The National Bureau of Economic Research NATIONAL BUREAU OF ECONOMIC RESEARCH HOME PAGE The 2016 Economics Methods Lectures: Matching Markets and Market Design Each year at the NBER Summer Institute, leading practitioners in a specialized area of economics explain what they do and how they do it, and the NBER makes their presentations available to the public. Al Roth (above) won the Nobel Prize in Economic Sciences in 2012 for his pioneering work in market design. This summer, he led a group which delivered five lectures on the theory and practice of game theory, market design, and matching markets. The full presentations may be viewed and downloaded on the Summer Institute 2016 Methods Lectures page. New NBER Research 16 September 2016 Measuring Institutional Investors' Skill from Their Investments in Private Equity Institutions exhibit persistent differences in their skill as private equity investors, a study by Daniel R. Cavagnaro, Berk A. Sensoy, Yingdi Wang, and Michael S. Weisbach indicates. They estimate that a one standard deviation increase in skill is associated with about a three percentage point increase in returns. ( ...more... ) 15 September 2016 Hospitals Are More Likely to Admit Privately Insured Children Diane Alexander and Janet Currie find that emergency rooms in New Jersey between 2006 and 2012 were less likely to admit publicly than privately insured children, even after controlling for presenting conditions, but this does not appear to affect measurable health outcomes such as repeat ER visits and future hospitalizations. ( ...more... ) 14 September 2016 The Equity Risk Premium and Macroeconomic Announcements Hengjie Ai and Ravi Bansal find that stock returns on the days of pre-scheduled macroeconomic announcements, such as the employment report and FOMC statements, account for 55 percent of the market equity return premium during the 1961-2014 period, and nearly all of it during the 1997-2014 when more announcement data are available. ( ...more... ) More Research NBER in the News How Hiding Criminal Records Hurts Black and Hispanic Men Time September 8, 2016 Read the Research World War II Economy Is a Master Class in How to Fight Climate Change Bloomberg September 8, 2016 Read the Research Black defendants suffer when a judge's favorite football team loses The Washington Post September 7, 2016 Read the Research Fading College Dream Saps U.S. Economy of Productivity Miracle Bloomberg September 7, 2016 Read the Research View all news NBER Macroeconomics Annual 2015 Major trends and cycles in the Chinese economy, the large differences among countries in the effect of rising public debt, and the influence of CFOs' growth expectations on their firms' investments are among topics probed in the 30th volume of the NBER Macroeconomics Annual. Researchers also explore the network structure of the U.S. economy, the usefulness of household belief studies for understanding economic phenomena, and downward trends in unemployment and workforce participation. Edited by Martin Eichenbaum and Jonathan A. Parker. Just published by The University of Chicago Press. Follow us on This Week's Working Papers Login or change your login Call for Papers Trade and Geography Conference New in the NBER Digest Credit Card Companies Vary Offers by Customers' Level of Sophistication Credit card companies offer less-sophisticated customers cards with more back-loaded and hidden features, according to a study summarized in the September edition of the NBER Digest. Also featured in this month’s issue are an analysis of the effect of pollution on worker productivity in China, an examination of how the legalization of ivory sales impacted elephant poaching, a comparison of credit controls and monetary policy in the United Kingdom during the mid-20th century, a look at how "means testing" Social Security differs by method of implementation, and an investigation of how tax incentives affected firms' research and development efforts in the U.K. Download the PDF New in the NBER Reporter A Proposal for a New Approach to Analyzing How Firms Respond to Changes in Taxation Alexander Ljungqvist critiques the most commonly used methods for gauging taxes' effects of corporate decisions and proposes that focusing on state-level tax rates and rules across U.S. states and time would yield more reliable results. His description of his research is featured in the current edition of the NBER Reporter. Other articles in the quarterly Reporter explore the purpose of trade agreements, trace the evolution of gender gaps in developed economies, give an overview of research in the NBER's Environmental and Energy Economics program, and examine how consumers react to economic shocks. Download the PDF Tax Policy and the Economy The effect of state-level fiscal policies on neighboring states, the welfare consequences of tax-policy changes, and the increase in pass-through businesses are among topics explored by NBER researchers in volume 30 of the Tax Policy and the Economy series. Edited by Jeffrey R. Brown, it is now available from The University of Chicago Press. 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