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
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Working Paper
The neo-Fisher effect and the central bank information (CBI) effect produce similar outcomes: under both, a monetary...
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Working Paper
This paper examines the impact of industrial policies (IPs) on innovation in the global automobile industry. We...
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Working Paper
This paper examines the evolving structure and competition dynamics of the rapidly growing market for foundation...
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Working Paper
Minimum tax rules constrain only the lowest-tax jurisdictions. Because higher minimum tax rates expand the circle of...
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Working Paper
We develop a credit market competition model that distinguishes between the information span (breadth) and signal...
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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.
Article
The traditional 30-year, fixed-rate, nonassumable mortgage used by most home buyers in the United States can create strong disincentives to move when interest rates rise. In Household Mobility and Mortgage Rate Lock (NBER Working Paper 32781), Jack Liebersohn and Jesse Rothstein find that rising rates in the last three years have discouraged mobility for homeowners with fixed-rate mortgages. Because rising interest rates have increased the costs of obtaining a new...
Article
Since World War II, the Federal Reserve’s most effective campaigns against inflation have been characterized by clear-cut goals, a willingness to accept higher unemployment, and a refusal to give up prematurely.In Lessons from History for Successful Disinflation (NBER Working Paper 32666), Christina D. Romer and David H. Romer study nine attempts by the Federal Reserve between 1946 and 2016 to put the brakes on inflation. They investigate what made some efforts more...
The Reporter
The Reporter is a free quarterly publication featuring program updates, affiliates writing about their research, and news about the NBER.
Article
Author(s):
It is an honor to be here today; I owe my love of economics to the Bureau as well as my many friends and colleagues. Marty [Martin] Feldstein was one of the people who made it such a special place. I enjoyed seeing him around the Bureau, learning public finance from him, and briefly serving as his research assistant. I’d sit in his office, in awe of his incredible intellect and economic insights, and be completely distracted by the hilarious cartoons he had framed...
Article
Author(s):
In the process of human development, what happens in the early years — including the first thousand days after conception — is of key importance for determining life-cycle outcomes. Early outcomes, however, are not fixed at birth or determined exclusively by genetics; they are influenced by a variety of factors, including parental behaviors, the environments children live in, and policy interventions. Furthermore, human development is a multidimensional process, with...
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.
Article
Social Security Disability (SSD) program beneficiaries, like other consumers, have been negatively affected by inflation over the past several years. In a survey from June of 2023, more than half (59 percent) of SSD program beneficiaries reported higher prices for the disability-related goods and services they need to purchase, and more than one-quarter reported reducing food spending to cover disability-related costs, Zachary Morris and Stephanie Rennane found in...
Article
Despite the US’s well-established banking system, a significant share of the population has limited access to basic financial services that facilitate saving, investing, and preparing for retirement. In Financial Inclusion, Inequality, and Retirement Trends among Older Workers (NBER RDRC Paper NB22-16), Isaac Marcelin and Wei Sun study how financial inclusion affects household wellbeing.The researchers use data from the Bureau of Economic Analysis and the Health and...
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.
Article
In the Netherlands, there are striking socioeconomic differences in mortality among older adults, with a 4.4 percentage point (67 percent) higher five-year mortality rate for 70-year-old individuals with below-median income than for those with above-median income. To better understand the role of chronic disease in these health disparities, Kaveh Danesh, Jonathan T. Kolstad, William D. Parker, and Johannes Spinnewijn develop an index of chronic disease burden in The Chronic...
Article
Tiny, inhalable particles known as fine particulate matter (PM2.5) are a primary component of wildfire smoke and are detrimental to human health. Since smoke can drift hundreds of miles from its source, exposure to these pollutants is widespread: wildfire smoke accounts for about 18 percent of the ambient PM2.5 concentrations affecting the US population. In The Nonlinear Effects of Air Pollution on Health: Evidence from Wildfire Smoke (NBER Working Paper 32924), Nolan H...
The Bulletin on Entrepreneurship
Introducing recent NBER entrepreneurship research and the scholars who conduct it
Article
Sociologists have argued that “third places” like cafés, which provide opportunities for individuals to socialize and exchange ideas outside of home and work, improve neighborhood life. But what about the relationship between such places and economic activity? In Third Places and Neighborhood Entrepreneurship: Evidence from Starbucks Cafés (NBER Working Paper 32604), researchers Jinkyong Choi, Jorge Guzman, and Mario L. Small use data on US business...
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In Stock Market Wealth and Entrepreneurship (NBER Working Paper 32643), Gabriel Chodorow-Reich, Plamen T. Nenov, Vitor Santos, and Alp Simsek evaluate the relationship between the performance of a household’s stock market portfolio and the likelihood that someone in that household launches an entrepreneurial venture. They analyze administrative data from Norway’s shareholder register and compute the holdings of every Norwegian household in all...
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