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Liberty Bond Drivers Had Long-Lived Effects on Investor Behavior
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Can early financial experiences affect lifelong investment decisions? A new study finds that one of America’s largest financial literacy campaigns—the Liberty Bond drives of World War I—influenced household investment behavior long after the war bonds had been repaid.
In ‘Invest!’: Liberty Bonds and Stock Ownership over the Twentieth Century (NBER Working Paper 33541), Gillian Brunet, Eric Hilt, and Matthew S. Jaremski study the nationwide Liberty Bond drives of 1917–19. These campaigns aimed to finance…
From the NBER Bulletin on Entrepreneurship
Entrepreneurship as an Alternative to Flexibility at Work
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The surge in remote work in recent years has transformed labor markets, with potentially important implications for the interaction between workplace flexibility and entrepreneurship. In Hustling from Home? Work from Home Flexibility and Entrepreneurial Entry (NBER Working Paper 33237), John M. Barrios, Yael Hochberg, and Hanyi (Livia) Yi explore whether the increased flexibility provided by work-from-home (WFH) arrangements has affected entrepreneurial decisions. They focus on the COVID-19 pandemic as a natural experiment and analyze how the sudden shift to remote work affected new business creation. Guided…
From the NBER Reporter: Research, program, and conference summaries
International Migration, Remittances, and Economic Development
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The international development community — and development economists in particular — are constantly on the lookout for effective anti-poverty interventions for developing societies. The most dramatic income gains arise when people move from a developing country to a developed country for work. Migrants can experience fivefold wage gains, an improvement that dwarfs other interventions.,
Do migrants’ origin communities gain from international migration as well? The aggregate numbers of migrants and the funds they send home suggest the potential for large impacts. In 2020, 281 million people lived outside their country of birth, up from 173 million in 2000. International migrants typically remit large portions of their incomes to beneficiaries in their origin…
From the NBER Bulletin on Health
Policy Changes and Pharmaceutical Innovation Combine to Increase Naloxone Access
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Naloxone, which reverses the effects of an opioid overdose, is a critical tool for responding to the opioid crisis. However, prior to the 2010s, two barriers hindered its widespread distribution and use in the United States. One was legal access: Naloxone required a prescription from a healthcare provider. Another was that naloxone was administered by injection and therefore required training for proper use.
In 2010, Illinois became the first state to adopt a dispensing naloxone access law (NAL) that permitted individuals to obtain naloxone directly from pharmacists, eliminating the need for an individual prescription. By 2015, another 35 states had implemented dispensing NALs. These policy initiatives were complemented by the introduction of Narcan, the first FDA-approved naloxone nasal spray, in 2016. This new…
Featured Working Papers
Households with fully automated electricity systems cut their use by 26 percent during peak times while those requiring any active participation, even with smart technology, reduced consumption by only about 5 percent, according to Megan R. Bailey, David P. Brown, Blake C. Shaffer, and Frank A. Wolak.
In the US, population aging can account for about 20 percent of the decline in the number of firms that were founded in the last five years, as well as the rising share of profits in GDP, according to Gideon Bornstein.
Three years after launch, startups co-founded by teams with both immigrants and natives have 20 percent greater employment, and are more likely to have secured funding, than native-only and immigrant-only startups, Zhao Jin, Amir Kermani, and Timothy McQuade find.
In the last two decades, following elections that resulted in Republican control over state redistricting, the Republican House seat share increased by 8.2 percentage points, according to Kenneth Coriale, Daniel A. Kolliner, and Ethan Kaplan. When Democrats gained control, the authors find statistically significant effects raising the Democratic share only in large states.
Immigrant PhD students studying artificial intelligence who have co-ethnic advisors are about 14 percentage points more likely to pursue high-quality industry jobs after graduation, largely because these advisors facilitate industry internships through their professional networks, according to Caroline Fry and Britta Glennon.
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