The rate of return to R&D investments is a key driver of research investments in both the public and private sectors. The ...

While economic theory suggests various possibilities, empirical evidence on the distribution of tariff burdens across the supply chain, from producers through distributors to retailers, is limited.

We examine the historical frequency of stock market booms, crashes, and bubbles in the United States from 1792 to 2024 using aggregate market data and industry-level portfolios. We define a bubble as ...

Immune checkpoint inhibitors (ICIs) are immunotherapy drugs that mobilize the patient’s immune system to detect and attack cancer cells. They are considered a breakthrough development in cancer care, ...

This paper studies how minimum wage policy affects firms’ adoption of automation technologies. Using both state-level measures of robot exposure and novel plant-level data on industrial robot imports ...

First, are macro shocks large enough to alter the course of the economy? Second, are they large enough to materially impact economic welfare? Lucas and many others have addressed these issues, but do ...

Evidence from Nursing Home Room Assignments (NBER Working Paper 34538), Alden Cheng and Martin B. Hackmann use data spanning 2000 to 2010 from the Centers for Medicare & Medicaid Services to examine 2 ...

The Vietnam draft conscripted hundreds of thousands of young Americans into an integrated military. I combine near-random draft lottery variation with administrative voter data to study the long-run ...

We design an online platform to connect unemployed job seekers with ‘buddies’: former job seekers who recently found employment. We focus on job seekers who search in occupations with poor prospects ...

While finance theory distinguishes the roles of equity and debt in supporting firm growth, their differential impacts on international trade remain underexplored. This study provides the first ...

Since different distortions imply different wedge properties, wedges provide a diagnostic to distinguish between models. We measure wedges using administrative transactions data linked to surveyed ...

A central insight from neoclassical economics is that international trade operates like an improvement in production technology. It generates mutual aggregate welfare gains for countries as a whole, ...