More than 2,700 researchers, hailing from 39 countries, traveled to Cambridge, MA for the 49th annual NBER Summer Institute in mid-July. The Summer Institute included 49 distinct workshops arranged by ...

We document that firms with high price-earnings ratios tend to see increases in their subsequent earnings relative to sales, which we interpret as rents from ideas (innovation). We construct an ...

We examine how prenatal exposure to air pollution interacts with gender-biased parental investments to shape long-run cognitive performance. Using nationally representative survey data from China, we ...

Macroeconomics tends to view exchange rate movements as transitory. However, persistent exchange rate realignments and the associated capital flows can have long-run implications for structural change ...

Ten states implemented Supplemental Nutrition Assistance Program (SNAP) Food Restriction Waivers to restrict purchases of sugary beverages with SNAP funds for the first time in program history in 2026 ...

Following the global financial crisis (GFC), regulators made it harder for banks to retain leveraged loan exposure. We conjecture their actions increased the share of leveraged loan issuances with no ...

The existence of aggregate welfare gains from trade is one of the classic insights from international economics. However, these conventional welfare gains are static, in the sense that they take ...

What ultimately supports the market value of U.S. government debt? We measure valuation frameworks: the perceived channels that back debt value. We survey bond investors, registered voters, and ...

Gender disparities in becoming a CEO are pronounced, and women who become CEOs, especially of large firms, are less likely to have children or be married. We study the effects of children and marriage ...

We use newly digitized records for 1.2 million students at 60 co-educational U.S. colleges, 1915–1943, linked to enrollment records for their children through 1963, to study how colleges shape marital ...

We use a sample of administrative payroll data covering a large and nationally representative share of U.S. workers to study how wages adjusted during the recent inflation period. Most firms apply a ...

We study how extended stockholder liability shaped bank resolution during and after the Panic of 1893, comparing California state banks (unlimited liability) with national banks (double liability).