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The Impact of Criminal Financial Sanctions: A Multistate Analysis of Survey and Administrative Data

By Keith Finlay, Matthew Gross, Carl Lieberman, Elizabeth Luh, and Michael Mueller-Smith

American Economic Review: Insights, December 2024

We estimate the impact of financial sanctions in the US criminal justice system, leveraging nine natural experiments in a regression discontinuity design framework across a diverse range of enforcement levels ($17–$6,000) and institutional environments....

Large Shocks Travel Fast

By Alberto Cavallo, Francesco Lippi, and Ken Miyahara

American Economic Review: Insights, December 2024

We document a sizeable increase in the frequency of price adjustments following the large energy shocks of 2022. We use a tractable New Keynesian model, calibrated to the preshock data, to interpret such a pattern. The calibration highlights the state dep...

Law-Abiding Immigrants: The Incarceration Gap between Immigrants and the US-Born, 1870–2020

By Ran Abramitzky, Leah Boustan, Elisa Jácome, Santiago Pérez, and Juan David Torres

American Economic Review: Insights, December 2024

We provide the first nationally representative long-run series (1870–2020) of incarceration rates for immigrants and the US-born. As a group, immigrants have had lower incarceration rates than the US-born for 150 years. Moreover, relative to the US-born...