New NBER Research

24 August 2017

Private Equity and Financial Fragility
during the 2008 Financial Crisis

During the 2008 financial crisis, private equity-backed companies increased investment relative to their peers and experienced greater equity and debt inflows, according to a study by Shai Bernstein, Josh Lerner, and Filippo Mezzanotti. Those companies also experienced increased market share.

23 August 2017

U.S. Generic Prescription Drug Markets, 2004-2016

Passage of the Waxman-Hatch Act in 1984 stimulated vigorous generic drug entry and price competition in the U.S. However, a study by Ernst R. Berndt, Rena M. Conti, and Stephen J. Murphy finds evidence of decreasing numbers of suppliers and increasing prices, particularly following implementation of the Affordable Care Act in 2010 and the Generic Drug User Fee Amendments of 2012.

22 August 2017

When Demand Increases Cause Shakeouts

The opening of new interstate highways raised demand for hotels along highway routes and increased hotel employment, Thomas N. Hubbard and Michael J. Mazzeo find. Greater demand was also associated with a decline in the number of hotel firms in warm places, where outdoor amenities were more valued by consumers and firms competed on this dimension of product quality.
More Research

New in the NBER Reporter

Examining the Consequences of Change
In the Asset Management Industry

The asset management industry used to be dominated by small firms primarily offering active portfolio management services; today the industry is significantly more concentrated and the leading products are index-based, passive investment vehicles. Itzhak Ben-David examines the consequences, of this dramatic shift in the current edition of The NBER Reporter. Also featured in the quarterly publication are economists' reports on their work on price dispersion and bargain hunting in the macroeconomy, the impacts of air pollution, the development of the American economy, and energy efficiency policies.

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New in the NBER Digest

China's WTO Entry Lowered Manufactured Goods
Price Index Here by Forcing Down Tariffs There

China's entry into the World Trade Organization reduced prices for American consumers by hundreds of billions of dollars, according to a study summarized in the August edition of The NBER Digest, , which finds this occurred mostly because WTO entry caused reduction of tariffs on inputs imported into China, enhancing Chinese producers' competitiveness. Also featured in this month's Digest are studies looking at changing patterns of shopping and consumption, examining the Head Start program's effect on student outcomes in districts implementing court-ordered school finance reform, tracking the decline of median male income in the second half of the 20th Century, analyzing the decreasing labor share of economic output, and calculating the costs and benefits of refugees admitted to the United States.

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New in the NBER Bulletin on Aging and Health

Opioid Overdoses Found to Increase
in Response to Rises in Unemployment Rates

The tripling of opioid overdose deaths in the United States between 2000 and 2014 led researchers to hypothesize that downturns in the economy during that period may have led to exacerbated abuse. Research summarized in the current edition of the NBER's Bulletin on Aging and Health finds a positive relationship between county and state level unemployment rates and opioid overdose deaths.

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