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National Bureau of Economic Research | NBER Skip to main content NBER: National Bureau of Economic Research Subscribe Media Open Calls Summer Institute 2026 Search Research EXPLORE Research Findings Working Papers Books & Chapters Videos Periodicals The Digest The Reporter The Bulletin on the Economics of Alzheimer's Disease and Related Dementias The Bulletin on Health The Bulletin on Entrepreneurship The Bulletin on Retirement and Disability Archives The Bulletin on Aging & Health Archives Data & Business Cycles Boston Research Data Center Business Cycle Dating Public Use Data Archive All Topics Taxation Unemployment and Immigration Energy Entrepreneurship Trade Programs & Projects EXPLORE Programs & Projects Programs Economics of Aging Asset Pricing Children and Families Corporate Finance Development Economics Development of the American Economy Economic Fluctuations and Growth Economics of Education Economics of Health Environment and Energy Economics Industrial Organization International Finance and Macroeconomics International Trade and Investment Labor Studies Law and Economics Monetary Economics Political Economy Productivity, Innovation, and Entrepreneurship Public Economics Working Groups Behavioral Finance Chinese Economy Economics of Crime Entrepreneurship Gender in the Economy Household Finance Innovation Policy Insurance Market Design Organizational Economics Personnel Economics Race and Stratification in the Economy Urban Economics All Projects & Centers Center for Aging and Health Research Center on Economics of Alzheimer's Disease Conference on Research in Income and Wealth Economics of AI and Digitization Economic Measurement Research Institute Healthcare Decision-Making and Outcomes for People Living with Alzheimer's Disease Macroeconomics Annual Measuring the Clinical and Economic Outcomes Associated with Delivery Systems New Developments in Long-Term Asset Management Pop-Up Journal: Estimating the Economic Return to R&D Investment The Roybal Center for Behavior Change in Health Science of Science Funding Training Program in Aging and Health Economics Transportation Economics in the 21st Century Conferences EXPLORE Conferences Summer Institute Reimbursements Affiliated Scholars NBER News EXPLORE NBER News Research in the News Nobel Laureates Featured Working Papers Archive Career Resources EXPLORE Career Resources RA Positions – at NBER RA Positions – not at the NBER Staff Positions at NBER Calls for Fellowship Applications Current Fellowship Recipients About EXPLORE About Leadership & Governance Support & Funding History Standards of Conduct Staff Subscribe Media Open Calls Summer Institute 2026 Search National Bureau of Economic Research Conducting and disseminating nonpartisan economic research Business Cycle Dating Information New This Week / Working Papers Latest from the NBER From the NBER Bulletin on Health How Inspection Timing Affects Care Quality in US Nursing Homes article Nursing homes certified by the Centers for Medicare & Medicaid Services to provide care and receive public reimbursement through Medicare and Medicaid are subject to mandatory annual inspections. While inspections are unannounced, they typically occur on an approximately yearly basis, as 74 percent of inspections take place between 40 and 60 weeks after the previous one. The average gap is around 53 weeks. Due to the cyclical nature of inspections, nursing home operators are able to anticipate when an inspection is likely and adjust their behavior accordingly. They appear to devote more effort to patient care when inspections are approaching. In Predictably Unpredictable Inspections (NBER Working Paper 34491), Ashvin Gandhi , Andrew Olenski , and Maggie Shi study how the predictability of nursing home inspections shapes facility effort and patient... A research summary from the monthly NBER Digest Regulatory Limits on the Concentration of Mutual Fund Portfolios article The US stock market has become more concentrated in recent years. Between 2015 and 2024, the share of the 10 largest stocks in total market capitalization rose from 13 to 31 percent, with the “Magnificent 7” companies alone accounting for roughly one-third of the S&P 500 by the end of 2024. This concentration poses a practical challenge for the thousands of investment funds that must comply with long-standing diversification rules designed for a far less top-heavy market. In The Hidden Cost of Stock Market Concentration: When Funds Hit Regulatory Limits (NBER Working Paper 35007), researchers Lubos Pastor , Taisiya Sikorskaya , and Jinrui Wang investigate how a specific regulatory... From the NBER Reporter: Research, program, and conference summaries Worker Voice and Firm Governance article What happens when workers get a formal seat at the table in corporate governance? In many European countries, laws require that worker representatives serve on company boards and participate in management decisions, a shared governance system known as codetermination. Germany's version, dating to the postwar era in its current form, is perhaps the most prominent: workers elect representatives to corporate supervisory boards, and establishment-level works councils participate in day-to-day workplace decisions. During its long history, codetermination has regularly attracted attention in countries that typically exclusively rely on shareholder control, such as the United States or the United Kingdom. The central question for economists is whether giving workers formal representation in firm governance meaningfully affects wages,… From the NBER Bulletin on Entrepreneurship Mixed Immigrant-Native Founding Teams Excel article Roughly one-quarter of new employer businesses in the United States are started by immigrants. Immigrant inventors have been responsible for approximately 23 percent of US patents produced since 1976 