/324836/Full_0922_China_future_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/324836/Full_0922_China_future_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/324836/Full_0922_China_future_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
September 28, 2022
China’s Future Will Reflect Russia’s
China learned from Russia’s post-1991 experience and pursued its economic liberalization with more care. But it ultimately could not avoid the political implications of pro-market policies and is now following Russia down the road to autocracy—continuing a century-long pattern of mirroring its neighbor’s historical trajectory.
Nancy Qian
![coffee farms and mills in rural Kenya](/imager/clientcontent/259892/Full_0521_Coffee_Mills_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/259892/Full_0521_Coffee_Mills_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/259892/Full_0521_Coffee_Mills_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
August 26, 2022
The Food Crisis Is Bigger Than Ukraine
While Russia’s war has undoubtedly caused real problems in global food markets, they are different and more complex than what most news coverage suggests.
Nancy Qian
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August 1, 2022
For Those Living in Poverty, Therapy Can Have Benefits Beyond Mental Health
A large study suggests that cognitive behavioral therapy can also improve physical health and economic outcomes.
Nathan Baker, Bryan T. Gharad, Dean Karlan, Angela L. Ofori-Atta and Christopher Udry
![two people look out over a city](/imager/clientcontent/314884/Full_0722_capitalism_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/314884/Full_0722_capitalism_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/314884/Full_0722_capitalism_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
July 5, 2022
Where Does Capitalism Go Next?
A conversation on “creative destruction,” growth, and designing a more equitable capitalist future.
Benjamin F. Jones and Philippe Aghion
![woman pushing double stroller into bank](/imager/clientcontent/309488/Full_0622_China_Savings_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/309488/Full_0622_China_Savings_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/309488/Full_0622_China_Savings_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
June 3, 2022
Did China’s One-Child Policy Prompt Households to Save More?
Researchers investigate whether the lack of a “family safety net” is responsible for China’s singularly high household savings rate.
Scott R. Baker, Efraim Benmelech, Zhishu Yang and Qi Jacky Zhang
![field of wilting flowers and abandoned trucks in front of greenhouse.](/imager/clientcontent/306890/Full_0522_Kenyan_flowers_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/306890/Full_0522_Kenyan_flowers_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/306890/Full_0522_Kenyan_flowers_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
June 1, 2022
How Local Disruptions Can Affect the Global Supply Chain
A new study of the Kenyan flower industry can help buyers and suppliers prepare for uncertainty.
Christopher Ksoll, Rocco Macchiavello and Ameet Morjaria
![italian town with nursery school](/imager/clientcontent/308947/Full_0522_nursery_school_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/308947/Full_0522_nursery_school_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/308947/Full_0522_nursery_school_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
June 1, 2022
How One Tax Reform Led to More Women in the Workforce Decades Later
A study of a major fiscal change in Italy shows how much individual lives are affected when governments get more efficient.
Nicola Bianchi, Michela Giorcelli and Enrica Maria Martino
![inflatable dollar sign tied down with mountains in background](/imager/clientcontent/307792/Full_0522_Inflation_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/307792/Full_0522_Inflation_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/307792/Full_0522_Inflation_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
May 3, 2022
Larry Summers on Inflation and the Fed’s Attempts to Cool the Economy
In a recent Q&A with Kellogg’s Jan Eberly, Summers is skeptical that the economy can achieve a “soft landing.”
Larry Summers and Janice C. Eberly
![group of people engaged in a problem-solving exercise](/imager/clientcontent/309322/Full_0522_problem_solving_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/309322/Full_0522_problem_solving_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/309322/Full_0522_problem_solving_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
May 1, 2022
Tackling Global Poverty Takes More Than Cash
New research points to the power of including psychosocial interventions—such as group problem-solving—alongside economic ones.
Dean Karlan, Christopher Udry and and coauthors
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April 29, 2022
Why Are U.S. Companies Hoarding So Much Cash?
More than anything else, it comes down to taxes.
Michael Faulkender, Kristine W. Hankins and Mitchell A. Petersen
![people in various states on a U.S. map look at a graph measuring policy uncertainty.](/imager/clientcontent/304897/Full_0422_Uncertainty_Index_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/304897/Full_0422_Uncertainty_Index_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/304897/Full_0422_Uncertainty_Index_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
April 8, 2022
How Does Economic Uncertainty Play Out at the Local Level?
Indexing policy uncertainty by state provides new insights—and offers local governments a cautionary tale.
Scott R. Baker, Steve Davis and Jeffrey Levy
![planet earth seen from space cracking on the surface](/imager/clientcontent/304003/Full_0422_planet_cracks_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/304003/Full_0422_planet_cracks_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/304003/Full_0422_planet_cracks_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
April 6, 2022
3 Economic Implications of Russia’s War on Ukraine
“We are seeing a world that’s going to be less than the sum of its parts.”
Sergio Rebelo
![group of working class people at bar watch TV of fed interest rate hike](/imager/clientcontent/304535/Full_0422_interest_rate_hikes_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/304535/Full_0422_interest_rate_hikes_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/304535/Full_0422_interest_rate_hikes_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
April 4, 2022
When Interest Rates Climb, Some Workers Are Left Behind
When the Fed moves to cool the economy, it can disproportionately hurt female, Black, and less-educated workers in slack labor markets.
Nittai K. Bergman, David A. Matsa and Michael Weber
![Investors discuss doing business in China](/imager/clientcontent/132914/china_final_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/132914/china_final_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/132914/china_final_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
March 17, 2022
Will Putin's War Slow China's Growth?
The additional spike in food and energy prices caused by the Russia–Ukraine conflict could be devastating for China. But the country’s neutral political stance toward the war may also yield economic gains.
Nancy Qian
![](/imager/clientcontent/301282/0601204_immigrant_hero_2022-03-09-205202_psxr_ed70ba7fff77c9fd60c2624db9acdf1d.jpg 600w, /imager/clientcontent/301282/0601204_immigrant_hero_2022-03-09-205202_psxr_9c164550f17b68a3a905c55008f1b636.jpg 300w, /imager/clientcontent/301282/0601204_immigrant_hero_2022-03-09-205202_psxr_2ea97daf9584eb0a9356116bfb5b61d0.jpg 25w)
March 11, 2022
How Climate Disasters Ripple Through the Labor Market
Environmental crises are increasingly leading workers to migrate. What happens next?
Albert Christoph, Paula Bustos and Jacopo Ponticelli
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