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The Digest

17th Annual Martin Feldstein Lecture, 2025: The Fiscal Future
Article
Author(s): N. Gregory Mankiw
N. Gregory Mankiw1It is a great honor and delight to deliver this year’s Feldstein Lecture. I was never one of Marty’s students—I was educated not at Harvard, but at Princeton and MIT. Yet Marty nonetheless had a profound influence on my life and career.As a freshman at Princeton in 1977, I took introductory microeconomics from the superb teacher Harvey Rosen, who later hired me to be his research assistant. Harvey was a recent PhD student of Marty’s, so even though I did...
Global Value Chains: A Firm Level Approach
Article
Author(s): Pol Antràs, Teresa C. Fort & Felix Tintelnot
Global value chains have come under severe scrutiny in the past few years. Pandemic-era shortages, geopolitical concerns, and new industrial strategies have all revived an old worry: have firms become too dependent on a handful of foreign suppliers and assembly hubs? Should governments use policy tools such as tariffs or subsidies to promote domestic manufacturing employment and capabilities?The heart of this debate centers around a firm’s decisions about whether and how to...

The Reporter

Program Report: Development of the American Economy
Article
Author(s): Leah Platt Boustan & William J. Collins
The Development of the American Economy (DAE) program was one of the first research programs launched by Martin Feldstein in 1978 when he formalized the modern structure of the NBER.The mission of the program is to research historical aspects of the American economy. Its members are economic historians whose specific interests span many subfields within economics, including macroeconomics, labor economics, finance, political economy, trade, and industrial organization....

Collusion in Public Procurement
Article
Author(s): Sylvain Chassang & Kei Kawai
In both developed and developing countries, annual spending on public procurement averages about 12 percent of national GDP. The efficiency of public procurement can have a long-run impact on the growth and productivity of countries. A major challenge in achieving efficiency, however, is the possibility of collusion among suppliers. Collusive agreements increase prices, leading to wasted tax dollars or, in the case of developing countries, wasted foreign aid. These...

The Bulletin on Health

Health Status and Work Capacity Remain High at Older Ages, Especially for Educated Adults
Article
Proposed increases in the eligibility age for retirement benefits raise questions about the health status of older adults and their ability to continue working beyond current retirement ages. In Trends in Work Capacity in the US Population: Are Recent Cohorts in Worse Health? (NBER Working Paper 33733), David M. Cutler, Ellen Meara, and Susan Stewart describe the age profile of health status for older adults in the US, how it has changed across cohorts, and how it differs...

Medicaid’s Lifesaving Effects on Low-Income Adults
Article
Lower-income adults in the US are more likely to lack health insurance and to suffer worse health, a correlation that raises the long-standing question of whether health insurance affects health. In Saved by Medicaid: New Evidence on Health Insurance and Mortality from the Universe of Low-Income Adults (NBER Working Paper 33719), Angela Wyse and Bruce D. Meyer present new evidence on this question by evaluating the consequences of recent Medicaid expansions. The largest...

The Bulletin on Entrepreneurship

Underwriting Based on Cash Flow Helps Younger Entrepreneurs Access Credit
Article
Younger entrepreneurs are disadvantaged in small business loan markets because lenders rely heavily on personal credit scores, which favor long histories of repaying debt. In Modernizing Access to Credit for Younger Entrepreneurs: From FICO to Cash Flow (NBER Working Paper 33367), researchers Christopher M. Hair, Sabrina T. Howell, Mark J. Johnson, and Siena Matsumoto document this fact and show that younger entrepreneurs benefit from underwriting that...

The Gig Economy and Entrepreneurship
Article
The rise of platform-based work has transformed labor markets. Nearly 10 million Americans have participated in the gig economy over the past decade. This transformation may have important effects on entrepreneurship by allowing individuals to gain industry experience, encouraging experimentation, and lowering downside risks faced by founders.In Entrepreneurship and the Gig Economy: Evidence from US Tax Returns (NBER Working Paper 33347), researchers Matthew R. Denes, ...