In contrast with the APT’s foundational assumption of a low dimensional factor structure in returns, the AIPT conjectures that returns are driven by a large number of factors. We first verify this ...

Autocracy 2.0, exemplified by modern China, is economically robust, technologically advanced, globally engaged, and controlled through subtle and sophisticated methods. What defines China’s political ...

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

The paper explores empirically the tight links between exchange rates and the global network of equity holdings. Exchange rates can be expressed in terms of “equity net currency supplies”, i.e. local ...

This paper investigates whether the effects of children on the labor market outcomes of women relative to men — child penalties — are shaped by the work behavior of peers’ parents during adolescence.

R. Glenn Hubbard, Angelo Melino, and John Pepper were elected to the NBER Board of Directors at the Board’s September 23 meeting. Hubbard will represent Columbia University. He is the Russell L.

The majority of state-owned enterprises (SOEs) in China were privatized through ownership reforms over the last two decades. Using a comprehensive dataset of all medium and large enterprises in China ...

Using a randomized controlled trial we test how retail investors assess and update their priors based on different types of financial advice, which either aligns with their priors or goes against it.

The phasedown of coal for electricity generation is considered vital to meeting global climate targets. Many countries have pledged to stop using coal, with some as early as 2030. While the United ...

The ebb and flow of international capital since the nineteenth century illustrates recurring difficulties, as well as the alternative perspectives from which policymakers have tried to confront them.

This paper has two goals. First, we discuss several emerging approaches to applied welfare analysis under non-standard ("behavioral") assumptions concerning consumer choice. This provides a foundation ...

We present new facts on cross-border shopping by Swiss households showing, for example, that prices of identical products are lower in neighboring countries, cross-border shopping shares fall with ...