21 September 2020

Wealth, Race, and Consumption Smoothing

Black households cut consumption 50 percent more than Whites when faced with a similarly-sized income shock, Peter Ganong, Damon Jones, Pascal J. Noel, Fiona E. Greig, Diana Farrell, and Chris Wheat calculate. Nearly all of this is explained by differences in liquid wealth at the onset of the shock.

18 September 2020

Conflicting Interests and the Effect of Fiduciary Duty

After the Department of Labor proposed a rule in 2016 to hold brokers to a fiduciary standard when dealing with retirement accounts, sales of high-expense variable annuities fell 52 percent, sales became more sensitive to expenses, and insurers increased the relative availability of low-expense products, Mark L. Egan, Shan Ge, and Johnny Tang find

17 September 2020

Occupational Licensing and Labor Market Fluidity

Occupational licensing requirements represent barriers to entry for both non-employed and employed workers, Morris M. Kleiner and Ming Xu find. Licensed workers’ wage growth is higher than non-licensed workers, whether they stay in the same occupation in the year after licensing or switch occupations.

16 September 2020

The Dynamics of the Smoking Wage Penalty

Heavy smoking in young adulthood results in a wage penalty at age 30 of 14.8 percent for women and 9.3 percent for men, Michael E. Darden, Julie L. Hotchkiss, and M. Melinda Pitts find.

15 September 2020

Federal Opioid Restrictions and Prescription Substitution

Studying the impact of the US Controlled Substance Act, Sumedha Gupta, Thuy D. Nguyen, Patricia R. Freeman, and Kosali I. Simon find that tightening restrictions on one opioid leads to increases in prescriptions for other opioids, with no net reduction in opioid prescriptions.

14 September 2020

How Much does COVID-19 Increase with Mobility?

Using data for Atlanta, Boston, Chicago, New York City, and Philadelphia, Edward L. Glaeser, Caitlin S. Gorback, and Stephen J. Redding estimate that total COVID-19 cases per capita decrease on average by approximately 20 percent for every ten percentage point fall in mobility between February and May 2020.

11 September 2020

Social Security Reforms and Retirement in Germany

Axel H. Börsch-Supan, Johannes Rausch, and Nicolas Goll explore how policy changes in Germany since 1980, in particular pension reforms, have contributed to a decline followed by a considerable increase in the employment rate of those aged 55 to 69.

10 September 2020

Labor Market Outcomes for Recent Entrants

Labor market entrants during the Great Recession have lower wages and employment rates than those who entered the labor market earlier. For more recent cohorts, employment is even lower but wages have rebounded, a study by Jesse Rothstein finds.

9 September 2020

Educational Attainment Associated with Longevity

Conditional on surviving to age 35, one additional year of education is associated with roughly 0.4 more years of life for both men and women for cohorts born 1906-1915, according to a study by Adriana Lleras-Muney, Joseph Price, and Dahai Yue.

8 September 2020

Natural Disasters and Elective Medical Services

Data on the impacts of severe and average hurricanes on elective health-care services analyzed by Tatyana Deryugina, Jonathan Gruber, and Adrienne Sabety suggest that it will take over three years for health-care providers to make up revenue lost due to COVID-19.
NBER Videos

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email:

Contact Us