More than 2,700 researchers, hailing from 39 countries, traveled to Cambridge, MA for the 49th annual NBER Summer Institute in mid-July. The Summer Institute included 49 distinct workshops arranged by ...

We develop a quantitative sovereign default model featuring a large senior lender with whom borrowing terms are negotiated. Obtaining more net financing from the market strengthens the government’s ...

We study Louisiana’s 2019 Medicaid subscription model for hepatitis C (HCV), the first example of a U.S. state employing a two-part tariff to secure unlimited access to curative medicines. Using a ...

Evidence that domestic outsourcing lowers pay comes largely from on-site transfers, in which workers move to a contractor but keep the same jobs. Displacement is rarely observed: whether workers lose ...

This study examines the persistence of fertility-related health problems across generations within the same family, and the utilization of assisted reproductive technologies (ART). Using comprehensive ...

Behavioral interventions have become central to modern public policy, but their empirical promise remains contested because estimated treatment effects often appear small. We argue that a policy ...

The eurozone is a monetary union without a fiscal union: Each national central bank is ultimately backed by its own government. When the European Central Bank (ECB) engages in cross-border lending or ...

Tariffs raise the prices of goods made at home, not just the imports they tax—an effect that standard pass-through estimates largely miss. Studying the 2025 U.S. tariffs, we find that about 26 percent ...

When private capital markets freeze during wars and financial crises, who keeps cross-border credit flowing? Often, it is governments themselves. In States as Financiers: International Lending in War ...

While overall effects on graduation rates are small and statistically insignificant, exploratory analyses reveal notable variation by site and over time, mirroring heterogeneity in treatment timing ...

This article provides an overview of the literature on financial literacy. It covers the initial measurement that created the Big Three questions and measures of personal finance knowledge featuring ...

This paper focuses on the central role of civil service protections in delineating the boundary between politics and administration. I introduce a simple principal-agent framework to discuss the key ...