Hard (or large) sovereign defaults have been associated with larger negative economic responses than soft defaults.

Some believe rises in financial aid such as student loans cause corresponding rises in tuition. But reality seems much more nuanced.

Less-educated White men who are incarcerated at least once have a higher survival probability than those who are never incarcerated.

The recent stock market gyrations of GameStop and AMC Entertainment illustrate that companies' fates can sometimes hinge on self-fulfilling beliefs of stock buyers.

Research finds that first-time incarceration can decrease men's lifetime earnings by up to 50 percent.

The authors forecast the effects of COVID-19 on loan-delinquency rates under three scenarios for unemployment and house-price movements.

How do credit default swaps (CDS) affect sovereign debt markets? The answer depends crucially on trading frictions, risk-sharing, arbitrage violations, and spillovers from secondary to primary markets. We propose a sovereign default model where investors trade bonds and CDS over the counter via directed search.

How do local government borrowing, default, and migration interact? We find in-migration results in excessive debt accumulation due to a key externality: Immigrants help repay previously issued debt.

We study the implications of incarceration for the earnings and employment of different groups, characterized by their race, gender, and education.

The authors forecast the effects of the COVID-19 pandemic on loan delinquency rates under three scenarios for unemployment and house price movements.