The paper explores empirically the tight links between exchange rates and the global network of equity holdings. Exchange rates can be expressed in terms of “equity net currency supplies”, i.e. local ...

Using a randomized controlled trial we test how retail investors assess and update their priors based on different types of financial advice, which either aligns with their priors or goes against it.

Autocracy 2.0, exemplified by modern China, is economically robust, technologically advanced, globally engaged, and controlled through subtle and sophisticated methods. What defines China’s political ...

In contrast with the APT’s foundational assumption of a low dimensional factor structure in returns, the AIPT conjectures that returns are driven by a large number of factors. We first verify this ...

Generative Artificial Intelligence (AI) is a potentially important new technology, but its impact on the economy depends on the speed and intensity of adoption. This paper reports results from the ...

In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Retirement and Disability, ...

This paper measures parents' beliefs about school and peer quality, how information about each affects school choices, and how social interactions mediate these effects. Parents underestimate school ...

In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest, the Bulletin on Retirement and Disability, ...

In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the ...

This paper examines the profound challenges that transformative advances in AI towards Artificial General Intelligence (AGI) will pose for economists and economic policymakers. I examine how the Age ...

Valerie Ramey, an NBER Research Associate in the Economic Fluctuations and Growth and Monetary Economics Programs, Senior Fellow at the Hoover Institution at Stanford University, and Professor of ...

We measure health inequality during middle and old age by race, ethnicity, and gender and evaluate the extent to which it can explain inequalities in other key economic outcomes using the Health and ...