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 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 ...

A production efficiency perspective naturally leads to the prescription that more productive individuals should work more than less productive individuals. Yet, systematic differences in actual hours ...

Digital technologies are bringing vast improvements to modern society but also carry the risk of perpetuating disparities if adopted at lower rates by underserved communities. We investigate the ...

Primary historical sources are often by-passed for secondary sources due to high human costs of accessing and extracting primary information–especially in lower-resource settings. We propose a ...

Second, these declines raised death rates and contributed to the adverse mortality trends experienced by prime-age non-Hispanic Whites and, to a lesser extent, Blacks from 1999-2019. However, ...

We leverage a unique two-stage experiment that randomized access to private school vouchers across markets as well as students to estimate the revealed preference value of school choice. To do this, ...

Social scientists have long sought to examine the causal impact of school spending on child outcomes. For a long time, the literature on this topic was largely descriptive so that it had been ...

We measure health inequality during middle and old age by race, ethnicity, and gender and evaluate the extent to which it can explain inequalities in other key economic outcomes using the Health and ...

Green finance emphasizes “additionality,” meaning funded projects should offer distinct environmental benefits beyond standard practice. Analysis of U.S. corporate and municipal green bonds, however, ...