The own-wage elasticity (OWE) of employment estimated using minimum wage increases provides an economically meaningful measure of the policy on jobs. We discuss how to interpret the magnitude of the ...

Transformative artificial intelligence (TAI) - machines capable of performing virtually all economically valuable work - may gradually erode the two main tax bases that underpin modern tax systems: ...

GLP-1 medications generate large weight loss and may also alter social and economic outcomes. Using the Understanding America Study, I compare women starting GLP-1s for weight loss with matched women ...

Production is a sequence of steps that can be executed (1) manually, (2) augmented with AI, or (3) fully automated within contiguous AI-executed steps called “chains.” Firms optimally bundle steps ...

Mutual funds approaching the IRS 50/5/10 portfolio concentration limit trim large positions, reduce equity exposure, and subsequently underperform.

Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, ...

We develop a tractable model to study how AI and digital platforms impact the information ecosystem. News producers — who create truthful or untruthful content that becomes a public good or bad — earn ...

Large language models (LLMs) are lowering the entry barriers to working with exciting data sources that used to require strong data science skills, such as handwritten ledgers, text, images, or sound ...

What information do policymakers need to design Pigouvian taxes or subsidies? Standard logic suggests that it is sufficient to know the size of the externality and unnecessary to know about quantities ...

Artificial intelligence (AI) reshapes workers’ comparative advantage by altering the tasks they perform and the skills those tasks require. We develop a dynamic task-based model to quantify the ...

New AI tools have the potential to change the way workers perform and learn, but little is known about their impacts on the job. In this paper, we study the staggered introduction of a generative ...

Central banking in an age of digital currencies is a fast-developing topic in monetary economics. Algorithmic digital currencies such as bitcoin appear to be viable competitors to central bank fiat ...