“Leaning against the wind” (LAW), that is, tighter monetary policy for financial-stability purposes, has costs in terms of a weaker economy with higher unemployment and lower inflation and possible ...

A central organizing framework of the voluminous recent literature studying changes in the returns to skills and the evolution of earnings inequality is what we refer to as the canonical model, which ...

Recent stories of soaring student debt levels and under-placed college graduates have caused some to question whether a college education is still a sound investment. In this paper, we review the ...

We document and characterize a new history of U.S. federal-level industrial policies by scanning all 12,167 Congressional ...

With the diffusion of LLMs between 2022 and 2025, new book releases have tripled, raising a question of AI's impact on book quality. We develop a ratings-based usage measure that is comparable across ...

John Y. Campbell and Kaye Husbands Fealing, editors. The US higher education sector faces numerous economic challenges, including the stagnating number of college-age domestic students, geographic ...

We investigate the effect of term limits on female political representation. Using data from Philippine municipalities where strict term limits have been in place since 1987, we show that term limits ...

Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, ...

When should a government provide a service inhouse and when should it contract out provision? We develop a model in which the provider can invest in improving the quality of service or reducing cost.

Based on a sample of 104 countries, we document four key stylized facts regarding the interaction between capital flows, fiscal policy, and monetary policy. First, net capital inflows are procyclical ...

We examine the effect of consumer reviews on relative sales of books on Amazon.com and BarnesandNoble.com. We find that 1) reviews are overwhelmingly positive at both sites, but there are more reviews ...

Since 2006, U.S. households have received more than $18 billion in federal income tax credits for weatherizing their homes, installing solar panels, buying hybrid and electric vehicles, and other ...