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National Bureau of Economic Research

NonprofitCambridge, Massachusetts, United States
About: National Bureau of Economic Research is a nonprofit organization based out in Cambridge, Massachusetts, United States. It is known for research contribution in the topics: Monetary policy & Population. The organization has 2626 authors who have published 34177 publications receiving 2818124 citations. The organization is also known as: NBER & The National Bureau of Economic Research.


Papers
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Journal ArticleDOI
TL;DR: Dementia represents a substantial financial burden on society, one that is similar to the financial burden of heart disease and cancer, and is likely to be similarly large and to continue to increase.
Abstract: Background Dementia affects a large and growing number of older adults in the United States. The monetary costs attributable to dementia are likely to be similarly large and to continue to increase. Methods In a subsample (856 persons) of the population in the Health and Retirement Study (HRS), a nationally representative longitudinal study of older adults, the diagnosis of dementia was determined with the use of a detailed in-home cognitive assessment that was 3 to 4 hours in duration and a review by an expert panel. We then imputed cognitive status to the full HRS sample (10,903 persons, 31,936 person-years) on the basis of measures of cognitive and functional status available for all HRS respondents, thereby identifying persons in the larger sample with a high probability of dementia. The market costs associated with care for persons with dementia were determined on the basis of self-reported out-of-pocket spending and the utilization of nursing home care; Medicare claims data were used to identify cos...

1,146 citations

Journal ArticleDOI
TL;DR: In this paper, the authors reconcile international trade theory with findings of enormous plant-level heterogeneity in exporting and productivity, and fit the model to bilateral trade among the United States and its 46 major trade partners, and see how well it can explain basic facts about U.S. plants: (i) productivity dispersion, (ii) the productivity advantage of exporters, (iii) the small fraction who export, and (iv) a small fraction of revenues from exporting among those that do).
Abstract: We reconcile international trade theory with findings of enormous plant-level heterogeneity in exporting and productivity. Our model extends basic Ricardian theory to accommodate many countries, geographic barriers, and imperfect competition. Fitting the model to bilateral trade among the United States and its 46 major trade partners, we see how well it can explain basic facts about U.S. plants: (i) productivity dispersion, (ii) the productivity advantage of exporters, (iii) the small fraction who export, (iv) the small fraction of revenues from exporting among those that do, and (v) the much larger size of exporters. We pick up all these basic qualitative features, and go quite far in matching them quantitatively. We examine counterfactuals to assess the impact of various global shifts on productivity, plant entry and exit, and labor turnover in U.S. manufacturing.

1,144 citations

Journal ArticleDOI
TL;DR: This paper found that the majority of managers would avoid initiating a positive NPV project if it meant falling short of the current quarter's consensus earnings, and more than three-fourths of the surveyed executives would give up economic value in exchange for smooth earnings.
Abstract: We survey 401 financial executives, and conduct in-depth interviews with an additional 20, to determine the key factors that drive decisions related to performance measurement and voluntary disclosure. The majority of firms view earnings, especially EPS, as the key metric for an external audience, more so than cash flows. We find that the majority of managers would avoid initiating a positive NPV project if it meant falling short of the current quarter's consensus earnings. Similarly, more than three-fourths of the surveyed executives would give up economic value in exchange for smooth earnings. Managers believe that missing an earnings target or reporting volatile earnings reduces the predictability of earnings, which in turn reduces stock price because investors and analysts dislike uncertainty. We also find that managers make voluntary disclosures to reduce information risk associated with their stock but at the same time, try to avoid setting a disclosure precedent that will be difficult to maintain. In general, management's views support stock price motivations for earnings management and voluntary disclosure, but provide only modest evidence consistent with other theories of these phenomena (such as debt, political cost and bonus plan based hypotheses).

1,144 citations

Journal ArticleDOI
TL;DR: In this article, the authors discuss the measurement of coagglomeration and use data from the Census Bureau's Longitudinal Research Database from 1972 to 1997 to compute pairwise coagglomeration measurements for U.S. manufacturing industries.
Abstract: Many industries are geographically concentrated. Many mechanisms that could account for such agglomeration have been proposed. We note that these theories make different predictions about which pairs of industries should be coagglomerated. We discuss the measurement of coagglomeration and use data from the Census Bureau's Longitudinal Research Database from 1972 to 1997 to compute pairwise coagglomeration measurements for U.S. manufacturing industries. Industry attributes are used to construct measures of the relevance of each of Marshall's three theories of industry agglomeration to each industry pair: (1) agglomeration saves transport costs by proximity to input suppliers or final consumers, (2) agglomeration allows for labor market pooling, and (3) agglomeration facilitates intellectual spillovers. We assess the importance of the theories via regressions of coagglomeration indices on these measures. Data on characteristics of corresponding industries in the United Kingdom are used as instruments. We find evidence to support each mechanism. Our results suggest that input-output dependencies are the most important factor, followed by labor pooling.

1,142 citations

Journal ArticleDOI
TL;DR: In this article, the authors studied all reported cases of corporate fraud in companies with more than 750 million dollars in assets between 1996 and 2004 and found that fraud detection does not rely on one single mechanism, but on a wide range of, often improbable, actors.
Abstract: What external control mechanisms are most effective in detecting corporate fraud? To address this question we study in depth all reported cases of corporate fraud in companies with more than 750 million dollars in assets between 1996 and 2004. We find that fraud detection does not rely on one single mechanism, but on a wide range of, often improbable, actors. Only 6% of the frauds are revealed by the SEC and 14% by the auditors. More important monitors are media (14%), industry regulators (16%), and employees (19%). Before SOX, only 35% of the cases were discovered by actors with an explicit mandate. After SOX, the performance of mandated actors improved, but still account for only slightly more than 50% of the cases. We find that monetary incentives for detection in frauds against the government influence detection without increasing frivolous suits, suggesting gains from extending such incentives to corporate fraud more generally.

1,142 citations


Authors

Showing all 2855 results

NameH-indexPapersCitations
James J. Heckman175766156816
Andrei Shleifer171514271880
Joseph E. Stiglitz1641142152469
Daron Acemoglu154734110678
Gordon H. Hanson1521434119422
Edward L. Glaeser13755083601
Alberto Alesina13549893388
Martin B. Keller13154165069
Jeffrey D. Sachs13069286589
John Y. Campbell12840098963
Robert J. Barro124519121046
René M. Stulz12447081342
Paul Krugman123347102312
Ross Levine122398108067
Philippe Aghion12250773438
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
202379
2022253
2021661
2020997
2019767
2018780