Lauren Cohen, David Kim and Eric So received a Best Paper Prize from the Eastern Finance Association Meetings. Cohen, with ...

Most US innovation stems from firms that operate R&D facilities in many local markets. IBM and Google are two prominent examples, with R&D activities—measured by patenting—in approximately 70 and 20 ...

Shifting from realization-based to accrual-based taxation of the gains on founders’ equity would dilute the stakes of those who succeed but also provide some insurance to those who fail. To evaluate ...

Nominal interest rates have real effects. Residential mortgages and other real world debt contracts require a sequence of constant nominal payments. Combined with payment-to-income constraints, these ...

To study this, we extend the DeGroot model by introducing an AI aggregator that trains on population beliefs and feeds synthesized signals back to agents. We define the learning gap as the deviation ...

Keane, "Amortized Inference for Correlated Discrete Choice Models via Equivariant Neural Networks," NBER Working Paper 35037 (2026), ...

Americans. Nowadays, about half of the gap in hours worked has reversed. To evaluate the convergence of working hours, we develop a tractable model of labor supply enriched with multiple sources of ...

The NBER Macroeconomics Annual seeks to bring together the latest research on important and policy-relevant topics in macroeconomics. The span of research includes applied theory as well as empirical ...

The NBER Project on the Economics of Digitization provides new insights on the economic impact of the digitization of both commercial and personal activities, including the rise of digital media and ...

NBER's Training Program in Aging and Health Research, funded by the National Institute on Aging and NBER, under the direction of Professors Amy Finkelstein and David Cutler, gives outstanding ...

This project advances the knowledge base associated with asset allocation and risk assessment for long-term investors and builds a research community interested in studying these questions. The ...

We develop a new approach to estimating earnings, job, and employment dynamics using subjective expectations data from the NY Fed Survey of Consumer Expectations. These data provide beliefs about ...