Research
Published Full Papers
The Finance Uncertainty Multiplier
(with Ivan Alfaro and Xiaoji Lin )
Journal of Political Economy, February 2024
Firm level uncertainty instruments Empirical Replication Model Replication
Using Disasters to Estimate the Impact of Uncertainty
(with Scott Baker and Stephen Terry)
Review of Economic Studies, March 2023
Appendix Data and Code
Trade and Management
(with Kalina Manova, Stephen Sun, John Van Reenen and Zhihong Yu)
Review of Economics and Statistics, July 2021 Paper&Appendix
Turbulence, firm decentralization and growth in bad times
(with Philippe Aghion, Brian Lucking, Raffaella Sadun and John Van Reenen)
American Economic Journal Applied, January 2021
Firm Performance and Macro Forecast Accuracy
(with Mari Tanaka, Joel David and Maiko Koga)
Journal of Monetary Economics, October 2020
Surveying Business Uncertainty
(with David Altig, Jose Barrero, Steve Davis, Brent Meyer and Nicholas Parker)
Journal of Econometrics, September 2020
Data
Economic Uncertainty Before and During the COVID-19 Pandemic
(with Dave Altig, Scott Baker, Jose Maria Barrero, Phil Bunn, Scarlet Chen, Steven J. Davis, Julia Leather, Brent Meyer, Emil Mihaylov, Paul Mizen, Nick Parker, Thomas Renault, Pawel Smietanka and Greg Thwaites)
Journal of Public Economics, September 2020
Healthy Business? Managerial Education and Management in Healthcare
(with Renata Lemos, Raffaella Sadun and John Van Reenen)
Review of Economics and Statistics, July 2020
Are Ideas Getting Harder to Find?
(with Chad Jones, Michael Webb and John Van Reenen)
American Economic Revivew, March 2020 Data Appendix
Do Management Interventions Last? Evidence from India
with Aprajit Mahajan, David McKenzie and John Roberts
American Economic Journal Applied, February 2020 Survey Template
What Drives Differences in Management Practices?
(with Erik Brynjolfsson, Lucia Foster, Ron Jarmin, Megha Patnaik, Itay Saporta-Eksten and John Van Reenen)
American Economic Review, May 2019
Appendix: Appendix | Data:MDPs CPS
Firm Performance and Macro Forecast Accuracy
(with Mari Tanaka, Joel David and Maiko Koga)
Journal of Monetary Economics, March 2019
Firming up inequality
(with Jae Song, David Price, Fatih Guvenen and Till von Wachter)
Quarterly Journal of Economics, Feb 2019
Data Appendix Slides
Innovation, reallocation and growth
(with Daron Acemoglu, Ufuk Akcigit, Harun Alp and William Kerr)
American Economic Review November 2018
Really Uncertain Business Cycles
(with Max Floetotto, Nir Jaimovich, Itay Saporta and Stephen Terry)
Econometrica, May 2018
Appendix | Data | Industry Uncertainty Data | Simulation code | Slides
Management practices, workforce selection and productivity
(with Stefan Bender, David Card, John Van Reenen and Stephanie Wolter)
Journal of Labor Economics, January 2018
Management data
Measuring Economic Policy Uncertainty
(with Scott Baker and Steve Davis)
Quarterly Journal of Economics, November 2016
Data | Slides | Replication | Online Appendix
Trade Induced Technical Change: The Impact of Chinese Imports on Innovation, Diffusion and Productivity
(with Mirko Draca and John Van Reenen)
Review of Economic Studies, February 2016.
Response to Campbell and Mau | CM ReplicationData
Appendix | Slides | Data
Does management matter in schools?
(with Renata Lemos, Raffaella Sadun and John Van Reenen)
Economic Journal, May 2015.
Does working from home work? Evidence from a Chinese experiment
(with James Liang, John Roberts and Zhichun Jenny Ying)
Quarterly Journal of Economics, February 2015.
