11 September 2019

Market Response to Non-Local Flood Shocks

Homes in high flood-risk zones in New Jersey towns that participate in public flood-awareness activities experience a price decline of between 7 and 16 percent after well-publicized hurricanes and tropical storms that do not strike the Atlantic seaboard, Nicholas Z. Muller and Caroline A. Hopkins report.

10 September 2019

Place-Based Drivers of Mortality: Evidence from Migration

Location matters for mortality, even after controlling for differences in the population composition across places. Moving from a location at the 10th percentile of the mortality distribution, to one at the 90th percentile, increases life expectancy at age 65 by 1.1 years, Amy Finkelstein, Matthew Gentzkow, and Heidi L. Williams find.

9 September 2019

The Currency Composition of International Reserves

A growing shortage of global safe assets has induced countries to hold more of their international reserves in U.S. dollars, euros, British pounds and yen, according to a study by Joshua Aizenman, Yin-Wong Cheung, and Xingwang Qian.

6 September 2019

Monitoring Costs and Foreign Direct Investment

Bruce A. Blonigen, Anca D. Cristea, and Donghyun Lee show that relatively low monitoring-related costs in manufacturing industries compared to those in other sectors is an important explanation of the higher level of cross-border merger and acquisition activity in manufacturing.

5 September 2019

A Unified Approach to Measuring Unemployment

Richard K. Crump, Stefano Eusepi, Marc Giannoni, and Ayşegül Şahin estimate that the natural rate of unemployment in the United States was around 4 percent toward the end of 2018 and that the unemployment gap had roughly closed.

4 September 2019

School Desegregation and Black Teacher Employment

Desegregation of Southern schools following passage of the 1964 Civil Rights Act led to a 31.8 percent reduction in black teacher employment in districts that transitioned from fully segregated to fully integrated education, research by Owen Thompson finds.

3 September 2019

Counterfactual Monetary Policy Analysis

Recovery from the Great Recession would have been faster, with the unemployment gap closing seven quarters earlier, if the Fed had made earlier and more aggressive use of forward guidance and large-scale asset purchases, according to Janice C. Eberly, James H. Stock, and Jonathan H. Wright.

30 August 2019

The Use and Misuse of Income Data and Extreme Poverty

Although 3.6 million non-homeless U.S. households are estimated, based on surveys, to haves cash income below $2/person/day, most are not in extreme poverty once in-kind transfers are considered and other sources of income information, such as administrative records, are consulted, according to a study by Bruce D. Meyer, Derek Wu, Victoria R. Mooers, and Carla Medalia.

29 August 2019

What Do Employee Referral Programs Do?

Employee referral programs are highly profitable, partly because new workers contracted through existing employees stay longer than non-referrals, but mainly because non-referrals stay longer in stores that have referral programs, Guido Friebel, Matthias Heinz, Mitchell Hoffman, and Nick Zubanov find.

28 August 2019

Multispecialty Group Practices and Health Care Spending

When patients change from single-specialty to multi-specialty primary care group practices, annual Medicare-financed per capita expenditures decrease by about 28 percent, or $1,600, according to a study by Laurence C. Baker, M. Kate Bundorf, and Anne Beeson Royalty.
NBER Videos

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email:

Contact Us