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Intermediaries and Asset Prices

By Valentin Haddad and Tyler Muir

Journal of Economic Literature, September 2026

Intermediary asset pricing posits that financial institutions play a central role in financial markets, and that their decisions shape asset prices beyond simply reflecting the preferences of the average household. This perspective helps make sense of key...

Refugees' Economic Integration

By Dany Bahar, Rebecca Brough, and Giovanni Peri

Journal of Economic Literature, September 2026

Refugees are international migrants escaping persecution and crises whose economic success in their countries of destination is threatened by lack of access to labor and credit markets, limited information on employment opportunities, and loss of human ca...

Quota Adjustment Process

By Taro Kumano and Morimitsu Kurino

American Economic Review

In designing priority-based matching problems such as school choice, the quota of each school is, to some extent, a design variable. We define an ex-post student-optimal stable matching (ESOSM) as a matching that is stable at some implementable quota ...

The Contribution of High-Skilled Immigrants to Innovation in the United States

By Shai Bernstein, Rebecca Diamond, Abhisit Jiranaphawiboon, Timothy McQuade, and Beatriz Pousada

American Economic Review

We characterize the contribution of immigrants to US innovation. Leveraging new data, we use age of SSN assignment to identify immigrant status. Immigrants represent 16 percent of inventors, but authored 23 percent of patents. Immigrant inventors contr...