Online appendix | Data | Slides | Video
The Impact of Competition on Management Practices in Public Hospitals
(with Carol Propper, Stephan Seiler and John Van Reenen)
Review of Economic Studies, January 2015.
Appendix | Data | Slides
The New Empirical Economics of Management
(with Daniela Scur, Renata Lemos, Raffaella Sadun and John Van Reenen)
Journal of the European Economics Association, August 2014.
Data
The distinct effect of communication technology and information technology on firm organization
(with Luis Garicano, Raffaella Sadun and John Van Reenen)
Management Science, October 2013.
Data
Identifying Technology Spillovers and Product Market Rivalry
(with Mark Schankerman and John Van Reenen)
Econometrica, July 2013.
Appendix | Main Data | Data | Slides | Updated Data
Does management matter: evidence from India
(with Benn Eifert, David McKenzie, Aprajit Mahajan & John Roberts)
Quarterly Journal of Economics, February 2013.
Appendix | Slides | Long run follow-up
The organization of firms across countries
(with Raffaella Sadun and John Van Reenen)
Quarterly Journal of Economics,September 2012.
Appendix | Data | Slides
Americans do I.T. Better: US Multinationals and the Productivity Miracle
(with Raffaella Sadun & John Van Reenen)
American Economic Review, February 2012.
Slides
Modern management: Good for the Environment or just Hot Air?
(with Christos Genakos, Ralf Martin and Raffaella Sadun)
The Economic Journal, May 2010.
The Impact of Uncertainty Shocks
Econometrica,May 2009.
Code & Data | Quarterly Data | Table1 | R code version | Slides
Measuring and Explaining Management Practices Across Firms and Countries
(with John Van Reenen)
Quarterly Journal of Economics, November 2007.
Data | Slides
Uncertainty and Investment Dynamics
(with Steve Bond and John Van Reenen)
Review of Economic Studies, January 2007.
Data (T2:T4) | Data (T5:T7) | Code | Fig1
Competition and Innovation: An Inverted U Relationship
(with Philippe Aghion, Richard Blundell, Rachel Griffith & Peter Howitt)
Quarterly Journal of Economics, May 2005.
Data | Slides
Do R&D Tax Credits Work? Evidence from a Panel of Countries 1979-1997
(with Rachel Griffith and John Van Reenen)
Journal Public Economics, July 2002.
Tax Data
Patents, Real Options and Firm Performance
(with John Van Reenen)
Economic Journal, March 2002.
Draft Research Papers
Within Firm Pay Inequality and Productivity
(with Melanie Wallskog, Scott Ohlmacher and Cristina Tello-Trillo)
NBER Working Paper 32240, March 2024
Remote Work across Jobs, Companies and Space
(with Stephen Hansen, Peter Lambert, Steven Davis, Raffaella Sadun and Bledi Taska)
NBER Working Paper 31007, March 2023
Working from Home Around the World
(with Cevat Aksoy, Jose Barrero, Steven Davis, Mathias Dolls and Pablo Zarate)
NBER Working Paper 30446, September 2022
Firming Up Price Inflation
(with Philip Bunn, Lena Anayi, Paul Mizen and Gregory Thwaites)
NBER Working Paper 30505, September 2022
How Hybrid Working from Home Works Out
(with Ruobing Han and James Liang)
NBER Working Paper 30292, July 2022
The Shift to Remote Work Lessens Wage-Growth Pressure
(with Jose Barrero, Steven Davis, Brent Meyer and Emil Mihaylov)
NBER Working Paper 30197, July 2022
The Impact of COVID-19 on Productivity
(with Philip Bunn, Paul Mizen, Pawel Smietanka and Greg Thwaites)
Forthcoming Review of Economics and Statistics, NBER WP 28233, June 2022
Management and Misallocation in Mexico
(with Leonardo Iacovone, Mariana Pereira-Lopez and John Van Reenen)
NBER Working Paper 29717, R&R AEJ Macro, February 2022
World Uncertainty Index
(with Hites Ahir and Davide Furceri)
NBER Working Paper 29763, February 2022
Data
Do Well Managed Firms Make Better Forecasts?
