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...
Inspired by our namesakes, Nobel Laureates Gary Becker and Milton Friedman, who believed that economics research could help improve the world, BFI works with the Chicago Economics community to turn its evidence-based research into real-world impact.
The Predoctoral Research in Economics Program (PREP) is intended to serve as a bridge between college and graduate school for students interested in empirical economics. The program offers unique research and professional training opportunities at the University of Chicago.
Expanding Discovery in Economics+ (EDE+) brings together a diverse group of early undergraduate students to hone their research abilities and technical skills.
This paper examines privately issued US dollar-backed stablecoins and the implications of their potential growth following passage of the GENIUS Act in July 2025. It evaluates USD stablecoins as a form of private digital money and how they can improve...
Jean-Pierre Dubé, Ilya Morozov, Franklin She, and Anna Tuchman
We study how in-store display ads communicate information about a product’s price and quality, both directly through ad content and indirectly through inferences consumers draw from the presence and content of the ad. We run an incentivized experiment in a...
Ariel Kalil, Mauricio Koechlin, Dana McCoy, Michelle Michelini, and Terri Sabol
Curiosity is fundamental to young children’s learning, yet no brief, validated behavioral measure of epistemic curiosity is designed for field-based research with preschool-aged children. This article describes the development and validation of the Animal Game, a 10-trial behavioral task, that...
Captivating and informative videos on the latest insights and trends as well as the tested stock of knowledge in economics from leaders in academia, policy, business, and the media.
The Critical Finance Review commissioned Li, Novy-Marx, and Velikov (2017) and Pontiff and Singla (2019) to replicate the results in Pástor and Stambaugh (2003). Both studies successfully replicate our market-wide liquidity measure and find similar estimates of the liquidity risk premium. In the sample period after our study, the liquidity risk premium estimates are even larger, and the liquidity measure displays sharp drops during the 2008 financial crisis. We respond to both replication studies and offer some related thoughts, such as when to use our traded versus non-traded liquidity factors and how to improve the precision of liquidity beta estimates.
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...
Inspired by our namesakes, Nobel Laureates Gary Becker and Milton Friedman, who believed that economics research could help improve the world, BFI works with the Chicago Economics community to turn its evidence-based research into real-world impact.
The Predoctoral Research in Economics Program (PREP) is intended to serve as a bridge between college and graduate school for students interested in empirical economics. The program offers unique research and professional training opportunities at the University of Chicago.
Expanding Discovery in Economics+ (EDE+) brings together a diverse group of early undergraduate students to hone their research abilities and technical skills.
This paper examines privately issued US dollar-backed stablecoins and the implications of their potential growth following passage of the GENIUS Act in July 2025. It evaluates USD stablecoins as a form of private digital money and how they can improve...
Jean-Pierre Dubé, Ilya Morozov, Franklin She, and Anna Tuchman
We study how in-store display ads communicate information about a product’s price and quality, both directly through ad content and indirectly through inferences consumers draw from the presence and content of the ad. We run an incentivized experiment in a...
Ariel Kalil, Mauricio Koechlin, Dana McCoy, Michelle Michelini, and Terri Sabol
Curiosity is fundamental to young children’s learning, yet no brief, validated behavioral measure of epistemic curiosity is designed for field-based research with preschool-aged children. This article describes the development and validation of the Animal Game, a 10-trial behavioral task, that...
Captivating and informative videos on the latest insights and trends as well as the tested stock of knowledge in economics from leaders in academia, policy, business, and the media.
