Karen Mills was elected Chair of the NBER’s Board of Directors, and Douglas Peterson was elected Vice Chair, at the board’s ...

This paper reviews Japanese monetary policy over the last two decades with an emphasis on the experience of deflation from the mid-1990s. The paper is quite critical of the conduct of monetary policy, ...

Yet evidence shows that households hold heterogeneous subjective models---distinct beliefs about how macroeconomic variables interact. As a result, identical shocks or policies may elicit different ...

We measure how artificial intelligence (AI) affects the economy through its impact on software engineering productivity. We use information from financial markets to develop a forward-looking measure ...

This study examines a housing program that created affordable infill developments on formerly vacant, abandoned, or disinvested properties in Savannah, Georgia. Savannah is a major economic hub ...

This paper uses the history of private money to assess the conditions under which stablecoins could function safely at scale and what their growth may imply for U.S. monetary power. Historical systems ...

We consider official and alternative data sources for measuring and projecting the role of U.S. manufacturing in the global semiconductor manufacturing industry. We find that the government sources we ...

This paper documents large indirect mortality impacts of climate change. Exploiting natural global temperature variability, we find that 1°C of warming increases annual mortality by 2.5 deaths per ...

We investigate how limiting interest deductibility under the 2017 TCJA shapes corporate innovation. Using alternative identification strategies, we show that, relative to unaffected firms, affected ...

We study optimal tariffs in a model consistent with these facts. Firms pay a fixed cost to import and charge markups that increase with size. Market power implies that importers are too few and too ...

This paper examines innovation outcomes before and after 1,200 startup acquisitions by eight major technology firms. Linking patent and workforce data to these deals, we document four main findings.

We explore the historical link between populist regimes, fiscal monetization, and inflation, and how these links affect monetary policy in the 21st century. Using data for a large set of advanced ...