Does the compensation investors require for holding government bonds vary with their risk? We measure expected excess returns using market yields and professional forecasts of future yields, showing that they are tightly linked to a standard measure of risk: bonds’...

We use LLMs as synthetic survey respondents to elicit green tastes, return beliefs, portfolio allocations, and investment motives from 480 retail and 60 institutional investor identities. Compared with retail, institutions report weaker tastes yet greener portfolio tilts, citing outside pressure....

We study taxation in matching environments in which both equilibrium sorting and the sharing of match surplus are endogenous. Tax reforms lead to complex adjustments in sorting and surplus sharing patterns across the whole economy. We develop a general approach...

The Becker Friedman Institute for Economics (BFI) serves as a hub for cutting-edge analysis and research across the entire University of Chicago economics community, uniting researchers from the Booth School of Business, the Kenneth C. Griffin Department of Economics, the...

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