The Tax Cuts and Jobs Act eliminated federal charitable giving incentives for roughly 20 percent of US income-tax payers. We study the impact of this on giving. Basic theory and our empirical results ...

The motherhood penalty is well-documented, but what happens at the other end of the reproductive spectrum? Menopause—a transition often marked by debilitating physical and psychological symptoms—also ...

Browser data from an approximately representative sample of individual investors offers a detailed account of their search for information, including how much time they spend on stock research, which ...

We examine the labor market effects of AI chatbots using two large-scale adoption surveys (late 2023 and 2024) covering 11 exposed occupations (25,000 workers, 7,000 workplaces), linked to matched ...

This summary reviews our recent work on detecting and tackling collusive behavior in procurement auctions. Historically, antitrust agencies have taken a reactive approach to cartels, initiating ...

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

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 ...

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 ...

We study a flexible class of trade models with international production networks and arbitrary wedge-like distortions like markups, tariffs, or nominal rigidities. We characterize the general ...

We analyze the impact of credit risk and higher interest rates on U.S. bank solvency, expanding on the work of Jiang et al. (2023). Our variation of their bank-run model demonstrates how credit losses ...

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 ...

We examine next-day newspaper accounts of large daily jumps in 19 national stock markets to assess their proximate cause, clarity as to cause, and geographic source. Our sample of over 8,000 jumps, ...