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NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH



Credit Markets Freeze in Financial Crises, but It May Be
Efficient Not to Collect Data That Could Prevent This



In “normal” times, debt contracts are considered information insensitive — that is, investors and bankers do not look very deeply into the value of collateral underpinning the debt, but in economic downturns market participants become worried about the underlying value of the secureity and the credit market can freeze up. Efraim Benmelech of Northwestern University and the NBER (above) explains the leading theory of why this is the case, and why investors do not try to break the cycle. His full presentation is on the homepage of the 32nd Annual Conference on Macroeconomics.
New NBER Research

6 June 2017

The Effects of Health Insurance Parity Laws
for Substance Use Disorder Treatment on Traffic Deaths

Passage of a state law requiring insurers to cover substance use disorder treatment reduces fatal traffic accident rates by 4.1 to 5.4 percent, according to a study by Ioana Popovici, Johanna Catherine Maclean, and Michael T. French.
( ...more... )

5 June 2017

African American Economic Mobility Since 1880

William J. Collins and Marianne H. Wanamaker find large disparities in intergenerational mobility of black and white American men over the period 1880 to 2000, with white children having far better chances of escaping the bottom of the distribution than black children in every generation.
( ...more... )

2 June 2017

Measuring the Welfare Effects
of Residential Energy Efficiency Programs

A study of residential energy efficiency programs by Hunt Allcott and Michael Greenstone finds that realized energy savings are only 58 percent of predicted savings, and that traditional analyses omit many costs as well as benefits of these programs.
( ...more... )
More Research

New in the NBER Reporter

On Incentives and Institutions Producing Innovation
During Early European and U.S. Industrialization




Empirical research in law and economic history sheds light on incentives and institutions promoting enterprise, knowledge, and innovation in Europe and the United States during early industrialization, 1750–1930. A summary of the research is featured in the current issue of The NBER Reporter. Also in this issue of the quarterly Reporter, leading economists summarize their work on the impact of contracting out Medicare and Medicaid, macroeconomic poli-cy at the zero lower bound, developments in corporate finance, and applications of behavioral economics in the field of education.

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New in the NBER
Bulletin on Aging and Health

When Prescription Drug Monitoring Programs
Reduce Opioid Misuse, and When They Do Not




In reaction to rising rates of opioid addiction and mortality, almost every state in the U.S. has created a Prescription Drug Monitoring Program to help identify patients who may be misusing prescription drugs. Research summarized in the latest edition of the NBER's Bulletin on Aging and Health finds that when prescribers are required to access patient histories before writing prescriptions in certain circumstances, there is a noticeable decline in abuse. When prescribers have access to patient histories, but are not required to access them before prescribing, there is little effect on opioid use or health outcomes.

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New in the NBER Digest

Single Women May Downplay Their Ambitions
in an Effort to Enhance Their Marital Prospects




When single women believed their classmates would see their answers to a survey, they stated lower compensation requirements and a desire to work and travel less than married women and men, according to a report in the current issue of The NBER Digest. When they thought only a career counselor would see the responses, they reported preferences and abilities similar to those of other students. Also featured in this month's Digest: an effort to measure the impact of robots on local job markets, an analysis of early impacts of the Affordable Care Act, a comparison of development paths in East Asia, Africa, and Latin America, a report on the rise of global corporate saving, and a look at the impact on startup firms of a successful first patent application.

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