A new aspect of the “US as the world's banker” narrative focusing on seigniorage revenue from safe asset provision. In this view, exorbitant privilege does not require exorbitant duty, from Zhengyang Jiang nber.org/papers/w32454

Foreigner investors want US securities, but not necessarily US dollar exposure, from @wenxindu and Amy W. Huber nber.org/papers/w32453

A literature review highlights how real-world constraints shape the market for financial advice and present challenges to academics and regulators, from Jonathan Reuter and Antoinette Schoar nber.org/papers/w32452

Welfare losses from trade wars critically depend on the design of monetary policy, from Stéphane Auray, Michael B. Devereux, and Aurélien Eyquem nber.org/papers/w32451

Exploiting natural variability in global temperatures leads to estimates that the macroeconomic damages from climate change are six times larger than previously thought, from Adrien Bilal and Diego Känzig nber.org/papers/w32450

Banks facing losses on their securities portfolios cut lending to firms, but mainly when those losses tighten their capital requirements, from Dan Greenwald 🇺🇦, John Krainer, and Pascal Paul nber.org/papers/w32449

Theoretically and empirically, integration of remote regions leads to more businesses when it leads to structural transformation out of agriculture, fewer businesses otherwise, from Joseph P. Kaboski, Jianyu Lu, Wei Qian, and Lixia Ren nber.org/papers/w32448

A model of optimal fixed-rate mortgage refinancing that can rationalize almost all errors of refinancing too slowly and a large fraction of the errors of refinancing too quickly, from David Berger, Konstantin Milbradt, Fabrice Tourre, and @joevavra nber.org/papers/w32447

Infertility causes a deterioration of mental health and increases divorce, with no “protective” effects on earnings; yet willingness to pay for IVF without insurance is relatively low, from Sarah Bögl, Jasmin Moshfegh, Petra Persson, and Maria Polyakova nber.org/papers/w32445

E-cigarette licensure laws appear to have little effect on youth vaping, from Charles Courtemanche, PhD, Yang Liang, Catherine Maclean (@jcmecon.bsky.social), Caterina Muratori, and CHEPS nber.org/papers/w32444

Studying the potential impact of the 2022 SECURE 2.0 reform permitting employers to match contributions for student loan repayments, in 401(k) plans, from Vanya Horneff, Raimond Maurer, and Olivia S. Mitchell nber.org/papers/w32443

Despite stagnation in the share of women among economics PhD recipients, dissertations on gender have increased rapidly among women and men across many subfields, from Francisca M. Antman, Kirk B. Doran, Xuechao Qian, and Bruce A. Weinberg nber.org/papers/w32442

SNAP General Work Requirements and Employment and Training programs reduce SNAP participation with no effects on labor supply, from @Jason_Cook and @chloeneast nber.org/papers/w32441

How nontax revenues impact tax collection in Brazilian municipalities, with a focus on shifts in intergovernmental transfers due to population updates, from Claudio Ferraz, Dirk Foremny, and Juan Francisco Santini nber.org/papers/w32440

Medicare pricing for healthcare facilities has spillover effects on physicians — impacting time allocations and use of surgical technology, from Alice Chen, Seth Freedman, Beth Munnich, and Michael R. Richards nber.org/papers/w32439

Nonmanufacturing US workers exhibit relative earnings gains from the China shock as upstream exposure more than offset the adverse impact of own and downstream exposure, from Justin R. Pierce, Peter K. Schott, and Cristina Tello-Trillo nber.org/papers/w32438

Underrepresented racial and ethnic minority economists write dissertations across many subfields of economics, and there is limited evidence that they are more likely to write dissertations on racial topics, from Antman, Doran, Qian, and Weinberg nber.org/papers/w32437

An analytical framework that characterizes the link between exchange rates and finance across all conceivable market structures, from Mikhail Chernov, Valentin Haddad, and Oleg Itskhoki nber.org/papers/w32436

Demand for high nicotine e-cigarettes with many close substitutes is much more price responsive compared to lower nicotine strength products with fewer alternatives, from Diaz, Bertrand, McKay, Schillo, Khatib, and Tauras nber.org/papers/w32435

Featured in the latest Bulletin on Entrepreneurship: 'Explaining Geographic Disparities in the Commercialization of Academic Research'
nber.org/be/20241/expla…