(with Taka Kawakubo, Charlotte Meng, Paul Mizen, Rebecca Riley, Tatsuro Senga and John Van Reenen)
NBER Working Paper 29591, December 2021
Management and Inequality
(with Scott Ohlmacher, Cristina Tello-Trillo and Melanie Wallskog)
NBER Working Paper 29377, October 2021
HBR summary
The Diffusion of Disruptive Technologies (updated slides)
(with Aakash Kalyani, Tarek Hasan, Josh Lerner, Marcela Mello and Ahmed Tahoun)
Revise and Resubmit Quartlery Journal of Economics, NBER Working Paper, July 2021
Data
The Donut Effect of Covid-19 on Cities
(with Arjun Ramani)
NBER Working Paper 28876, updated December 2022
Replication data
What triggers stock market jumps?
(with Scott Baker, Steve Davis and Marco Sammon)
NBER Working Paper 28687, April 2021
Why Working From Home Will Stick
(with Jose Barrero and Steve Davis)
NBER Working Paper 28731, April 2021
NBER Online Summary
The Impact of COVID-19 on US Firms
(with Robert Fletcher and Ethan Yeh)
NBER WP28314, January 2021
Business-Level Expectations and Uncertainty
(with Steve Davis, Lucia Foster, Brian Lucking, Scott Ohlmacher and Itay Saporta-Eckstein)
NBER Working Paper 28259, December 2020
How do CEOs make Strategy?
(with Mu-Jeung Yang, Michael Christensen, Raffaella Sadun and Jan Rivkin)
NBER Working Paper 27952, October 2020
Does Manager Forecasting Matter?
(with Mihai Codreanu and Robert Fletcher)
Stanford mimeo, August 2022
Skewed Business Cycles
(with Sergio Salgado and Fatih Guvenen)
NBER Working Paper 26565, updated May 2023 Data
The Impact of Brexit on UK Firms
(with Philip Bunn, Scarlet Chen, Paul Mizen, Pawel Smietanka and Greg Thwaites)
NBER Working Paper 26218, August 2019
The impact of Chinese trade on US Employment: The Good, The Bad and the Debatable
(with Kyle Handley, Andre Kurman and Philip Luck) NBER Slides Compustat_Replication
Stanford mimeo July 2019
Policy News and Stock Market Volatility
(with Scott Baker, Steve Davis and Kyle Kost) Data
NBER Working Paper, R&R Journal of Financial Economics, March 2019,
The Great Micro Moderation
(with Faith Guvenen, Luigi Pistaferri, John Sabelhaus, Sergio Salgado and Jae Song)
Stanford mimeo, November 2017 Slides
Short and Long Run Uncertainty
(with Jose Barrero and Ian Wright)
Stanford Mimeo, July 2016.
Data replication Simulation replication
Management as a technology?
