More than 2,800 researchers, hailing from 31 countries, traveled to Cambridge for the 48th annual NBER Summer Institute, which was held over three weeks in mid-July. The Summer Institute included 50 ...

This paper shows the key, yet overlooked, role played by the legacy of a high inflation history on the strength of the monetary policy response to inflationary shocks. To rationalize this, we propose ...

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 ...

Recent research finds that the shelter component of CPI inflation responds with a lag to movements in market rents—the rents that tenants pay when they move into a new dwelling. This paper seeks to ...

This paper tests the long-standing hypothesis that China's 1958 Four Pests Campaign, which exterminated sparrows despite scientists’ warnings about their pest-control role, exacerbated the Great ...

Using a large and representative panel of U.S. brokerage accounts, we show that retail investors trade as contrarians after large earnings surprises, especially for loser stocks, and that such ...

As geopolitical tensions intensify, great powers often turn to trade policy to influence international alignment. We examine the optimal design of tariffs in a world where large countries care not ...

Our findings indicate that self-image is at most 19.3% as important as social-image. Additionally, we document substantial heterogeneity in the strength of these preferences across individuals and ...

We implement five different tests of whether grand juries, which are drawn from a representative cross-section of the public, discriminate against Black defendants when deciding to prosecute felony ...

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 ...

We use a novel dataset of production costs, wholesale prices, and retail prices from a large global manufacturer to study markups and pricing behavior along the supply chain. We document several facts ...

This paper explores whether misperceptions about air pollution contribute to environmental inequality in the United States. We use a two-part survey experiment to elicit respondents' beliefs about ...