Institution
National Bureau of Economic Research
Nonprofit•Cambridge, 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.
Topics: Monetary policy, Population, Exchange rate, Interest rate, Wage
Papers published on a yearly basis
Papers
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TL;DR: The authors showed that financial literacy is low among the young; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification, and that financial knowledge is strongly related to sociodemographic characteristics and family financial sophistication.
Abstract: We examined financial literacy among the young using data from the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low among the young; fewer than one-third of young adults possess basic knowledge of interest rates, inflation, and risk diversification. Financial literacy is strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings is about 50 percentage points more likely to know about risk diversification than a female with less than a high school education whose parents were not wealthy. These findings have implications for consumer policy.
959 citations
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TL;DR: In this paper, the authors show that informational shrouding flourishes even in highly competitive markets, even in markets with costless advertising, and even when the shrouding generates allocational inefficiencies.
Abstract: Bayesian consumers infer that hidden add-on prices (e.g., the cost of ink for a printer) are likely to be high prices. If consumers are Bayesian, firms will not shroud information in equilibrium. However, shrouding may occur in an economy with some myopic (or unaware) consumers. Such shrouding creates an inefficiency, which firms may have an incentive to eliminate by educating their competitors' customers. However, if add-ons have close substitutes, a "curse of debiasing" arises, and firms will not be able to profitably debias consumers by unshrouding add-ons. In equilibrium, two kinds of exploitation coexist. Optimizing firms exploit myopic consumers through marketing schemes that shroud high-priced add-ons. In turn, sophisticated consumers exploit these marketing schemes. It is not possible to profitably drive away the business of sophisticates. It is also not possible to profitably lure either myopes or sophisticates to nonexploitative firms. We show that informational shrouding flourishes even in highly competitive markets, even in markets with costless advertising, and even when the shrouding generates allocational inefficiencies.
956 citations
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TL;DR: In this article, a long literature since Feldstein and Horioka's seminal contribution documents the strong correlation of domestic saving and investment rates since the 1960s, and the result provides evidence of international capital market imperfections.
Abstract: A long literature since Feldstein and Horioka's seminal contribution documents the strong correlation of domestic saving and investment rates since the 1960s. According to conventional wisdom, the result provides evidence of international capital market imperfections. The macroeconomic theory of small open economies prescribes a relationship between the composition of aggregate demand and its relative price structure, a linkage hitherto ignored in the saving-investment literature. Theory and evidence also suggest a role for growth and demographic effects, well known in previous studies. If one controls for these effects, the standard correlation of saving and investment disappears. International capital markets may be better integrated than once thought, and the former correlations may have been spurious. The pattern of domestic investment rates is better explained by domestic price distortions and other variables than by domestic saving constraints.
952 citations
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TL;DR: In this article, the authors examined the factors that may be responsible for the 50% increase in the number of obese adults in the US since the late 1970s and found that these variables have the expected effects on obesity and explain a substantial amount of its trend.
952 citations
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TL;DR: In this paper, the authors examined the role and influence of self-employment across the OECD and found that the self-employed have higher levels of job satisfaction than employees and are less willing to move from their neighborhoods, towns and regions than are employees, presumably because of the pull of their customers.
950 citations
Authors
Showing all 2855 results
Name | H-index | Papers | Citations |
---|---|---|---|
James J. Heckman | 175 | 766 | 156816 |
Andrei Shleifer | 171 | 514 | 271880 |
Joseph E. Stiglitz | 164 | 1142 | 152469 |
Daron Acemoglu | 154 | 734 | 110678 |
Gordon H. Hanson | 152 | 1434 | 119422 |
Edward L. Glaeser | 137 | 550 | 83601 |
Alberto Alesina | 135 | 498 | 93388 |
Martin B. Keller | 131 | 541 | 65069 |
Jeffrey D. Sachs | 130 | 692 | 86589 |
John Y. Campbell | 128 | 400 | 98963 |
Robert J. Barro | 124 | 519 | 121046 |
René M. Stulz | 124 | 470 | 81342 |
Paul Krugman | 123 | 347 | 102312 |
Ross Levine | 122 | 398 | 108067 |
Philippe Aghion | 122 | 507 | 73438 |