The NBER Board of Directors appointed 51 research associates, 49 of whom were promoted from faculty research fellows, at its September 2025 meeting. Two of the new appointees were former research ...

Global value chains have come under severe scrutiny in the past few years. Pandemic-era shortages, geopolitical concerns, and new industrial strategies have all revived an old worry: have firms become ...

We study migration in the right tail of the talent distribution using a novel dataset of Indian high school students taking the Joint Entrance Exam (JEE), a college entrance exam used for admission to ...

We use natality microdata covering the universe of U.S. births for 2015-2021 and California births from 2015 through February 2023 to examine childbearing responses to the COVID-19 pandemic. We find ...

Bank distress was a defining feature of the Great Depression in the United States. Most banks, however, weathered the storm and remained in operation throughout the contraction. We show that surviving ...

Junior Can’t Borrow,” Constantinides, Donaldson, and Mehra’s (CDM) three-period exchange model, eliminates borrowing by the young, and, consequently, all generations to resolve the equity premium ...

We compute the cross-country transfers that result from unconventional monetary policy in the Eurozone. The ECB funds the expansion of its aggregate balance sheet mostly by issuing bank reserves and ...

In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Health, and the Bulletin on ...

Immunotherapy is a breakthrough innovation in cancer care but is also among the most expensive treatments, with costs exceeding $150,000 per patient. We study the introduction of immune checkpoint ...

Multifaceted social protection programs in low-income countries often include both capital grants and informational and behavioral support on the premise that households face simultaneous and multiple ...

Satellite imagery and machine learning (SIML) are increasingly being combined to remotely measure social and environmental outcomes, yet use of this technology has been limited by insufficient ...

We examine evidence on the well-being and ill-being of the young for 22 countries in the Global Flourishing Study (GFS) 2022-2024 with the commonly used 12-component “flourishing” index and a new ...