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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
How do majority groups respond to a narrowing of inequality in racially polarized environments? We study this question...
- Working Paper
Two in five Americans have medical debt, nearly half of whom owe at least $2,500. Concerned by this burden,...
- Working Paper
During the COVID-19 pandemic, the federal government issued stimulus checks and expanded the child tax credit. These...
- Working Paper
In 2018, California voters rejected Proposition 6, a ballot initiative that sought to repeal state gasoline taxes and...
- Working Paper
Measuring average differences in an outcome across racial or ethnic groups is a crucial first step for equity...
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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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     Supply Chain Disruptions and Pandemic-Era Inflation Primary Figure
    Article
    The COVID-19 pandemic led to major disruptions in global supply chains. In The Causal Effects of Global Supply Chain Disruptions on Macroeconomic Outcomes: Evidence and Theory (NBER Working Paper 32098), Xiwen Bai, Jesús Fernández-Villaverde, Yiliang Li, and Francesco Zanetti analyze container ship data to measure these disruptions and investigate how they affected inflation during and after the pandemic.They find that the drop in inflation at the onset of the pandemic was...
    Household Portfolio Rebalancing and Equity Market Fluctuations figure
    Article
    How investors adjust their portfolios in response to movements in asset prices and other shocks is a key input to asset pricing models, yet data limitations mean there is relatively little evidence on these behavioral responses, particularly for high-net-worth households. In Asset Demand of US Households (NBER Working Paper 32001), Xavier Gabaix, Ralph S. J. Koijen, Federico Mainardi, Sangmin Oh, and Motohiro Yogo leverage a new dataset on households’ portfolios to explore...

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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    FowlieKnittel_Figure1_Final-01
    Article
    Launched in 2007, the NBER’s Environment and Energy Economics (EEE) Program brings together scholars working on environmental, energy, and natural resource economics. The EEE Program now has 126 affiliated researchers, 53 of whom share an appointment in another NBER program. EEE researchers have produced 740 working papers since the last program report in June of 2016. The EEE Program holds two regular annual meetings and several specialized meetings throughout the year....
    Chyn_Haggag_Figure1_Final-01
    Article
    Author(s): Eric Chyn & Kareem Haggag
    Segregation based on race and income is a defining feature of cities and schools across the United States. While Black Americans make up less than 14 percent of the overall population, the typical Black child lives in a neighborhood where Black families make up the majority of residents and attends a school where at least half their peers are also Black.1 These neighborhoods and schools also tend to have relatively high rates of poverty. Theory posits that segregation in...

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
    The Social Security Administration (SSA) convened its 2023 Retirement and Disability Research Consortium (RDRC) Meeting virtually on August 3–4. The meeting featured research funded through the NBER RDRC as well as through other RDRC centers based at Boston College, the University of Michigan, and the University of Wisconsin. Kilolo Kijakazi, Acting Commissioner of the SSA, provided welcoming remarks. She began by remembering Dr. William Spriggs, chair of the Department...
    Inter-state Variation in Disability Applications during the Pandemic figure
    Article
      The COVID-19 pandemic and its associated health and economic burdens have unfolded quite differently across states in the US. These differences are due to a variety of factors, including population density, socioeconomic status, health, and state policies. Variation across states in the timing and magnitude of the pandemic as well as in state characteristics and policies may have affected the dynamics of federal disability applications during this period. In...

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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    How Informative Are Risk-Adjusted Hospital Quality Measures? Figure
    Article
    Hospital quality indicators are intended to provide public information about differences in the quality of care across hospitals. The measures — such as 30-day mortality rates and 30-day hospitalization costs for admitted patients — are adjusted for the characteristics of each hospital’s patient population. In principle, these risk-adjusted indicators are not affected if a hospital treats especially unhealthy patients. If the risk adjustment is inadequate, however, the...
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    Article
    Cesarean section (C-section) is the most common surgical procedure performed in the United States. Sarah Robinson, Heather Royer, and David Silver report that C-section rates for first-time, singleton births increased from 24 percent to 32 percent between 1989 and 2017 alongside significant changes in medical practices during this period. In 2001, for example, the American College of Obstetricians and Gynecologists began recommending C-sections for breech...

The Bulletin on Entrepreneurship

Introducing recent NBER entrepreneurship research and the scholars who conduct it

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    Striking a Balance between Entrepreneurs and Investors figure
    Article
    In Do Entrepreneurs Want Control? And Should They Get What They Want? A Historical and Theoretical Exploration (NBER Working Paper 31106), Naomi R. Lamoreaux and Jean-Laurent Rosenthal develop a model of startup financing in which founders and outside investors compete for control of the firm. They apply their framework to study how companies’ outcomes, in particular subsequent innovations, are influenced by which group has the upper hand. The researchers find that no...
    C-Suite Differences: Public versus Privately Held Firms figure
    Article
    Private equity (PE) firms’ business model is to acquire privately held companies, to change their strategy and operations with the goal of improving profitability and growth, and ultimately to sell the companies for a profit. The senior management team is replaced at a majority of private equity acquisitions. More than 40 percent of PE firms report that this is a key way to improve their acquisitions’ success. In The Market for CEOs: Evidence from Private Equity (NBER...
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