Skip to main content

The Reporter

A free quarterly publication featuring program updates, several summaries of affiliates' research, and news about the NBER
Author(s): Monika Piazzesi
The 2007-09 financial crisis challenged many long-standing beliefs about asset markets. For example, it raised questions about the applicability of the law of one price, it coincided with a period of extraordinary house price volatility, and it witnessed changing patterns of asset demand on the part of households and financial institutions alike. Over the last decade, researchers in the Asset Pricing Program have carried out a wide range of studies that are motivated by, or...

Research Summaries

Figure 1
The biggest financial challenge for most Americans is funding their retirement. In recent decades, working lives have not kept pace with increasing life expectancies, leading to longer retirements.1 Longer retirements are more challenging to finance, whether through private savings or federal entitlement programs such as Social Security and Medicare. The structure of retirement programs can produce large implicit taxes and subsidies for work at older ages as well as for...
Figure 1
Author(s): René M. Stulz
There are fewer firms listed on U.S. exchanges than 40 years ago. In 1976, the United States had 4,943 firms listed on exchanges. By 2016, it had only 3,627 firms. From 1976 to 2016, the U.S. population increased from 219 million to 324 million, so the U.S. went from 23 listed firms per million inhabitants to 11. These changes are dramatic and they raise a number of important questions: How did we get here? Why did the universe of public firms shrink so much? Will it keep...
Author(s): Shang-Jin Wei
The competitive saving motive refers to saving for the purpose of raising one's relative status in the competition for dating and marriage partners. Unlike the standard life cycle and precautionary motives, it is all about competition with others. The higher an individual's savings relative to others in the same age and gender cohort, the better the individual's competitive position. Competitive saving can be motivated from an evolutionary point of view, since it refers...
Author(s): Ariel Pakes
One goal of the field of industrial organization is to predict the response of markets to environmental or policy changes. A market, for our purposes, is a collection of firms that produce and sell competing products or services. Since the consequence of, say, a price change by a given firm depends on the prices of competing firms, realism requires analyzing these changes in the interacting agent frameworks supplied to us by our game theory colleagues. If a firm had set a...


    Emi Nakamura and Jón Steinsson Are New Co-Directors of Monetary Economics Program Emi Nakamura, a professor at the Columbia Business School and Department of Economics, and Jón Steinsson, a professor of economics at Columbia University, are the new co-directors of the NBER's Program on Monetary Economics, succeeding Christina Romer and David Romer of the University of California, Berkeley. Nakamura and Steinsson are frequent co-authors whose research interests...


    U.S. Engineering in a Global Economy Edited by Richard B. Freeman and Hal Salzman $130 (cloth) Since the late 1950s, the engineering job market in the United States has been fraught with fears of a shortage of engineering skill and talent. U.S. Engineering in a Global Economy brings clarity to issues of supply and demand in this important market. Following a general overview of engineering-labor market trends, the volume examines the educational path-...

Meetings & Conferences, Spring 2018


  • Article
    Public Economics Members of the NBER's Public Economics Program met April 5–6 in Cambridge. Program Directors Raj Chetty of Stanford University and Amy Finkelstein of MIT and Faculty Research Fellow Stefanie Stantcheva of Harvard University organized the meeting. These researchers' papers were presented and discussed: Simon Jaeger, MIT and NBER; Benjamin Schoefer, University of California, Berkeley; and Josef Zweimueller, University of Zurich, "Marginal...


  • Article
    Capital Flows, Currency Wars, and Monetary Policy A conference on Capital Flows, Currency Wars, and Monetary Policy took place in Cambridge on April 5–6. Research Associates Emmanuel Farhi of Harvard University and Sebnem Kalemli-Ozcan of the University of Maryland organized the meeting. These researchers' papers were presented and discussed: Ricardo J. Caballero and Alp Simsek, MIT and NBER, "A Model of Fickle Capital Flows and Retrenchment" (NBER Working...

NBER periodicals and newsletters are not copyrighted and may be reproduced freely with appropriate attribution.

See the Latest NBER Research
New Working Papers This Week