Much unsecured debt is implicitly asset-backed, and this link shifts with firm condition and macroeconomic trends. Asset values can influence borrowing costs—particularly during economic stress. Authors: Efraim Benmelech, Nitish Kumar & Raghuram Rajan 🔗https://ow.ly/Lw7Y50XrfCU

Join us next week on Nov 19, 2025, for a book talk with Daryl Fairweather—Chief Economist at Redfin and author of Hate the Game. The first 30 attendees get a free copy! 🔗 RSVP here: https://ow.ly/snSL50Xreh9 #Economics #BookTalk #UChicago

📢 Call for Papers: 2026 Conference on Discrimination in the 21st Century: Fostering Conversations Across Fields All interested researchers are invited to send submissions for consideration by January 16, 2026. 🔗 ow.ly/yja550Xq7V7

🍱 BFI Student Lunch Series–Talk as Capital: Using Behavioral Science and Technology to Make Everyday Conversations an Investment in Children’s Skills Ariel Kalil presented Chat2Learn, an AI-powered tool helping parents build children’s skills through daily conversation. 🔗https://ow.ly/rRbp50Xq6F2

📅 Nov 21 | University of Chicago–Northwestern China Afternoon Workshop Hosted by BFI-China and the China Lab at Northwestern, this event convenes Midwest scholars and students to explore research on the Chinese economy. 🔗https://ow.ly/bCWJ50XpEon

1/🍷 Who really paid for the 2019 U.S. tariffs on European wine? Foreign producers cut prices—but domestic markups pushed costs up. U.S. consumers ultimately paid more than the government collected in tariffs. bfi.uchicago.edu/insights/who...

🔔Reminder! Register now for a Public Lunch Lecture on Nov. 13 with Columbia’s Robert Metcalfe to discuss how AI-managed EV charging can help decarbonize electricity grids. 🥗 Lunch will be provided! More info and registration here: https://ow.ly/9nPW50Xkvn0

Across Africa, history still shapes women’s political power. 📄 Research by Anderson, du Plessis, Parsa & Robinson finds that regions with traditional female leaders in the past have more women in elected office today—despite colonial disruptions. https://ow.ly/FkmC50Xns62

1/ NEW: Which enterprises drove American manufacturing during the 2nd Industrial Revolution?

Strict return-to-office mandates can carry big costs. 📊 Analysis from BFI Data Studio shows that RTO policies drive employee exits—especially among senior staff—reducing productivity and competitiveness. Explore the interactive: https://ow.ly/N5XP50XmMB6

“How do you win in a rigged economy?” 🎧 Hear Redfin Chief Economist @fairweatherphd.bsky.social share her “economic cheat codes” on The Pie—then continue the conversation in person on Nov. 19 at her book talk and signing. Listen and RSVP: https://ow.ly/qyXs50XkEiM

🦇 A spooky economics throwback! When bats died from an invasive fungus, farmers turned to chemicals—leading to a rise in infant deaths. Eyal Frank joins The Pie to explain the economic ripple effects of ecosystem loss. 🎧 Revisit this eerie lesson: https://ow.ly/mYAJ50XkwcO

Listen and Subscribe to The Pie, A UChicago Economics Podcast. Featuring conversations with UChicago economists about their research and key events of the day. https://ow.ly/zGGA50XkvCC

🗞️ Catch up on the latest research, events, and more from the BFI Weekly Briefing here: https://ow.ly/aIEm50Xl1cv

BFI is hiring a full-time Research Professional to work with Esteban Rossi-Hansberg & Rodrigo Adão on projects in international finance, macro, & spatial economics. Ideal for pre-docs planning PhDs. Apply now: https://ow.ly/j49K50XkuNI

Why do voters back protectionist policies that hurt them? New research shows “exclusionary preferences”—deriving satisfaction from having what others can’t—help explain support for tariffs and economic nationalism. By Alex Imas, Madarász & Sarsons. https://ow.ly/lnGb50XktEp

