We apply an understanding of what computers do -- the execution of procedural or rules-based logic -- to study how computer technology alters job skill demands. We contend that computer capital (1) ...

This paper develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative ...

A reduction in trade barriers generally will affect the environment by expanding the scale of economic activity, by altering the composition of economic activity, and by bringing about a change in the ...

This paper considers a firm that must issue common stock to raise cash to undertake a valuable investment opportunity. Management is assumed to know more about the firm's value than potential ...

Many U.S.-born descendants of Mexican immigrants do not identify as Mexican or Hispanic in response to the Hispanic origin question asked in the Census and other government surveys. Analyzing ...

“Leaning against the wind” (LAW), that is, tighter monetary policy for financial-stability purposes, has costs in terms of a weaker economy with higher unemployment and lower inflation and possible ...

New research by NBER affiliates, circulated prior to peer review for discussion and comment. NBER Working Papers may not offer policy recommendations or normative judgments about policies, but may ...

Digital health technologies, such as remote monitoring devices and telemedicine services, have attracted considerable interest due to their potential to reduce healthcare costs and improve patient ...

In this paper, we undertake an assessment of the rapidly growing body of research on financial literacy. We start with an overview of theoretical research which casts financial knowledge as a form of ...

The National Bureau of Economic Research (NBER) is a private, nonprofit organization that facilitates cutting-edge research on and analysis of major economic issues. It is nonpartisan and refrains ...

This paper develops the empirical and theoretical case that differences in economic institutions are the fundamental cause of differences in economic development. We first document the empirical ...

This paper makes two methodological contributions. First, it proposes a framework to decompose total production activities at the country, sector, or country-sector level, to different types, ...