We examine the recent slow growth in manufacturing productivity. We show that nearly all measured TFP growth since 1987—and its post-2000s decline—comes from a few computer-related industries. We ...

This paper revisits the relationship between international trade, trade policy, and development in light of the structural, ...

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

This paper examines when and why entrepreneurs choose to standardise their ventures and make themselves replaceable, extending Rajan's (2012) analysis within a property rights framework. A model is ...

The fertility decline is everywhere in the world today. Moreover, the decline goes decades back in the histories of rich countries. Birthrates have been below replacement in the U.S. and Europe since ...

Digital payment platforms can displace cash and extend financial services to underserved populations, yet many adults worldwide remain unbanked. Leveraging granular microdata on individual ...

We examine how healthcare providers’ opioid prescriptions are affected by changes in their home values, which proxy for shocks to their wealth. We find that providers increase opioid prescriptions ...

This paper provides the first nationwide evidence on how electric vehicle (EV) adoption has improved both air quality and child health. We assemble a rich dataset from 2010–2021 that links ...

We examine the effects of changes in an interest rate cap on small loan brokers in New Jersey during the Great Depression. Using newly constructed data on brokers and banks, we find that small loans ...

US multinationals formed joint ventures in China for market access and lower labor costs. However, these ventures transfer technology to Chinese firms, fueling future competition. While individual ...

We examine the implications of sleepy deposits and their impact on competition, bank value, and financial stability in the US banking sector. We first document the shopping behavior of depositors ...

Contrary to this assumption, we document that underemployment of quasi-fixed inputs or low capacity utilization rates (CUR) is common across firms, especially in poor countries. Low CURs are ...