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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
When employers’ explicit gender requests were unexpectedly removed from a Chinese job board overnight, pools of...
- Working Paper
Recent studies have concluded that state laws legalizing medical marijuana can reduce deaths from opioid overdoses....
- Working Paper
Author(s): Meilin Ma & Jayson L. Lusk
Supply chains for many agricultural products have an hour-glass shape; in between a sizable number of farmers and...
- Working Paper
Upon assuming power for the first time in 1935, the Norwegian Labour Party delivered on its promise of a major...
- Working Paper
This paper examines the political economy of U.S. trade policy around the time of the Smoot-Hawley tariff of 1930, a...
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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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    Article
    Well before the legislation was passed, the industry began revamping plans for new construction and developing innovative abatement technology. The landmark Clean Air Act of 1970 did not take effect until 1972, but the electric power industry began taking steps to reduce pollution from power generation a decade earlier. In Impacts of the Clean Air Act on the Power Sector from 1938–1994: Anticipation and Adaptation (NBER Working Paper 28962), Karen Clay, Akshaya...
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    Article
    In a period of high uncertainty, shipping lines slowed the upgrading of their fleets and concentrated on a narrower and less-productive asset mix. A wave of Somali pirate attacks between 2009 and 2011 created substantial uncertainty for cargo shippers using the Suez Canal. In those three years, companies with ships sized to use the canal reduced their investment in new vessels by an estimated 38 percent, and reduced vessel retirements by 18 percent. The...

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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    Unemployment - Figure 1
    Article
    Author(s): Ayşegül Şahin
    Starting with Milton Friedman and Edmund Phelps, academics and policymakers have endeavored to measure a sustainable level of unemployment and the implications that deviations from this level have for inflation of prices and wages. This natural rate of unemployment, u*, is broadly defined as the unemployment rate at which, controlling for supply shocks, inflation remains stable. Long-run trends in the labor market and changes in inflation expectations make it hard to pin...
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    Article
    Two fundamental concepts in corporate finance are the net present value (NPV) rule and the Modigliani-Miller (MM) irrelevance proposition. When financial markets operate without frictions, when investors can trade securities that correspond to all relevant risks, when investors and managers share the same information, when incentives are aligned, and when there are no tax distortions, then corporate finance boils down to a valuation exercise and a simple investment decision...

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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    Article
    Two-thirds of private-sector workers in the US have access to an employer-sponsored defined contribution plan. Annual contributions to such plans by employers and employees are about $500 billion. Retirees will increasingly rely on defined contribution plan wealth to supplement Social Security and maintain living standards in retirement, due to the long-term shift in employer pension plans from defined benefit to defined contribution type plans. While employer-sponsored...
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    Article
    The Social Security Retirement Earnings Test (RET) applies to people before the full retirement age (FRA), which is age 67 for those turning 62 in 2022 and beyond. For individuals who claim retired worker benefits before the FRA, Social Security withholds benefits if earnings exceed a certain exempt amount. In 2021, the exempt amount is $18,960, although a higher amount applies in the year of attaining the FRA. Benefits are withheld at a rate of $1 for each $2 in earnings...

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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    Article
    Uncertainty about the risk of COVID-19 transmission from school reopenings has confounded educational decision-making during the pandemic. Research on this topic has been affected by research design complications and a lack of data. In Back to School: The Effect of School Visits during COVID-19 on COVID-19 Transmission (NBER Working Paper 28645), researchers Dena Bravata, Jonathan H. Cantor, Neeraj Sood, and Christopher M. Whaley overcome several of these challenges to...
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    Article
    What are the health consequences when patients reduce their use of prescribed medications in response to higher out-of-pocket costs? In The Health Costs of Cost-Sharing (NBER Working Paper 28439), researchers Amitabh Chandra, Evan Flack and Ziad Obermeyer use the distinctive out-of-pocket cost-sharing features of Medicare Part D to demonstrate that such reductions can increase mortality. Their analysis makes use of the fact that two 65-year-old Medicare enrollees with...

The Bulletin on Entrepreneurship

Introducing recent NBER entrepreneurship research and the scholars who conduct it Subscribe Free  
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    Article
    After the outbreak of COVID-19, more-experienced and higher-quality job applicants shifted from early-stage companies to the safety of more-established firms. Like investors who reallocate their portfolios toward safer assets during volatile times in financial markets, job seekers during the COVID-19 pandemic have shifted their focus from startup businesses to larger firms. During the pandemic, small and young entrepreneurial firms have had fewer job applicants —...
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    Article
    Analysis of a million firms founded between 2005 and 2010 finds that immigrants are more likely than native-born Americans to launch new enterprises of all sizes. In "Immigration and Entrepreneurship in the United States" (NBER Working Paper 27778), Pierre Azoulay, Benjamin Jones, J. Daniel Kim, and Javier Miranda show that compared with native-born Americans, immigrants play a larger role as employers than as employees. The researchers analyze data on more...
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