Ex-ante, the government has incentives to delegate monetary policy to a central bank with an inflation targeting mandate. Ex-post, however, the government faces temptations to revoke the mandate to ...

Strands of the literature document four broad error sources: survey coverage, unit non-response, item non-response, and measurement error. Yet the absence of comparable error measures across sources ...

How much does pricing pollution cut aggregate emissions, and at what cost? We develop a microfounded equilibrium model of firm production and abatement that can be estimated from standard firm ...

Using a 330-basis-point benchmark for the rate-equivalent wealth benefit, the safe-debt margin—the difference between this benefit and marginal cost—fell from about 250 to 143 basis points. At the CBO ...

With complete-information bilateral bargaining in network settings, holdup is eliminated when contracts across the network are agreed atomically (all or none) via a smart contract. Applications ...

We derive four facts from experiments on the spillover effects of cash and in-kind transfer programs onto non-recipients: (1) average spillovers on consumption and asset value are negligible; (2) ...

The One Big Beautiful Bill Act (OBBBA, P.L. 119-21) eliminates the federal GradPLUS loan program for new borrowers effective July 1, 2026, replacing nearly two decades of uncapped federal graduate ...

State legislatures enacted numerous public-health laws during the twentieth century, most of which likely had negligible effects on mortality. Using data on the universe of state-level public-health ...

The economic burden of natural disasters is shaped by who is exposed, who experiences losses, how those losses alter individual economic trajectories, and how affected communities evolve in the ...

Local elected officials oversee critical infrastructure, often with limited electoral accountability. This paper studies how this distorts investment across California drinking-water systems. We ...

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, the Bulletin on the ...

AI-generated assessments of manuscripts could improve the quality of peer review, but sharing them with reviewers might decrease the information that editors possess about the manuscript. Human peer ...