NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

29 July 2015

The Annual Martin S. Feldstein Lecture



Alan B. Krueger of Princeton University and the NBER analyzed the long-term decline in participation rate in the U.S. labor force in the 2015 Martin S. Feldstein Lecture, a feature of the NBER's Summer Institute. Krueger, a former chair of President Obama's Council of Economic Advisers, delivered the lecture on July 22 in Cambridge.

New NBER Research

30 July 2015

Measurement Error and Health Disparities
Across Education Classes

Many household surveys suggest that better--educated individuals tend to be in better health than their less well-educated counterparts.John Cawley and Anna Choi explore how differential patterns of health reporting errors at different education levels may affect the estimated relationship between health and education. They find that better-educated individuals report their health more accurately; they calculate that this leads to nearly a 20 percent underestimate of true health disparities across education classes.

29 July 2015

Effects of Changing the Minimum Price
Variation for Quoting Stocks

Robert P. Bartlett, III and Justin McCrary analyze the effect of increasing the minimum price variation (MPV) for quoting equity securities. They find that a larger MPV encourages investors to trade in dark venues at the midpoint of the national best bid and offer. This reduces price competition by exchange liquidity providers, reduces volatility, and increases trading volume.
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NBER in the News



Annual examination
of macroeconomic
issues is published

The twenty-ninth edition of the NBER Macroeconomics Annual continues its tradition of featuring theoretical and empirical research on central issues in contemporary macroeconomics. Topics include economic performance before, during, and after the Great Recession, the role of information in business cycles, and advantages and disadvantages of the elimination of physical currency.
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New in the NBER Digest

Larger Cities Role in Spurring
Inventions Appears to Have Faded





Patents filed by inventors in densely populated areas relied on newer science than patents filed by their more-isolated peers until the middle of the 20th century, according to a study in the July NBER Digest, but since the 1950s this difference has nearly disappeared. Other articles in the Digest summarize consumer benefits of the U.S. shale gas revolution, demystify the Chinese housing boom, examine youth crime prevention strategies in Chicago, analyze semiconductor prices, and look at the effect of "consumer-directed" health plans on patients' spending.

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NBER Reporter

Democratization and Development




Democratization is highly associated with economic development, but other factors, such as the nature of the state, also are vitally important, according to an article by Daron Acemoglu and James A. Robinson in the latest edition of the NBER's quarterly Reporter. Also in this edition: The economics of happiness, the effects of early investment in children, the function of fiscal multipliers in combatting recessions, and the rising interest in macroprudential policies.

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