Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage, ...

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 Retirement and Disability, ...

We show that leadership skill with artificially intelligent (AI) agents predicts leadership skill with human groups. In a large pre-registered lab experiment, human leaders worked with AI agents to ...

Household consumption and welfare are more strongly associated with lifetime income, but most countries base income taxes on current income and use progressive taxes to reduce inequality and provide ...

Probabilistic asset ownership can be further diluted by introducing intermediaries between the borrower and the creditor, leading to a new theory of financial intermediation and credit chains. We ...

One in seven Americans carry medical debt, with $88 billion reported on consumer credit reports. In April 2023, the three major credit bureaus stopped reporting medical debts below $500. We study the ...

Without financial regulations, low interest rates and more expansionary monetary policy may so encourage land speculation using leverage that productive capital investment and economic growth are ...

We show theoretically that portfolio holdings contain all relevant information for asset pricing, which can be recovered under empirically realistic conditions. Such guarantees do not exist for other ...

We measure the level and growth of education segregation in American workplaces from 2000 to 2020. American workplaces show an educational segregation, measured by the degree to which the ...

The slow adoption of climate change policies stems from concerns about their economic impact. The EU has led global carbon pricing through its Emissions Trading Scheme (ETS). This study examines the ...

We estimate an average CoI Discount of 39%, implying that conflicted papers are valued at just 61% of non-conflicted ones. We validate these survey-based estimates through three complementary ...

Three-quarters of this rise was concentrated in four localities – New York City, Chicago, Massachusetts, and Denver – where large inflows of new immigrants seeking asylum were housed in emergency ...