During academic year 2024-25, the NBER is providing fellowship support for graduate students studying the economics of aging and health, behavioral macroeconomics, and consumer financial management.

We present a dynamic two-country model in which military spending, geopolitical dominance, and government bond prices are jointly determined. The model reflects three facts: hegemons enjoy a funding ...

Using newly-collected data on the near-population of U.S. STEM PhD graduates since 1950, we examine who funds PhD training, how many graduates are trained in areas of strategic national importance, ...

Current technological developments in a number of industries, such as the rise of artificial intelligence and innovations ...

While prior studies of language acquisition have focused on schools, we show the overwhelming influence of out-of-school learning. We identify the causal effect of subtitling in a ...

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Top income inequality in the United States has increased considerably within occupations. This phenomenon has led to a search for a common explanation. We instead develop a theory where increases in ...

Published Versions Majluf, Nicholas S. and Stewart C. Myers. "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have," Journal of Financial Economics, Vol.

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

Lab-in-the-field experiments, in which lab experiments are conducted in more naturalistic settings, are increasingly being implemented in developing country contexts. In this chapter, we outline the ...

This paper considers why fertility has fallen to historically low levels in virtually all high-income countries. Using cohort data, we document rising childlessness at all observed ages and falling ...

Theoretical rationales for employer-provided pensions often focus on their ability to increase employee effort and selectively retain quality workers. We test these hypotheses using rich ...