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Research

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
Products with negative externalities are often subject to regulations that limit competition. The single-product case...
- Working Paper
Many central banks whose exchange rate regimes are classified as flexible are reluctant to let the exchange rate...
- Working Paper
The key purpose of corporate finance is to provide methods to compute the value of projects. The baseline textbook...
- Working Paper
Most research on the CEO labor market studies public company CEOs while largely ignoring CEOs in private equity (PE)...
- Working Paper
Author(s): Pol Antràs
I develop a stylized model of multi-stage production in which the time length of each stage is endogenously determined...
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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
    In the two decades since US service members first deployed to Iraq and Afghanistan, the suicide rate for veterans, adjusted for age and gender, has risen nearly twice as quickly as that for nonveterans. Inflation-adjusted disability compensation per veteran has more than quintupled, reaching an average of $4,700 in 2021. A new study using data on the cohorts of military recruits between 2001 and 2011 challenges the widely held belief that these developments, and...
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    Article
    Between 2019 and 2022, the share of index funds with an environmental, social, and governance (ESG) mandate nearly doubled, from 3 percent to 5 percent. ESG mandates instruct funds to consider the environmental and social consequences of potential investments in addition to their expected financial returns. Many financial intermediaries, boards of directors, and corporate executives are acting as if their investors value ESG, but without quantifying the premium...

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 number 4 Figure 1 report
    Article
    Author(s): Kitt Carpenter
    The NBER Health Economics Program has historically studied the determinants and consequences of differences in health outcomes, with a focus on education, health insurance coverage, obesity, and risky behaviors such as smoking and drinking. Since the last program report, in 2015, the program has evolved in several important ways. Most notably, Michael Grossman, distinguished professor emeritus at the City University of New York’s Graduate Center, stepped down from directing...
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    Article
    Author(s): Sabrina Howell
    The importance of innovation to job creation and economic growth — especially in young, high-growth firms — is widely accepted among economists as well as members of the business and policy communities. There is also a recognition that, at least at some times or in certain settings, the private sector underinvests in innovation, creating an opportunity for the public sector to step into the breach. The longstanding problem is how. What tools are most effective? There...

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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    family leave - 30739-01
    Article
    The US is one of the few countries worldwide that does not have a federal paid family leave (PFL) policy. In the absence of a federal policy, some states have adopted PFL policies, starting with California in 2004 and now including 11 states and the District of Columbia. These PFL policies provide paid time off for workers who need to care for a newborn or a newly adopted child (parental leave) or for an ill or temporarily disabled family member (caregiving leave)....
    medicaid - 22-04-01
    Article
    Recipients of Social Security Disability Insurance (SSDI) are eligible for Medicare two years after they become eligible for cash benefits. However, traditional Medicare has substantial cost-sharing and premiums — Medicare Part B premiums amount to over 10 percent of the average monthly SSDI benefit, and coinsurance for physician and other health care services can be as much as 20 percent, with no annual limit on out-of-pocket expenses. While private supplemental plans (...

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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    Medicaid coverage for prenatal care has expanded considerably in recent decades. But in many states, undocumented immigrants remain ineligible for this coverage. This exclusion is consequential because one in thirteen births in the United States is to an undocumented immigrant. In Covering Undocumented Immigrants: The Effects of a Large-Scale Prenatal Care Intervention (NBER Working Paper 30299), researchers Sarah Miller and Laura Wherry evaluate the effects of...
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    Article
    Following a hospitalization, about one-fifth of Medicare beneficiaries are discharged to skilled nursing facilities (SNFs). These facilities provide short-term care for recovery from a procedure — such as a hip replacement — or a medical event — such as a stroke. The average length of stay is 45 days; at a cost to Medicare of about $470 per day, this care accounts for approximately 8 percent of Medicare’s spending. In Producing Health: Measuring Value Added of Nursing...

The Bulletin on Entrepreneurship

Introducing recent NBER entrepreneurship research and the scholars who conduct it Subscribe to the Free Bulletin on Entrepreneurship
    The graph is a bar chart titled "Spillovers to Neighboring Startups by Proximity and Access to Common Areas."    It shows the percentage point increase in the probability of startups adopting peer web technology by physical proximity to neighboring startups and whether startups have access to a common area shared with another startup.  For startups within 20 meters of each other, and for those both with and without a common area, the increase in probability is between around 3 and 3.5 percentage points. How
    Article
    Startups located in coworking hubs can benefit from knowledge spillovers from their startup neighbors.  In (Co-)Working in Close Proximity: Knowledge Spillovers and Social Interactions (NBER Working Paper 30120), Maria P. Roche, Alexander Oettl,  and Christian Catalini find that knowledge spillovers are greatest among startup workers who socialize but are in moderately dissimilar enterprises. The researchers studied one of the five largest technological...
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      Job seekers are more interested in working for startups funded by successful venture capitalists than for those whose investors lack positive track records, holding startup quality constant, Shai Bernstein, Kunal Mehta, Richard R. Townsend, and Ting Xu find in Do Startups Benefit from Their Investors’ Reputation? (NBER Working Paper 29847). If a highly successful investor had a stake in a startup that was posting a job on the AngelList Talent job search...
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