This paper quantifies the environmental externalities associated with electricity consumption by data centers in the United States, focusing on damages from local air pollution and greenhouse gas (GHG ...

Following a call for nominations in January, the NBER has appointed 65 new affiliates: 16 Research Associates and 49 Faculty Research Fellows. In addition, two Faculty Research Fellows have been ...

We study consumer demand for savings, life insurance, annuities, and long-term care insurance using novel survey data and a structural life-cycle model. We document that individuals perceive ...

We study the macroeconomic effects of tariff policy using U.S. historical data from 1840–2024. We construct a narrative series of plausibly exogenous tariff changes – based on major legislative ...

This paper examines the impact of early childcare on academic achievement for children in grade 5 and grade 9, based on a 2003 policy expansion that created quasi-random variation in slot availability ...

Can active choice mitigate the effects of preset defaults? We study this question using a difference-in-differences design around the rollout of the EU’s Digital Markets Act, which required iOS and ...

We also show that regulations are more business friendly in richer than in poorer countries, and that holding initial regulatory levels constant, richer countries also reform more. We present a model ...

This paper documents that the age at which CEOs are appointed has risen sharply over the past several decades. Using newly assembled data covering a wide set of firms, we show that this increase is ...

As part of the comprehensive Construction Re-engineering Initiative at the U.S. Census Bureau, alternative data sources are being considered to supplement or replace current data collection methods.

This paper analyzes a central colonial institution: the monopolization of foreign trade through exclusive trading companies. We interpret this arrangement as an economic institution that creates a ...

Stable Are LLM Occupational Exposure Scores? Evidence from Multi-Model Replication," NBER Working Paper 35110 (2026), ...

We argue that the relative price of materials is an important determinant of the labor share of income. When materials and primary inputs are complements and the profit share is positive, a higher ...