Journal Article
Financing Artificial Intelligence: Cash, Debt, and Corporate Investment
Sánchez, Juan M.; Mori, Masataka; Kozlowski, Julian; Sullivan, Nicholas (2026-11-10)
How is the artificial intelligence (AI) investment boom being financed? We study the relationship between corporate cash holdings, investment, and financing during the AI era and compare it with previous technological transformations. We document two main findings. First, the association between current cash holdings and future investment is substantially stronger in the AI era than during the personal computer and internet eras, driven primarily by the relationship between cash holdings and R&D investment. Second, the AI investment boom is concentrated among a small group of large technology ...
Review , Volume 108 , Issue 13 , Pages 1-20

Recent College Grads Bear Brunt of Labor Market Shifts
Ozkan, Serdar; Sullivan, Nicholas (2025-08-25)
This year, young college graduates between ages 23 and 27 are experiencing jobless rates that are notably higher than the rates seen before the pandemic.
On the Economy

Is AI Contributing to Rising Unemployment? Evidence from Occupational Variation
Ozkan, Serdar; Sullivan, Nicholas (2025-08-26)
Is AI driving job displacement? This analysis compares jobs’ theoretical AI exposure and actual AI adoption with changes in occupation-level unemployment.
On the Economy

Understanding the “Swoosh”-Shaped Yield Curve for Treasuries
Kozlowski, Julian; Sullivan, Nicholas (2025-10-09)
An analysis of the yield curve for Treasuries suggests that while the market sees a gradual decline in short-term interest rates, it also expects rates to rise in the long run.
On the Economy

Are U.S. Treasuries Still “Convenient”?
Kozlowski, Julian; Sullivan, Nicholas (2025-10-14)
The convenience yield reflects the value that investors place on the liquidity and safety of U.S. Treasuries. Three different measures indicate this yield has fallen in recent years.
On the Economy

How Does Immigration Shape Average Labor Productivity? Evidence from the CPS
Ozkan, Serdar; Sullivan, Nicholas (2026-03-31)
An analysis suggests changes in workforce composition—particularly foreign-born employment share—have had little effect on U.S. productivity growth since 2023.
On the Economy

AI and Productivity: What Firms Are Saying on Earnings Calls
Ozkan, Serdar; Kalyani, Aakash; Sullivan, Nicholas (2026-07-31)
The way firms discuss productivity improvements on earnings calls increasingly involves references to AI, even if its effects aren’t clear in aggregate data.
On the Economy