National Bureau of Economic Research

Showing that widespread use of LLMs in credit markets can lead to an endogenous market structure where ex-ante identical lenders specialize across qualitatively distinct segments, from Maryam Farboodi, Péter Kondor, and Pablo Kurlat https://lnkd.in/erwPBCdt

Are we consuming too much groundwater from Earth's 3,400 aquifers? Three- to four-fifths of aquifers have water extraction above the welfare-maximizing rate, costing trillions of dollars, from Brian Greaney, Joseph S. Shapiro, and Katherine R.H. Wagner https://lnkd.in/eRrgCjEd

Open call for papers, Applications of Artificial Intelligence in Healthcare. Conference to be held in Stanford, CA on June 2–3, 2027. Submit papers by 11:59pm EDT on February 18, 2027. More information: https://lnkd.in/gkp_Wzpt

Before 1906, naturalizations spiked 30 percent in election years. Federal standards erased that cycle, especially in patronage-run cities. Rules can thus discipline political bias, from Abhay Aneja and Guo Xu https://lnkd.in/gUPxBU8C

Why does US monetary policy move global asset prices so much? Dollar funding: when the Fed tightens, dollar-funded arbitrageurs lose wealth, raising the global price of risk, from Rohan Kekre and Moritz Lenel https://lnkd.in/e3HVY9bK

Featured in the latest Bulletin on the Economics of Alzheimer's Disease and Related Dementias: Employment and Cognitive Decline https://lnkd.in/e6hSi_Pa

Modeling the labor market and public budget effects of immigration finds that inflows in Europe and US in 2019–2024 mostly increased welfare of natives, from Michele Battisti, Giovanni Peri, and Eleonora Romano https://lnkd.in/eWMyxfaQ

Studying the role of foreign ideas in US innovation by constructing a directed “genealogy” of technologies from the full text of 13 million patents filed between 1887 and 2024, from Tarek Alexander Hassan, Aakash Kalyani, and Juan Cruz Lopez Del Valle https://lnkd.in/eyY4bvus

California's Billionaire Tax Act would collect roughly $30 billion. Accounting for lost income taxes from departures, the mean Net Present Value is negative $39 billion, from Benjamin Jaros and Joshua Rauh https://lnkd.in/e6Tw-c9d

Multilateral controls on dual-use goods reduce leakage and adversaries’ real military spending. Acting alone, even with an embargo, cannot match the security impact, from Jingting Fan, Kyle Handley, and Nuno Limão https://lnkd.in/eubvtDr9