New NBER Research

27 June 2017

Who Is Screened Out? Application Costs
and the Targeting of Disability Programs

Social Security field office closings lead to large and persistent reductions in the number of disability recipients and reduce targeting efficiency, Manasi Deshpande and Yue Li find. The number of disability recipients declines by 13 percent in surrounding areas, with the largest effects for applicants with moderately severe conditions, low education levels, and low pre-application earnings.

26 June 2017

Emerging Market Capital Flows
and the Fed's Large-Scale Asset Purchases

The Large-Scale Asset Purchases (LSAP) program affected both expected short-term interest rates and risk premia, thereby altering U.S. holdings of emerging market assets and their valuations, according to a study by Anusha Chari, Karlye Dilts Stedman, and Christian Lundblad. The effects were larger for emerging market equities than for bonds.

23 June 2017

The Impact of Student Debt on the Careers,
Marriages, and Child-Bearing of Female Lawyers

Relative to their counterparts with lower debt burdens, female law students who incur large amounts of student debt on average spend more years working in private sector jobs, postpone marriage and child-bearing, and marry men with lower earnings, according to an analysis by Holger Sieg and Yu Wang.
More Research

New in the NBER Reporter

Macroeconomic Policy in a Liquidity Trap

What are the effects on macroeconomic policy during periods when a country's central bank cuts the short-term nominal interest rate to zero? A report on research into the Great Depression, the deterioration of the Japanese economy in the 1990s, and the 2008 financial crisis is featured in the current edition of The NBER Reporter. Also in this issue of the quarterly Reporter, leading economists summarize their work developments in corporate finance, applications of behavioral economics in the field of education, the dynamics of innovation, and the impacts of contracting out Medicare and Medicaid.

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New in the NBER Digest

Notwithstanding the Increase in Inequality,
Living Standards of the Less-Wealthy Improve

Widespread use of the Consumer Price Index for Urban Consumers to calculate real wages has led to understatement of wage growth among median and below-median income families, according to an analysis summarized , in the July edition of The NBER Digest which finds that living standards have increased at all income levels since 1960. Also featured in the latest issue of the monthly Digest are studies of the effects of option grants on CEO risk-taking, the impact of high government debt on corporate borrowing, the long-term benefits of immigration, new evidence on infant mortality rates in the early 20th Century, and the effect of providing healthier school lunches.

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New in the NBER Bulletin on Aging and Health

When Prescription Drug Monitoring Programs
Reduce Opioid Misuse, and When They Do Not

In reaction to rising rates of opioid addiction and mortality, almost every state in the U.S. has created a Prescription Drug Monitoring Program to help identify patients who may be misusing prescription drugs. Research summarized in the latest edition of the NBER's Bulletin on Aging and Health finds that when prescribers are required to access patient histories before writing prescriptions in certain circumstances, there is a noticeable decline in abuse. When prescribers have access to patient histories, but are not required to access them before prescribing, there is little effect on opioid use or health outcomes.

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