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We apply deep learning to daytime satellite imagery to predict changes in income and population at high spatial resolution in US data. For grid cells with lateral dimensions of 1.2 km and 2.4 km (where the average US county has dimension of 51.9 km), our model predictions achieve R 2 values of 0.85 to 0.91 in levels, which far exceed the accuracy of existing models, and 0.32 to 0.46 in decadal changes, which have no counterpart in the literature and are 3–4 times larger than for commonly used nighttime lights. Our network has wide application for analyzing localized shocks. (JEL C45, R11, R23) 

DAVID POPP, FRANCESCO VONA, GIOVANNI MARIN and ZIQIAO CHEN: “The Employment Impact of a Green Fiscal Push: Evidence from the American Recovery and Reinvestment Act “ Comments by Gabriel Chodorow-Reich and Valerie A. Ramey and General Discussion SHELBY R. BUCKMAN, LAURA Y. CHOI, MARY C. DALY and LILY M. SEITELMAN: “The Economic Gains from Equity” Comments by Nicole Fortin and Erik Hurst and General Discussion SUSAN CHERRY, ERICA JIANG, GREGOR MATVOS, TOMASZ PISKORSKI and AMIT SERU: “Government and Private Household Debt Relief during COVID-19” Comments by Pascal Noel and Susan Wachter and General Discussion KEVIN RENNERT, BRIAN C. PREST, WILLIAM A. PIZER, RICHARD G. NEWELL, DAVID ANTHOFF, CORA KINGDON, LISA RENNELS, ROGER COOKE, ADRIAN E. RAFTERY, HANA ŠEVČÍKOVÁ and FRANK ERRICKSON: “The Social Cost of Carbon: Advances in Long-Term Probabilistic Projections of Population, GDP, Emissions, and Discount Rates" RICARDO REIS: “Losing the Inflation Anchor” Comments by Alan S. Blinder and Yuriy Gorodnichenko and General Discussion DAVID AUTOR, DAVID DORN and GORDON HANSON: “On the Persistence of the China Shock “ Comments by Marianne Bertrand and Edward Glaeser and General Discussion 

1. DAVID POPP, FRANCESCO VONA, GIOVANNI MARIN and ZIQIAO CHEN: “The Employment Impact of a Green Fiscal Push: Evidence from the American Recovery and Reinvestment Act “ Comments by Gabriel Chodorow-Reich and Valerie A. Ramey and General Discussion SHELBY R. BUCKMAN, LAURA Y. CHOI, MARY C. DALY and LILY M. SEITELMAN: “The Economic Gains from Equity” Comments by Nicole Fortin and Erik Hurst and General Discussion SUSAN CHERRY, ERICA JIANG, GREGOR MATVOS, TOMASZ PISKORSKI and AMIT SERU: “Government and Private Household Debt Relief during COVID-19” Comments by Pascal Noel and Susan Wachter and General Discussion KEVIN RENNERT, BRIAN C. PREST, WILLIAM A. PIZER, RICHARD G. NEWELL, DAVID ANTHOFF, CORA KINGDON, LISA RENNELS, ROGER COOKE, ADRIAN E. RAFTERY, HANA ŠEVČÍKOVÁ and FRANK ERRICKSON: “The Social Cost of Carbon: Advances in Long-Term Probabilistic Projections of Population, GDP, Emissions, and Discount Rates" RICARDO REIS: “Losing the Inflation Anchor” Comments by Alan S. Blinder and Yuriy Gorodnichenko and General Discussion DAVID AUTOR, DAVID DORN and GORDON HANSON: “On the Persistence of the China Shock “ Comments by Marianne Bertrand and Edward Glaeser and General Discussion 

1. DAVID POPP, FRANCESCO VONA, GIOVANNI MARIN and ZIQIAO CHEN: “The Employment Impact of a Green Fiscal Push: Evidence from the American Recovery and Reinvestment Act “ Comments by Gabriel Chodorow-Reich and Valerie A. Ramey and General Discussion SHELBY R. BUCKMAN, LAURA Y. CHOI, MARY C. DALY and LILY M. SEITELMAN: “The Economic Gains from Equity” Comments by Nicole Fortin and Erik Hurst and General Discussion SUSAN CHERRY, ERICA JIANG, GREGOR MATVOS, TOMASZ PISKORSKI and AMIT SERU: “Government and Private Household Debt Relief during COVID-19” Comments by Pascal Noel and Susan Wachter and General Discussion KEVIN RENNERT, BRIAN C. PREST, WILLIAM A. PIZER, RICHARD G. NEWELL, DAVID ANTHOFF, CORA KINGDON, LISA RENNELS, ROGER COOKE, ADRIAN E. RAFTERY, HANA ŠEVČÍKOVÁ and FRANK ERRICKSON: “The Social Cost of Carbon: Advances in Long-Term Probabilistic Projections of Population, GDP, Emissions, and Discount Rates" RICARDO REIS: “Losing the Inflation Anchor” Comments by Alan S. Blinder and Yuriy Gorodnichenko and General Discussion DAVID AUTOR, DAVID DORN and GORDON HANSON: “On the Persistence of the China Shock “ Comments by Marianne Bertrand and Edward Glaeser and General Discussion