Unauthorized Immigration Effects on Local Labor Markets
The rapid rise in unauthorized immigration beginning in 2021 and its slowdown starting in 2024 have prompted an…
The AI Moment? Possibilities, Productivity, and Policy
Today, I’m going to talk about artificial intelligence (AI). Now standing here in Silicon Valley, many of you…
Housing Affordability and Housing Demand
Housing costs have become a burden for many U.S. households. Discussions of how to improve housing affordability often…
What Can History Tell Us About Tariff Shocks?
The 15% increase in the average U.S. tariff rate in 2025 was the largest in the modern era.…
The Economic Effects of Tariffs
The United States has pursued a wide range of import tariffs against its trading partners since the beginning…
Immigration and Changes in Labor Force Demographics
Demographics in the United States have changed substantially over the past two decades, reflecting the aging of the…
How Much Are Banks Exposed to Trade Policy Changes?
Financial markets dropped sharply following announced changes in U.S. trade policy in early 2025 but have since recovered.…
Signs of Cyclical Weakness in Part-Time Employment?
Economists often look beyond headline unemployment to measure the health of the U.S. labor market. One such measure…