(with Raffaella Sadun, Rachel Schuh and John Van Reenen)
Appendix | Simulation
Survey, Policy and Shorter Papers
The Evolution of Working from Home
(with Jose Barrero and Steve Davis)
Journal of Economic Perspectives, Fall 2023
Long Social Distancing
(with Jose Barrero and Steven Davis)
Journal of Labor Economics, October 2023
The Future of Working from Home
Executive Education presentation, Oct 2023
Come Together: Firm Boundaries and Delegation
(with Laura Alfaro, Paola Conconi, Harald Fadinger, Patrick Legros, Andrew Newman, Raffaella Sadun and John Van Reenen)
Journal of the European Economics Association, May 2023
The Time is Not So Different: Income Dynamics During the COVID-19 Recession
(with Brian Bell and Jack Blundell)
Quantitative Economics, December 2022
Pandemic-Era Uncertainty
(with Brent Meyer, Emil Mihaylov, Jose Barrero, Steve Davis and Dave Altig)
NBER Working Paper 29958, April 2022
Working From Home Around the World
(with Cevat Aksoy, Jose Barrero, Steven Davis, Mathias Dolls and Pablo Zarate)
Stanford mimeo, March 2022
Firm-Level Planning Frequencies and Forecast Horizons
(with Dave Altig, Jose Maria Barrero, Steven J. Davis, Brent Meyer and Emil Mihaylov)
Atlanta Fed, Chicago and Stanford mimeo, December 2021
The World Management Survey at 18: lessons and the way forward
(with Daniela Scur. Raffaella Sadun, John Van Reenen and Renata Lemos)
Oxford Review of Economic Policy, October 2021
COVID Shifted Patent Applications toward Technologies that Support Working from Home
(with Mihai Codreanu, Steve Davis and Yulia Zhestova)
American Economic Association Papers and Proceedings, May 2021
Replication
COVID-19 Is a Persistent Reallocation Shock
(with Jose Barrero, Steve Davis and Brent Meyer)
American Economic Association Papers and Proceedings, May 2021
Trapped factors and China’s impact on global growth
(with Paul Romer, Stephen Terry and John Van Reenen)
Economic Journal, January 2021
Appendix | Replication
Elections, Political Polarization and Economic Uncertainty
(with Scott Baker, Aniket Baksy, Steve Davis and Jonathan Rodden)
NBER Working Paper 27961 October 2020
60 million fewer commuting hours per day: How Americans use time saved by working from home
(with Jose Barrero and Steve Davis)
Stanford mimeo, September 2020
Economic Uncertainty and Recovery
(with Jose Maria Barrero)
Jackon Hole Economic Policy Symposium Paper, August 2020
Video
COVID-19 Is Also a Reallocation Shock
(with Jose Barrero and Steve Davis)
Brooking Papers on Economic Activity, Summer 2020
The Unprecedented Stock Market Reaction to COVID-19
(with Scott Baker, Steve Davis, Kyle Kost, Marco Sammon and Tasaneeya Viratyosin)
Review of Asset Pricing Studies, July 2020
COVID Induced Economic Uncertainty
(with Scott Baker, Steve Davis and Stephen Terry)
NBER Working Paper, April 2020
A Toolkit of Policies to Promote Innovation
(with John Van Reenen and Heidi Williams)
Journal of Economic Perspectives, Summer 2019
Brexit and Uncertainty: Insights from the Decision Maker Panel
(with Philip Bunn, Scarlet Chen, Paul Mizen, Pawel Smietanka, Greg Thwaites and Garry Young)
Fiscal Studies, December 2018
Outsourcing, occupational and industrial concentration
(with Audrey Guo and Brian Lucking)
Stanford mimeo, November 2018
Do CEOs Know Best? Evidence from China
(with Hong Cheng, Mark Duggan, Hongbin Li and Franklin Qian)
NBER Working Paper, June 2018
Have R&D Spillovers Declined in the 21st Century?
(with Brian Lucking and John Van Reenen)
Fiscal Studies, December 2019
Data
Inequality and the disappearing large firm wage premium
(with Fatih Guvenen, Benjamin S. Smith, Jae Song, and Till von Wachter)
AEA 2018 papers and proceedings, May 2018
Why Do We Undervalue Competent Management?
(with Raffaella Sadun and John Van Reenen)
Harvard Business Review, August 2017
Corporations in the age of inequality
Harvard Business Review, April 2017
International Data on Measuring Management Practices
(with Renata Lemos, Raffaella Sadun, Daniela Scur and John Van Reenen)
American Economic Review Papers and Proceedings, May 2016
Hospital Board And Management Practices Are Strongly Related To Hospital Performance On Clinical Quality Metrics
(with Thomas Tsai, Ashish Jha, Atul Gawande, Robert Huckman and Raffaella Sadun)
Health Affairs, August 2015.
