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 ...

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 ...

Consistent with synergies, new disclosures of employee misconduct in the investment advisory industry drop by between 17 and 22 percent following mergers. Both targets and acquirers have better ...

We develop an experimental framework to identify the belief-based and taste-based drivers of demand for Environmental, Social, and Governance (ESG) partnerships. Our study implements two symmetric ...

N. Gregory Mankiw, Robert M. Beren Professor of Economics at Harvard University, presented the 2025 Martin Feldstein Lecture ...

We present a new model of competition between digital media platforms with targeted advertising. The model adds new insights around how user heterogeneity and overlap, along with user and advertiser ...

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

We study the welfare consequences of choice architecture for online privacy using a field experiment that randomizes cookie ...

We analyze the effect of California's $20 fast food minimum wage, which was enacted in September 2023 and went into effect in April 2024, on employment in the fast food sector. In unadjusted data from ...

The Martin Feldstein Lecture is an annual lecture, presented during the NBER Summer Institute in Cambridge, Massachusetts. The lecture, which was initiated in 2009 by the NBER Board of Directors, ...

Optimizing state and regional physician labor supply has been an important policy issue in healthcare in the United States. One of the proposed solutions has been the universal licensing recognition ...

We conducted a large-scale field experiment in Granada, Spain, to assess the motivating effect on blood donation of matching each attempt to donate with a charitable contribution pledge for children ...