This paper studies the impact of birthright citizenship on youth crime. We leverage a German reform which automatically granted birthright citizenship to eligible immigrant children born in Germany ...

The American Economic Association (AEA) has named four new Distinguished Fellows, three of whom, Marjorie McElroy, N. Gregory Mankiw and Robert A. Margo , have long-standing ties to the NBER.

This paper quantifies the environmental externalities associated with electricity consumption by data centers in the United States, focusing on damages from local air pollution and greenhouse gas (GHG ...

Using a multi-sided matching equilibrium, we show that whether they exit or engage depends on whether social harm scales with productivity. When harm is uncorrelated—an implicit assumption in most ...

Exploiting the staggered roll-out of China’s national air monitoring network, we document a pollutant substitution effect: PM.

This paper examines the career consequences in Norway of being initially employed in an occupation that subsequently declines during 2007–2024. Workers initially employed in occupations that later ...

Inflation expectations derived from financial markets exhibited unprecedented dynamics in 2025: the correlation between one-year inflation swaps and one-year-ahead one-year forward rates turned ...

We develop a dynamic general equilibrium model with a rational asset bubble and an occasionally binding borrowing constraint that reproduces these empirical regularities. The bubble raises collateral ...

We study the macroeconomic effects of tariff policy using U.S. historical data from 1840–2024. We construct a narrative series of plausibly exogenous tariff changes – based on major legislative ...

There is widespread opposition to affirmative action policies. We study whether personal disappointments shape preferences for such policies. Specifically, we test whether individuals' college ...

Financial crises remain a recurrent feature of modern economies despite evidence that many are predictable and preventable. This chapter discusses how financial instability often reflects a political ...

Bank regulation supports financial stability, but might constrain economic activity. This paper estimates the macroeconomic effects of bank regulation using a high-frequency identification approach.