Do private equity firms have better management practices?
(with Raffaella Sadun and John Van Reenen)
American Economic Review Papers and Proceedings, May 2015.
Data
Modern Management Practices and Hospital Admissions
(with John McConnell, Rich Lindrooth, Doug Wholey and Tom Maddox)
Health Economics, November 2014.
Why has US policy uncertainty risen since 1960?
(with Scott Baker, Brandice Canes-Wrone, Steve Davis and Jonathan Rodden)
American Economic Review Papers and Proceedings, May 2014.
Data
Fluctuations in Uncertainty
Journal of Economic Perspectives, Spring 2014.
Data
Management practices and the quality of care in Cardiac units
(with John McConnell, Rich Lindrooth, Doug Wholey and Tom Maddox)
Journal of the American Medical Association: Internal Medicine, March 2013.
A trapped factors model of innovation
(with Paul Romer, Stephen Terry and John Van Reenen)
American Economic Review Papers and Proceedings, March 2013.
Replication
Incomplete contracts and the internal organization of firms
(with Philippe Aghion and John Van Reenen)
Journal of Law, Economics and Organization, February 2013.
Management in America
(with Erik Brynjolfsson, Lucia Foster, Ron Jarmin, Itay Saporta and John Van Reenen)
Census Working Paper, January 2013
Does management really work?
(with Raffaella Sadun and John Van Reenen)
Harvard Business Review, Novemeber 2013.
The land that lean manufacturing forgot? Management practices in transition countries
(with Helena Schweiger and John Van Reenen)
Economics of Transition,May 2012.
Management practices across firms and countries
(with Christos Genakos, Raffaella Sadun and John Van Reenen)
Academy of Management Perspectives, February 2012.
Are family-friendly workplace practices a valuable firm resource?
(with Tobias Kretschmer and John Van Reenen)
Strategic Management Journal, June 2010.
Data
Why do firms in developing countries have low productivity?
(with Aprajit Mahajan, David McKenzie & John Roberts)
American Economic Review Papers and Proceedings, May 2010.
Data
Does product market competition lead firms to decentralize?
(with Raffaella Sadun and John Van Reenen)
American Economic Review Papers and Proceedings, May 2010.
Data
Human resource management and productivity
(with John Van Reenen)
Handbook of Labor Economics, May 2010.
New approaches to measuring management and firm organization
(with John Van Reenen)
American Economic Review Papers and Proceedings, May 2010.
Why do management practices differ across firms and countries?
(with John Van Reenen)
Journal of Economic Perspectives, Winter 2010.
Data
Recent advances in the empirics of organizational economics
(with Raffaella Sadun and John Van Reenen)
Annual Review of Economics, October 2009.
Uncertainty and the Dynamics of R&D
American Economic Review Papers and Proceedings, January 2007.
Code
Work Life Balance, Management Practices and Productivity
(with Toby Kretschmer and John Van Reenen)
chapter for the NBER book “International Differences in Business Practices and the Productivity of Firms”, Richard Freedman and Kathryn Shaw (editors), January 2006.
Management Practices, Work-Life Balance, and Productivity: A Review of Some Recent Evidence
(with John Van Reenen)
Oxford Review of Economic Policy, Winter 2006.
The Internationalisation of UK R&D
(with Rachel Griffith)
Fiscal Studies, August 2001.
The Real Options Effects of Uncertainty on Investment and Labour Demand
IFS working paper (never published in a journal), November 2000.
Regulating Drugs Prices: Where do We Go from Here?
(with John Van Reenen)
Fiscal Studies, August 1998.
How Has Tax Affected the Changing Cost of R&D? Evidence from Eight Countries
(with Lucy Chennells, Rachel Griffith and John Van Reenen)
Regulation of Science and Technology, H.L. Smith (ed), Macmillian, London, October 1996.