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NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH



Robert Merton, Pioneer in Continuous-Time Finance,
Speaks at Long-Term Asset Management Conference

Nobel laureate Robert Merton delivered the keynote address at the second annual NBER Conference on New Developments in Long-Term Asset Management. The conference series, sponsored by Norges Bank Investment Management, the asset management unit of Norway's central bank, explores issues of risk measurement and portfolio selection facing long-horizon investors such as pension funds, endowments, and sovereign wealth funds.
                              Complete Merton lecture and summaries of conference papers

New NBER Research

1 September 2017

Which Banks Recover from Large Adverse Shocks?

Analyzing the fates of 110 Italian banks that experienced abrupt drops in profitability, Emilia Bonaccorsi di Patti and Anil Kashyap find that the pace of a bank’s recovery depends primarily on its post-shock adjustments, particularly to its loan portfolio. Recovering banks take steps such as cutting credit to their riskiest clients, while others appear to gamble for reclamation by continuing to extend credit to high-risk borrowers.
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31 August 2017

Shopping for Lower Sales Tax Rates

Household spending responds strongly to changes in sales tax rates. Scott R. Baker, Stephanie Johnson, and Lorenz Kueng find that households stock up on storable goods before taxes rise and increase online and cross-border shopping after tax hikes take effect.
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30 August 2017

Borrowing and the Financial Status of Near-Retirees

Recent cohorts of older Americans have taken on more debt and face more financial insecurity than earlier groups, mostly due to having purchased more-expensive homes with smaller down payments, according to research by Annamaria Lusardi, Olivia S. Mitchell, and Noemi Oggero.
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More Research

New in the NBER Reporter

Examining the Consequences of Change
In the Asset Management Industry




The asset management industry used to be dominated by small firms primarily offering active portfolio management services; today the industry is significantly more concentrated and the leading products are index-based, passive investment vehicles. Itzhak Ben-David examines the consequences, of this dramatic shift in the current edition of The NBER Reporter. Also featured in the quarterly publication are economists' reports on their work on price dispersion and bargain hunting in the macroeconomy, the impacts of air pollution, the development of the American economy, and energy efficiency policies.

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New in the NBER Bulletin on Aging and Health

Incremental U.S. Emission Controls Provides
Setting for Pollution Exposure Study




The U.S. Acid Rain Program introduced in 1995 initially regulated sulfur dioxide output of only the 110 highest emitting power plants, making it possible for researchers to identify long-term effects of pollution exposure on otherwise similar populations. A study summarized in the current edition of the NBER's Bulletin on Aging and Health finds that trends in mortality changed significantly after the onset of the Acid Rain Program between populations near to and far from affected plants, linking reduction in sulfur dioxide emissions to a decline in mortality.

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New in the NBER Digest

Where School Finance Reforms Are Ordered,
Head Start Program Boosts Student Outcomes




The marginal effects of increases in Head Start spending are more than twice as large when participants in the program attend K–12 schools in which spending is at the 75th percentile rather than at the 25th percentile, research summarized in the latest edition of The NBER Digest shows. Also in the current Digest are studies that track the decline of median male income in the second half of the 20th Century, analyze the decrease in labor's share of economic output, calculate the costs and benefits of refugees admitted to the United States, quantify impacts in the U.S. of China's entry into the WTO, and delve into how patterns of shopping affect measurement of consumption inequality.

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