Heat pumps have been proposed as the leading technology in the electrification of domestic heat and therefore could play a crucial part in the transition to low-carbon energy systems. However, there ...

Recent research has uncovered large spatial heterogeneity in intergenerational mobility across neighborhoods in countries around the world. Yet there is little consensus on the reasons why mobility is ...

How should society allocate policy-making between the legislative and the executive branches of government? We analyze a model in which biased and polarized policymakers set policy in response to ...

This paper asks whether universal pre-kindergarten (UPK) raises parents' earnings and how much these earnings effects matter for evaluating the economic returns to UPK programs. Using a randomized ...

Autocracy 2.0, exemplified by modern China, is economically robust, technologically advanced, globally engaged, and controlled through subtle and sophisticated methods. What defines China’s political ...

In contrast with the APT’s foundational assumption of a low dimensional factor structure in returns, the AIPT conjectures that returns are driven by a large number of factors. We first verify this ...

Generative Artificial Intelligence (AI) is a potentially important new technology, but its impact on the economy depends on the speed and intensity of adoption. This paper reports results from the ...

This history of the Great Depression was prepared for The Cambridge Economic History of the United States. It describes real and imagined causes of the Depression, bank failures and deflation, the Fed ...

In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Retirement and Disability, ...

Using a randomized controlled trial we test how retail investors assess and update their priors based on different types of financial advice, which either aligns with their priors or goes against it.

We present new facts on cross-border shopping by Swiss households showing, for example, that prices of identical products are lower in neighboring countries, cross-border shopping shares fall with ...

We study the volunteer’s dilemma in environments with heterogeneous preferences and private information. We characterize the efficiency properties of equilibrium, which is a departure from all the ...