Immune checkpoint inhibitors (ICIs) are immunotherapy drugs that mobilize the patient’s immune system to detect and attack cancer cells. They are considered a breakthrough development in cancer care, ...

Evidence from Nursing Home Room Assignments (NBER Working Paper 34538), Alden Cheng and Martin B. Hackmann use data spanning 2000 to 2010 from the Centers for Medicare & Medicaid Services to examine 2 ...

We examine the historical frequency of stock market booms, crashes, and bubbles in the United States from 1792 to 2024 using aggregate market data and industry-level portfolios. We define a bubble as ...

While economic theory suggests various possibilities, empirical evidence on the distribution of tariff burdens across the supply chain, from producers through distributors to retailers, is limited.

First, are macro shocks large enough to alter the course of the economy? Second, are they large enough to materially impact economic welfare? Lucas and many others have addressed these issues, but do ...

As the economy emerges from a crisis, macroeconomic policy confronts a dilemma: a protracted stimulus can foster a more inclusive labor market recovery, yet risks igniting inflation that ultimately ...

This paper studies how minimum wage policy affects firms’ adoption of automation technologies. Using both state-level measures of robot exposure and novel plant-level data on industrial robot imports ...

Improving education and labor market outcomes for low-income students is critical for advancing socioeconomic mobility in the United States. We use longitudinal data on five cohorts of 9th grade ...

A central insight from neoclassical economics is that international trade operates like an improvement in production technology. It generates mutual aggregate welfare gains for countries as a whole, ...

Agricultural soils represent one of the largest underutilized opportunities for climate mitigation through land-based carbon sequestration. This study analyzes how farmers make long-term decisions ...

The CHIPS and Science Act generated approximately 15,000 direct semiconductor jobs and twice as many indirect jobs in affected counties. The study applies two difference-in-differences research ...

Variation in the quality of financial accounting reporting can explain more than 10 percent of the dispersion in productivity across private US firms.