Philippe Aghion, Peter Howitt, and Joel Mokyr. Philippe Aghion, research associate Peter Howitt, and NBER board member Joel Mokyr have been awarded the 2025 Nobel Memoria ...

The NBER Board of Directors appointed 51 research associates, 49 of whom were promoted from faculty research fellows, at its September 2025 meeting. Two of the new appointees were former research ...

Multiple lines of research aim to quantify the economic impacts of climate change, including through reduced-form and structural approaches. We show that the effects of climate change on economic ...

This narrative paper provides a detailed account of the Great Inflation in the United Kingdom from 1961 to 1997, serving as a companion to the analytical account of fiscal policy presented in Bordo, ...

This paper provides a comprehensive overview of China’s lending to developing countries—a central feature of today’s international financial system. Building on our previous research and the work of ...

In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Health, and the Bulletin on ...

This chapter reviews the origins, evolution, and modern forms of government, and proposes a research agenda. It contends that rather than being a homogeneous form of patrimonialism, early government ...

The dominant currency paradigm posits that dollar invoicing reduces the potency of exchange rate depreciations in boosting export volumes. This implies that export elasticities with respect to the ...

What would the antebellum American economy have looked like without slavery? Using new micro-data on the U.S. economy in 1860, we document that where free and enslaved workers live and how much they ...

We document that the positive differential on international portfolio returns, one aspect of the U.S. exorbitant privilege, has disappeared in three parts. Part One: U.S. international liabilities ...

We investigate the returns to being a hub country by analyzing how transshipment activity shapes trade and supply chains. We show that most US imports---especially from smaller origin countries---are ...

In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Health, and the Bulletin on ...