This paper studies how judicial ideology shapes financial markets' expectations about the macroeconomy. We use unexpected deaths of U.S. Supreme Court Justices as quasi-experimental shifts in the ...

Pension funds are long-horizon investors with predictable liability structures. As such, they are often perceived as investors who can provide liquidity and stabilize markets. However, pension funds ...

Many public policies aim to support (or change the behavior of) a specific, targeted sub-group of the population. To measure the causal impacts of such policies, social scientists use ...

The NBER Board of Directors appointed 35 Research Associates at its September 2026 meeting. Research Associates must be tenured faculty members at North American colleges or universities; their ...

Mark Mason, Jack Porter, and Mark Wolfson were elected to the NBER Board of Directors at the Board’s September 28 meeting.

We analyze the academic affiliations of nearly 6,000 award-winning researchers in 18 major fields in the natural sciences, engineering, and social sciences from the 1820s to the 2020s, focusing on the ...

We use newly linked IRS data to study how US multinationals use tax-planning structures that exploit mismatches between US and foreign tax laws. In 2016, these structures accounted for 36% of foreign ...

Several countries are adopting social media bans for teenagers, yet early evidence suggests limited adherence to the age-based restrictions. Such bans ask platforms to remove profitable customers and ...

Stressful events are associated with long-term adverse health impacts, but the causal mechanisms linking exposures to disease remain poorly understood. One mechanism is persistent changes to hormonal ...

Using two large national U.S. insurance claims databases and a novel natural experiment, we assessed differences in prevalence of ADHD and autism among children whose gestational periods were impacted ...

The Opportunity Zone (OZ) program, created under the 2017 Tax Cuts and Jobs Act, represents one of the largest place-based economic development initiatives in US history. It offers substantial capital ...

I find no evidence of significant outmigration or reduced inflows of startup founders or inventors. I estimate that absent any outmigration, wealth tax revenues would have increased by 75% from 2021 ...