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The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle?

By Marcus Hagedorn, Iourii Manovskii, and Kurt Mitman

American Economic Journal: Macroeconomics, October 2025

We measure the aggregate effect of unemployment benefit duration on employment and the labor force. We exploit the variation induced by Congress's failure in December 2013 to reauthorize the unprecedented benefit extensions introduced during the Great Rec...

Sequential Sampling by Individuals and Groups: An Experimental Study

By Pëllumb Reshidi, Alessandro Lizzeri, Leeat Yariv, Jimmy Chan, and Wing Suen

American Economic Review: Insights, December 2025

Many committees—juries, political task forces, etc.—spend time gathering costly information before reaching a decision. We report results from lab experiments focused on such dynamic information-collection processes, as in sequential hypothesis testin...

Optimal Mortgage Refinancing with Inattention

By David Berger, Konstantin Milbradt, Fabrice Tourre, and Joseph Vavra

American Economic Review: Insights, December 2025

We build a model of optimal fixed-rate mortgage refinancing with fixed costs and inattention and derive a new sufficient statistic that can be used to measure inattention frictions from simple moments of the rate gap distribution. In the model, borrowers ...

The Consumer Welfare Effects of Online Ads: Evidence from a Nine-Year Experiment

By Erik Brynjolfsson, Avinash Collis, Daniel Deisenroth, Haritz Garro, Daley Kutzman, Asad Liaqat, and Nils Wernerfelt

American Economic Review: Insights, December 2025

Research on the effects of online advertising on consumer welfare is limited due to challenges in running large-scale field experiments. We analyze a long-running field experiment on Facebook in which a random subset of users received no ads in their news...