A range of firms who would have otherwise priced above the tax notch lower prices, implying a source of terms of trade gains for the country imposing de minimis. The empirical analysis identifies the ...

Healthcare fraud imposes a sizable cost on U.S. public healthcare budgets and distorts health care provision. We examine the economics of health care fraud and enforcement using theory and data and ...

In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the ...

Naloxone claims increased the most among consumers facing the lowest out-of-pocket costs, including Medicare and Medicaid beneficiaries. The researchers conclude that, while the combination of ...

We study the role played by Chinese state–owned firms during the US–China trade war. Based on measures constructed from Chinese firm–level customs microdata, we show that the presence of state–owned ...

Treasury markets respond to the news in CBO cost estimates of individual bills about the future funding requirements from pending legislation. Treasury yields increase on days with major ...

The model has multiple rational expectations equilibria; we associate certain Pareto inferior equilibria with liquidity crises. The government can improve welfare by acting as a “market-maker of last ...

The prospect for electric vehicles (EVs) as a climate change solution hinges on their widespread adoption across political lines. This paper uses county-level data to show that from 2012-2023, about ...

How does early educational quality affect longer-term academic outcomes? We shed light on this question via a natural experiment in the Philippines—the implementation of a mother tongue education ...

Defensive hiring of researchers by incumbent firms with monopsony power reduces creative destruction. This mechanism helps explain the simultaneous rise in R&D spending and decline in TFP growth in ...

We model the competition between digital forms of fiat money and private digital money (PDM). Countries strategically digitize their fiat money — upgrading existing or launching new payment systems ...

Given the ubiquitous presence of endogenous regressors and the challenges in finding good instruments to overcome the endogeneity problem, a forefront of recent research is the development and ...