What Do Entrepreneurs Do for the Economy,
and under What Conditions Do They Flourish?

NBER Schoar Sequence.02

Logically, if you know the odds against succeeding "you should never want to be an entrepreneur," says Antoinette Schoar, of MIT and the NBER, but "people really have this drive to create something new." She studies how entrepreneurs get funded, and finds that they thrive best in countries where private assets are secure and there is a relatively high degree of transparency. Related research by Schoar and other economists is on the NBER's Entrepreneurship page.

New in the NBER
Bulletin on Aging and Health

Better Health Reduces
Domestic Violence, Drug Use

Bulletin An HIV treatment that produced improvements in health also lowered domestic violence and illicit drug use among affected women, according to a study summarized in the newest edition of The NBER Bulletin on Aging and Health. This issue also highlights research examining the extent of work disincentives from the U.S. fiscal system for older Americans and an analysis of prospective payment systems in Medicare and commercial health insurance.

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A Comparison of Public Policies
between Canada and the United States

Canada and the United States have similar social programs and, as a result, small differences between the two countries offer opportunities for unique insights. In October 2016, 25 years after the NBER produced the book, Small Differences that Matter: Labor Markets and Income Maintenance in Canada and the United States, the NBER hosted a conference revisiting the two labor markets from a comparative perspective. This summary presents findings from researchers on topics such as disability insurance, income mobility, and the returns to human capital.

New NBER Research

24 March 2017

Immigration and the Rise of American Ingenuity

Ufuk Akcigit, John Grigsby, and Tom Nicholas find that technology areas where immigrant inventors were prevalent between 1880 and 1940 experienced more patenting and citations between 1940 and 2000 than other fields. Immigrant inventors were more productive during their life cycle than native born inventors, but were paid less.

23 March 2017

Social Ties and Favoritism in Chinese Science

Hometown ties to members of the fellow selection committee of the Chinese Academies of Sciences and Engineering increase candidates' selection probability by 39 percent, according to research by Raymond Fisman, Jing Shi, Yongxiang Wang, and Rong Xu. Hometown-connected candidates who are elected are half as likely to have a high-impact publication as elected fellows without connections.

22 March 2017

The Global Rise of Corporate Saving

In the early 1980s, global investment was funded mostly by household saving, but now nearly two-thirds is funded by corporate saving. Peter Chen, Loukas Karabarbounis, and Brent Neiman attribute the sectoral saving shift to declines in the real interest rate, the price of investment goods, and corporate income taxes.
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New in the NBER Digest

Industrial Policy Favoring Agglomeration Is Associated
with Collusion in China’s Special Economic Zones

Chinese government policy uses tax breaks and infrastructure investment to encourage formation of industrial clusters in the country's special economic zones, where a study summarized in the March issue of The NBER Digest finds strong evidence of non-competitive pricing. Also featured in the latest edition of The Digest is research assessing the impact of children's neighborhoods on their earnings as young adults, gauging the effect of managerial bias on workers' efforts, measuring the costs and benefits of motivational praise on the victories and deaths of WWII German fighter pilots, gauging the impact on market expectations of pronouncements by Federal Reserve officials, and evaluating the performance of active asset managers of large institutional investments.

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New in the NBER Reporter

What Can Housing Markets
Teach Us about Economics?

Changes in house prices can have large effects on aggregate economic activity. Given the availability of excellent microdata on housing transactions, this makes housing an ideal asset for the study of a range of questions of broader economic interest. Johannes Stroebel of New York University, a research fellow in the NBER's Asset Pricing, Corporate Finance, and Economic Fluctuations and Growth programs, reports on his work in this area in the current edition of The NBER Reporter. Also featured in this issue of the quarterly are articles on teacher and student performance, the NBER Program on Children, the quantification of agglomeration and dispersion forces, and income risk over the life cycle and the business cycle.

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