We document that, after remaining almost constant for almost 30 years, real labor productivity at U.S. restaurants surged over 15% during the COVID pandemic. This surge has persisted even as many ...

How Do Researchers Become Affiliated Scholars? NBER affiliates are selected through a rigorous and competitive process that begins with a call for nominations each February. Program directors, with ...

Governments frequently use proxies for deservingness—tags—to implement progressive tax and transfer policies. These proxies are often imperfect, leading to misclassification and inequities among ...

Targeting distributional impacts is gaining importance in the design of environmental policy. To achieve this, policy makers are adopting advances in air transport models to predict the benefits of ...

The mergers we study – hospital acquisitions of physician practices – have reshaped the $1 trillion US physician industry, nearly doubling the share of physicians working for hospitals between 2008 ...

This paper evaluates Laffer curves produced by reforms to nonlinear income taxes, focusing on individual taxpayers. A reform puts a taxpayer on the “wrong” side of the Laffer curve if it increases ...

We examine how interbank wholesale funding shapes the transmission of interest-rate-based monetary policy in China and contributes to systemic risk. Using a bank-level quarterly panel dataset and an ...

The attendance rate at religious services is an important variable for the sociology and economics of religion, but long-term and global data are scarce. Retrospective questions from the International ...

Empirical research in the social and medical sciences frequently involves testing multiple hypotheses simultaneously, increasing the risk of false positives due to chance. Classical multiple testing ...

We construct new population-level linked administrative data to study households' access to credit in the United States. These data reveal large differences in credit access by race, class, and ...

The integration of algorithmic trading with reinforcement learning, termed AI-powered trading, is transforming financial markets. Alongside the benefits, it raises concerns for collusion. This study ...

Hence, a manager who wants to maximize her EPS (earnings per share) should only invest in accretive projects that have income yields above the firm’s cheapest financing option. This is the max EPS ...