We use a sample of administrative payroll data covering roughly one-seventh of U.S. workers to study how wages adjusted during the recent inflation period. Most firms apply a single modal annual nominal wage increase to the majority of their workers,...

We study identification and optimal policy design in a broad class of principal-agent models. We show that the most common empirical framework within the literature is equivalent to an unstructured potential-outcomes model augmented with three specific assumptions: the Law of...

Behavioral interventions have become central to modern public policy, but their empirical promise remains contested because estimated treatment effects often appear small. We argue that a policy response is economically meaningful only relative to the response generated by alternative policies....