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The NBER conducts and disseminates independent, cutting-edge, non-partisan research that advances economic knowledge and informs policy makers and the business community.

New NBER Papers

- Working Paper
Entitlement programs have become an increasing component of total government spending in the US over the last six...
- Working Paper
Using surveys of firms around the world, we review existing evidence on how firms form their macroeconomic...
- Working Paper
What explains record U.S. house price growth since late 2019? We show that the shift to remote work explains over one...
- Working Paper
Households’ and firms’ subjective inflation expectations play a central role in macroeconomic and intertemporal...
- Working Paper
Experiences in real-world pollution markets suggest that firms make persistent errors in forecasting allowance and...
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The Digest

The Digest is a free monthly publication featuring non-technical summaries of research on topics of broad public interest.

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    Figure for working paper w29735
    Pharmaceutical companies have succeeded in boosting demand for high-priced brand-name drugs by offering coupons to offset patient cost-sharing. While consumers who qualify for these coupons enjoy immediate benefits, the practice has frustrated insurers’ efforts to manage costs and has increased US drug spending, according to a new study. In How Do Copayment Coupons Affect Branded Drug Prices and Quantities Purchased? (NBER Working Paper 29735), Leemore Dafny, Kate...
    Figure for Working Paper w29723
    In Machine-Learning the Skill of Mutual Fund Managers (NBER Working Paper 29723) Ron Kaniel, Zihan Lin, Markus Pelger, and Stijn Van Nieuwerburgh use a neural network to predict mutual fund performance. They estimate relationships among a large set of fund attributes to identify the US mutual funds with the best relative performance. They apply their model to predict the best-performing decile of funds each month and to compute portfolio weights for different funds that...

The Reporter

The Reporter is a free quarterly publication featuring program updates, affiliates writing about their research, and news about the NBER.

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    2022 number1 program report law and economics figure 1
    Author(s): Christine Jolls
    The Law and Economics Program emphasizes economic analysis of processes within courts, legislatures, and government agencies, as well as of the effects and causes of substantive legal rules in the foundational legal subjects of property law, criminal law, contract law, and tort law. Program members meet twice annually, once at a midyear program meeting and again at the NBER Summer Institute. This article first describes recent research on legal processes and in the...
    Figure 1 for Peter Blair's summary 2022 number 1 Reporter
    Author(s): Peter Q. Blair
    When an occupation is licensed by the state, a worker must have a license to legally work for pay. For some occupations, obtaining a license can be as simple as filling out a form and paying a few hundred dollars. In other cases, obtaining a license could require passing an exam, completing years of training, or having a clean criminal record. In the United States and Europe, close to a quarter of the workforce is subject to occupational licensing requirements; by contrast...

The Bulletin on Retirement & Disability

The Bulletin on Retirement and Disability summarizes research in the NBER's Retirement and Disabiy Research Center. A quarterly, it is distributed digitally and is free.

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    Center Paper Figure NB19-Q7 BRD 202201
    Chronic pain is a leading cause of work disability and a primary reason for receipt of SSDI benefits. Prescription opioids are frequently prescribed for chronic pain, but their use has been scrutinized in recent years due to concerns about addiction and overdose. Understanding how common prescription opioid use is among SSDI beneficiaries and how opioid use affects employment and SSDI applications is critical to the SSDI program. Researchers Nicole Maestas, Tisamarie...
    Center Paper Figure 21-04 BRD 2022-1
    The decisions that prospective retirees make about when to stop working and when to claim Social Security benefits can have profound impacts on their financial well-being in retirement. Yet many older workers have an incomplete understanding of relevant Social Security policies, including the Retirement Earnings Test (RET). Under the RET, retirees who claim before the Full Retirement Age (FRA) and have earnings above a specified (relatively low) threshold receive...

The Bulletin on Health

The Bulletin on Health summarizes recent NBER Working Papers pertaining to health topics. It is distributed digitally three times a year and is free.

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    Working paper figure w29328
    In 2019, Americans with a four-year college degree had six years greater life expectancy at age 25 than those without a degree. These educational differences in mortality have been growing in recent decades and are apparent across demographic groups. In Mortality Rates by College Degree before and during COVID-19 (NBER Working Paper 29328), Anne Case and Angus Deaton explore the evolution of these differences during the pandemic. If every American faced an equal...
    Working paper figure w29503
    An estimated 646,514 excess deaths occurred in the United States during the first 12 months of the COVID-19 pandemic. This was a 22 percent increase over the number of deaths that would have been expected if the pandemic had not occurred. Among these excess fatalities, an estimated 83 percent were directly attributable to COVID-19, while others were from causes ranging from strokes to homicides. These new estimates of the mortality consequences of the pandemic are...

The Bulletin on Entrepreneurship

Introducing recent NBER entrepreneurship research and the scholars who conduct it Subscribe to the Free Bulletin on Entrepreneurship
    Working Paper Figure w29532
    In Private or Public Equity? The Evolving Entrepreneurial Finance Landscape (NBER Working Paper 29532), Michael Ewens and Joan Farre-Mensa survey the changes in the US entrepreneurial finance market over the last two decades. Their study begins by describing the differences between publicly listed and private firms, and then explores how several regulatory, technological, and competitive changes affecting both startups and investors have affected the costs and...
    Working Paper Figure w24982
    Income taxes raise government revenue, finance government spending programs, and redistribute income from high to low earners. These taxes can also induce taxpayers to work less, evade taxes, or move to lower-tax locations. The economic theory of optimal tax design tries to set tax rates to balance these trade-offs. In The Effects of Taxes on Innovation: Theory and Empirical Evidence (NBER Working Paper 29359), Stefanie Stantcheva investigates whether income...
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