Presenting a new framework for understanding economic nationalism based on an empirically-validated desire for dominance, which generates a preference for exclusionary policies, from Alex Imas, Kristóf Madarász, and Heather Sarsons www.nber.org/papers/w34351

The 2025 Macroeconomic Policy Perspectives Conference brought together top economists and policymakers to discuss “The Macroeconomic Causes and Consequences of Inflation.” Hosted by BFI with JPE Macro, the Minneapolis Fed, and Stanford. https://ow.ly/CWhm50XjRwP

When Israeli supermarkets were forced to adjust prices under a reform, firms learned new strategies and improved—but still priced inefficiently. Research by Avner Strulov-Shlain 🎗️ shows how firms learn from experience. https://ow.ly/IPYm50XjOT1

“The secret to winning in a rigged economy isn’t changing the rules—it’s mastering the game.” Redfin Chief Economist Daryl Fairweather ⛅ shares her economic “cheat codes” for navigating performance reviews, pay, and market value in today’s workplace. 🎧 Listen to The Pie: https://ow.ly/4PiB50XjNai

The Gracias Family Foundation has made a $20M gift to UChicago to advance research and student opportunities. It supports the new Gracias Family Center for Human Sciences and Wellbeing and endows professorships in economics and quantum science. Read more: https://ow.ly/tO6Z50XjLq4

Catch up on this week’s latest research, events, and more in the BFI Weekly Briefing. 🗞️ https://ow.ly/uyh650XhbPN

📅 Nov 13 | Public Lunch Lecture Join Columbia’s Robert Metcalfe to discuss how AI-managed EV charging can help decarbonize electricity grids. 🥗 Lunch provided! Register here: bfi.uchicago.edu/events/event...

This study uses computational methods, including #AI, to analyze textbooks from public, religious private, & home schools, focusing on how they portray people, topics, & values over time. Read: papers.ssrn.com/sol3/papers.... Subscribe: www.ssrn.com/index.cfm/en... #AICommunity

🎓 Ever wonder what economists really mean by “moral hazard” or “general equilibrium effects”? Meet BFI Blackboard — a curated glossary from the Becker Friedman Institute that breaks down key economic concepts clearly and concisely. 👉 https://ow.ly/mpck50XfTP9

What’s the hidden value of predators? New research by Eyal Frank, Anouch Missirian, Dominic Parker, and Jennifer Raynor estimates the option value of gray wolves—showing how their presence reduces human–wildlife conflicts. 🐺 ow.ly/tGFE50XfPFG

When couples move for work, whose career benefits—and whose stalls? UChicago economist @profnoto.bsky.social joins @tessvigeland.bsky.social on The Pie to discuss how relocation impacts men’s and women’s earnings differently. 🎧 Listen/watch now: bfi.uchicago.edu/insights/mov...

Do you have kids? Might college be a part of their future? As someone who tends to overthink and underact on parenting decisions, this write-up (and the underlying research) really hit home. money.com/saving-for-c...

Since the early 1980s, the economy has been growing—but real wages have not. Institute advisor Erik Hurst @beckerfriedman.bsky.social reflects on the economic causes and consequences of wage stagnation. Read his interview in the new For All: https://bit.ly/43d3pSs

Nearly all manufacturing productivity growth since 1987—and its post-2000s decline—comes from a few computer-related industries. Conventional stats understate the sector’s true productivity by missing quality gains.

The Industrial Revolution shattered England’s centuries-old “society of orders,” bringing new opportunities and a “dawn of liberty” for workers once bound by rigid hierarchies. Research by Cara Ebert, Leander Heldring, James Robinson, and Sebastian Vollmer. 🔗 ow.ly/Z1LS50XbWBm

Introducing SPEAK—a scalable, computer-adaptive tool to measure knowledge of early human development. By Gaudreau, Levine, @johnlist.bsky.social & @drdanasuskind.bsky.social, it identifies knowledge gaps to guide targeted interventions and improve child outcomes. ow.ly/fzOk50XbjrG

What is human capital—and why does it shape everything from parenting to work to health? 💡 Join us Oct 29, 2025, for a book talk with Pablo Peña on Human Capital for Humans. 🎁 First 30 attendees get a free copy! 🔗 RSVP here: ow.ly/O0ug50XaEKE #BookTalk #UChicago

I've already got my copy and am excited to be kicking off this conversation. If you're in Chicago on Oct 29, please join us on campus!

