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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
Household surveys suffer from persistent and growing underreporting. We propose a novel procedure to adjust reported...
- Working Paper
In applied historical research, geographic units often differ in level of aggregation across datasets. One solution is...
- Working Paper
This paper examines the multigenerational impact of children and whether the public provision of formal childcare...
- Working Paper
Forestation is viewed as an important means of removing CO₂ from the atmosphere and thereby reducing net CO₂ emissions...
- Working Paper
We propose a unified theory of asset price determination encompassing both “conventional” and “alternative” asset...
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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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    War Bonds, Postwar Inflation, and Voter Sentiment
    During World War II, the US government, under Democratic Party leadership, encouraged citizens to invest in savings bonds, and over 85 million Americans subscribed. But high post-war inflation diminished the value of these bonds. The Republican Party criticized Democrats for the poor returns earned by bondholders. Running on a platform that promised to control inflation, the Republicans won the presidency in 1952, ending two decades of Democratic dominance. In Inflation, War...
    Measuring the Informal Economy, with a Literary Twist figure
    Novelist Victor Hugo offered insightful analysis of the underground economy in his 1862 novel Les Misérables: “when work is lacking, when the trade is nil, the taxpayer resists the tax by shortage, exhausts and exceeds the deadlines, and the State spends a lot of money in duress and enforcement fees. When work abounds … the tax is easily paid.” In Rethinking the Informal Economy and the Hugo Effect (NBER Working Paper 31963), Francesco Pappadà and Kenneth S. Rogoff develop a...

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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    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....
    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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    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
      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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     Drinking Water Contamination, Even at Low Levels, Affects Birth Outcomes
    The Safe Drinking Water Act regulates over 90 contaminants — such as lead and arsenic — in community water systems. These regulations establish maximum contaminant levels (MCLs) for each contaminant; levels that exceed MCLs are considered violations. However, even among water systems that meet regulatory standards, the levels of contaminants can vary. In Drinking Water Contaminant Concentrations and Birth Outcomes (NBER Working Paper 31567), researchers Richard DiSalvo and...
    Opening a PCI Facility Improves Heart Attack Outcomes, Especially for Black Patients figure
    In the aftermath of a heart attack, Black patients are less likely than White patients to receive percutaneous coronary intervention (PCI), a procedure that improves blood flow in the heart. They also have higher one-year mortality rates following heart attacks. In Do PCI Facility Openings Differentially Affect AMI Patients by Individual Race and Community Segregation? (NBER Working Paper 31626), Renee Y. Hsia and Yu-Chu Shen demonstrate that the opening of a new PCI-...

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
    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
    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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