despite making up only 16 percent of the total US-based inventor population. Yet immigrant entrepreneurs usually do not build companies in isolation—many cofound startups alongside US-born entrepreneurs. In Native-Immigrant Entrepreneurial Synergies (NBER Working Paper 33804), Zhao Jin , Amir Kermani , and Timothy McQuade examine whether startups cofounded by immigrant and native entrepreneurs outperform those with founders from exclusively one... Featured Working Papers Employee Insights as a Firm Quality Measure July 10, 2026 A company quality score created by analyzing over 4 million Glassdoor reviews from employees at S&P 1500 companies between 2008 and 2023 predicts future product recalls, brand value, and profitability better than traditional measures like firm financials or Glassdoor star ratings alone, according to Wei Cai , Dennis Campbell , Yaxuan Chen , Yufei Chen , and Andrea Prat . Rising Longevity, Social Security, and Medicare Spending July 9, 2026 Liran Einav and Amy Finkelstein find that between 1993 and 2017, rising elderly life expectancy increased expected lifetime Social Security spending for a typical 66-year-old by 14 percent and expected Medicare spending by 6 percent, because the added years of life were spent in good health. Local Opioid Epidemic Exposure Reduces Working-Age Population Growth July 8, 2026 Across US communities, greater opioid epidemic exposure is associated with reduced working-age population growth as a result of out-migration of college-educated adults. A one-standard-deviation increase in exposure corresponds to a 2.4 percentage point slower population growth over the 2000–2020 period, according to estimates by Carolina Arteaga , Victoria Barone , and Stephen Claassen . Explaining Immigrant Families’ Rising Incomes during the Age of Mass Migration July 7, 2026 Between the 1850s and the early 1910s, newly-arrived immigrant families closed most of their income gap relative to native-born families–about 15 percentile points–within two decades of arrival by having more family members, particularly women and children, work, rather than through individual wage growth, according to Zachary Ward . Career Outlooks of Early-Career Biomedical Scientists July 6, 2026 A survey of 916 early-career biomedical scientists in the US following major cuts to federal research funding in early 2025 found that a drop of 22 percentage points in the share intending to remain in academia and 21 percentage points in the share planning to remain in the US, according to Pierre Azoulay , Raffaella Sadun , and Daniela Scur . View all In the News Recent citations of NBER research in the media _______________________________________ New York's congestion pricing shaved a minute off ambulance trips, and potentially saved lives July 8, 2026 Source: Fortune Read the research here . Study Breaks New Ground On The Benefits Of Immigration To Innovation - Forbes July 7, 2026 Source: Forbes Read the research here . People Are Living Better at the End of Their Lives, New Study Finds June 23, 2026 Source: Time Read the research here . How America cheated Black GIs after World War II, contributing to the racial wealth gap June 18, 2026 Source: Morningstar Read the research here . Why Consumers Don't Buy Life Annuities And What Can Be Done About It June 15, 2026 Source: Forbes Read the research here . View all Research Projects Economic Measurement Research Institute Project Coordinating Center on the Economics of Alzheimer’s Disease and Alzheimer’s Disease-Related Dementias: Prevention, Treatment, and Care Project Financial Frictions and Systemic Risk Project Healthcare Decision-Making and Outcomes for People Living with Alzheimer's Disease Project Economics of Science Project More NBER Research Projects Conferences Summer Institute 2026 Conference SI 2026 Impulse and Propagation Mechanisms Conference Organizer(s): Lawrence Christiano & Martin S. Eichenbaum SI 2026 International Trade & Investment Conference Organizer(s): Treb Allen & Natalia Ramondo SI 2026 Corporate Finance Conference Organizer(s): Antoinette Schoar & Amir Sufi SI 2026 Capital Markets and the Economy Conference Organizer(s): Janice C. Eberly & Deborah J. Lucas Explore Conferences Books & Chapters Through a partnership with the University of Chicago Press, the NBER publishes the proceedings of four annual conferences as well as other research studies associated with NBER-based research projects. Long-Term Care Around the World, volume 2 Book Environmental and Energy Policy and the Economy, volume 8 Book Entrepreneurship and Innovation Policy and the Economy, volume 6 Book NBER Macroeconomics Annual 2026, volume 41 Book Measurement of Housing and the Housing Sector Book Explore Books & Chapters Videos Recordings of presentations, keynote addresses, and panel discussions at NBER conferences are available on the Videos page. 2025, 17th Annual Feldstein Lecture, N. Gregory Mankiw," The Fiscal Future" Feldstein Lecture N. Gregory Mankiw, Robert M. Beren Professor of Economics at Harvard University, presented the 2025 Martin Feldstein Lecture on "The Fiscal Future," examining the trajectory of US government debt—which is projected to reach 156 percent of... 2025, Methods Lecture, Raj Chetty and Kosuke Imai, "Uncovering Causal Mechanisms: Mediation Analysis and Surrogate Indices" Methods Lectures SlidesBackground materials on mediationImai, Kosuke, Dustin Tingley, and Teppei Yamamoto. (2013). “Experimental Designs for Identifying Causal Mechanisms.'' Journal of the Royal Statistical Society, Series A, Vol. 176, No. 1 (January), pp... 2025, International Trade and Macroeconomics, "Panel on The Future of the Global Economy" Panel Discussion Supported by the Alfred P. Sloan Foundation grant #G-2023-19633, the Lynde and Harry Bradley Foundation grant #20251294, and the National Science Foundation grant #2314841. 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