NBER Economy Full text
Emotional intelligence constitutes a key component of human capital, shaped partially by educational materials. Using machine learning and generative AI tools, we examine emotional content in public-school textbooks and…
NBER Economy Full text
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 of private money…
NBER Economy Full text
We introduce an open-source workflow that enables an LLM to reproduce, improve, and extend an economics article using the article’s published replication package. First, the workflow attempts to reproduce the original…
NBER Economy Full text
Why is there so much wage inequality within occupations? Why has the overall level of within-occupation wage inequality risen? Why is the rise concentrated in cognitive-intensive occupations, while inequality has fallen…
NBER Economy Full text
We study how aggregate financial conditions shape firm insurance and, through it, labor income risk. In a directed search model with dynamic wage contracts and two-sided limited commitment, firm insurance against…
NBER Economy Full text
Governments have long imposed minimum equity requirements on new corporations. Opponents view them as barriers to entry while proponents argue that they protect stakeholders from financially unviable businesses. We…
NBER Economy Full text
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 consider face…
NBER Economy Full text
We study whether investor voice can help address global externalities under fragmented regulation. In our setting, a multinational firm generates externalities across jurisdictions, national regulators face political…
NBER Economy Full text
We discuss how immigration affects identity, with implications for politics. We build on key insights from social psychology and their formalization in economics to derive predictions about how immigration changes both…
NBER Economy Full text
We examine whether early exposure to the teaching career has the potential to expand the size and diversity of new teacher supply. Exploiting the staggered expansion of high school education courses across Texas, we…
NBER Economy Full text
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 firms experience…
NBER Economy Full text
How big are the gains to international migration? How do they vary across migrants? We study these questions using linked administrative data for Austria and Germany, focusing on migrants who were steadily employed 2-4…
NBER Economy Full text
We show how fertility delays compound across generations to raise age at first grandmotherhood. Under the 1960 first-birth schedule median grandmotherhood came at 44. Under the 2024 schedule it is 57, cutting the…
NBER Economy Full text
A growing body of research shows that excessive heat increases the frequency of heat-related injuries at work. While interest in mitigating occupational risks from excessive heat is high, there is little evidence on…
NBER Economy Full text
This paper studies the transformation of American life insurance, the largest contractual savings institution in the United States before Social Security. As the market for insurance became national, did control over…
NBER Economy Full text
Why might firms make different claims in advertising both with respect to themselves and to rivals? I study how claims direct consumers to different customer experiences, and how prices change the available evidence…
NBER Economy Full text
Large financial intermediaries are more stable than small ones, and the largest are also the most geographically diversified. Whether that breadth is a source of stability or a byproduct of scale is difficult to…
NBER Economy Full text
China's rise as a major lender to emerging economies since the early 2000s has introduced a unique form of lender power: borrowers cannot default on the subsidized loans they receive, but may still face sudden rollover…
NBER Economy Full text
This paper studies the relationship between subjective expectations and the term structure of interest rates. Departing from rational expectations, we allow market participants to hold arbitrary beliefs about future…
NBER Economy Full text
Much of the existing research on the relationship between family structure and children’s outcomes has focused on average effects. Kearney and Levine (2017) instead proposed a heterogeneous framework in which the gap in…
NBER Economy Full text
Losses from natural disasters can be mitigated through investments in property protection, yet adoption of low-cost risk-reducing measures remains low. In wildfire-exposed areas, managing vegetation and other fuels next…
NBER Economy Full text
This paper estimates the causal effect of fertility on mothers’ work arrangements, with a particular focus on remote work. Using harmonized individual-level data from the American Community Survey (ACS) for the period…
NBER Economy Full text
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. First, most acquired…
NBER Economy Full text
Gender-neutral attitudes judge a behavior the same way regardless of whether a man or a woman does it. Yet surveys of gender attitudes typically ask respondents to evaluate statements about men's or women's behaviors in…
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