HUGE congrats to Philippe Aghion who shared the Nobel Prize in Economics this morning! Philippe and his work with fellow laureate Peter Howitt on "sustained growth through creative destruction” have been instrumental for the Growth Academy co-hosted by @beckerfriedman.bsky.social & the World Bank

Commercial AI detectors far outperform open-source tools—Pangram achieves near-zero error, while some open-source models misclassify up to 78% of human text as AI. A new framework helps institutions weigh false positives vs. missed AI. Research by Jabarian & Imas. https://ow.ly/EAoW50X7p6E

Economists gathered at the Becker Friedman Institute to celebrate Fernando Alvarez at 60—honoring his groundbreaking contributions, mentorship, and friendship. A true tribute to a scholar who’s shaped both ideas and lives. 🎉 https://ow.ly/ke3H50X7VJs

New technologies that scale easily, are cheap to adopt, and require organizational learning can create superstar firms that dominate for long periods—gaining lasting advantages over predecessors and new entrants. Research by Ma, Pugsley, Qin & Zimmermann.https://ow.ly/c0aK50X7oON

Nobel laureate Prof. James Heckman explains why ages 0–5 shape lifelong outcomes. From the Perry Preschool Program’s lasting health gains to parent-focused interventions and “dynamic complementarity,” early skills build later ones. Listen and watch now: https://ow.ly/vVHr50X7PFB

Parental income and family structure during childhood shape adult income—especially in middle childhood and adolescence. These effects complement one another across key developmental stages. Research by Yoosoon Chang, Steven Durlauf, Bo Hu & Joon Park. https://ow.ly/kZeL50X7ott

🚀 Launch your research career at the University of Chicago! Chicago Experiments is hiring a Research Professional to work on cutting-edge empirical economics — labor, education, behavioral & more. Apply/more info: https://ow.ly/c5Os50X7msF

📢 Stay curious, stay connected! Follow BFI on all our social channels for the latest research, events, and big ideas shaping the future of economics & policy. 🚀 https://ow.ly/GcGw50X5Opz

Revisiting George Stigler’s The Case for Economic Literacy reminds us that the need for broad economic understanding is as vital today as it was half a century ago. Check out this blog post from E4E 👉 https://ow.ly/XfE950X4sWY

Join us for a special event with Pablo Peña on Human Capital for Humans! 🎉 The first 30 attendees will receive a free copy, with a book signing + reception to follow. RSVP and more information here: https://ow.ly/S8YA50X4tGc

Predoc opportunity in health/labor/public economics at @beckerfriedman.bsky.social: job-boards.greenhouse.io/universityof... Please share widely!

Predoc opportunity in health/labor/public economics at @beckerfriedman.bsky.social: job-boards.greenhouse.io/universityof... Please share widely! #EconSky

NEW from @ganong.bsky.social, Pascal Noel, Christina Patterson, Joe Vavra, and Alexander Weinberg: Many workers experience substantial fluctuations in pay, leading to: ↕️fluctuating consumption ⬆️ propensity to quit

Tipping is a haphazard way to pay workers—yet it keeps expanding. With tax policy shifting pro-tip, Freakonomics revisits a 2019 episode with @johnlist.bsky.social on why tipping persists. 🎙 freakonomics.com/podcast/seas...

New research by Samuel Chang, Rimmy Tomy (Chicago Booth), and Jizhou Wang: high-quality borrowers strategically avoid banks under enforcement, underscoring how trust and reputation shape credit markets. 📑 Read the research brief here: ow.ly/1JFn50WPSzV

New Paper Alert Given my first gen roots, this paper was especially satisfying to research and write, even though the results are a bit disheartening. We use administrative data covering all North Carolina public school students, to document five facts about first generation excellence gaps…. .