The Development of the American Economy (DAE) program was one of the first research programs launched by Martin Feldstein in ...

The International Trade and Investment (ITI) Program holds three regular meetings annually, in winter, spring, and at the NBER Summer Institute. The ITI Program has 85 research associates, 11 faculty ...

This disagreement reflects a 60-year history of misapplication of the neoclassical theory of investment to interpret empirical work and guide policy analysis. In this article I reconsider the ...

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 ...

We develop and quantify a novel growth theory in which economic activity endogenously shifts from material production to quality improvements. Consumers derive utility from goods with differing ...

Firms offering “buy now, pay later” (BNPL) point-of-sale installment loans with minimal underwriting and low interest have captured a growing fraction of the market for short-term unsecured consumer ...

New research by NBER affiliates, circulated prior to peer review for discussion and comment. NBER Working Papers may not offer policy recommendations or normative judgments about policies, but may ...

U.S. and European banking institutions were hit by a wave of distress in March 2023. Policymakers on both sides of the Atlantic reacted with an array of interventions, some targeting individual ...

This paper considers a firm that must issue common stock to raise cash to undertake a valuable investment opportunity. Management is assumed to know more about the firm's value than potential ...

We explore the effects of physical and regulatory risks related to biodiversity loss on economic activity and asset values. We first develop a news-based measure of aggregate biodiversity risk and ...

We study the forces behind Google’s large web-search market share. We develop a demand model with switching costs, quality beliefs, and inattention, and estimate it using a field experiment. We find ...

Using China's expansion of the high-speed rail system (HSR) as a quasi-natural experiment, we analyze the comprehensive vehicle registration data from 2010 to 2023 to estimate the causal impact of HSR ...