Summer Institute

<!DOCTYPE html> <html lang="en" dir="ltr" prefix="content: http://purl.org/rss/1.0/modules/content/ dc: http://purl.org/dc/terms/ foaf: http://xmlns.com/foaf/0.1/ og: http://ogp.me/ns# rdfs: http://www.w3.org/2000/01/rdf-schema# schema: http://schema.org/ sioc: http://rdfs.org/sioc/ns# sioct: http://rdfs.org/sioc/types# skos: http://www.w3.org/2004/02/skos/core# xsd: http://www.w3.org/2001/XMLSchema# "> <head> <script src="/modules/custom/nber_user_auth/js/cookies.js?su5ozi"></script> <meta charset="utf-8" /> <style>/* @see https://github.com/aFarkas/lazysizes#broken-image-symbol */.js img.lazyload:not([src]) { visibility: hidden; }/* @see https://github.com/aFarkas/lazysizes#automatically-setting-the-sizes-attribute */.js img.lazyloaded[data-sizes=auto] { display: block; width: 100%; }</style> <link rel="canonical" href="https://www.nber.org/summer-institute" /> <meta property="og:site_name" content="NBER" /> <meta property="og:url" content="https://www.nber.org/summer-institute" /> <meta property="og:title" content="Summer Institute" /> <meta property="og:image" content="https://www.nber.org/sites/default/files/2022-06/NBER-FB-Share-Tile-1200.jpg" /> <meta name="Generator" content="Drupal 10 (https://www.drupal.org)" /> <meta name="MobileOptimized" content="width" /> <meta name="HandheldFriendly" content="true" /> <meta name="viewport" content="width=device-width, initial-scale=1.0" /> <link rel="icon" href="/themes/custom/nber/favicon.ico" type="image/vnd.microsoft.icon" /> <script src="/sites/default/files/google_tag/primary/google_tag.script.js?su5ozi" defer></script> <title>Summer Institute | NBER</title> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/align.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/fieldgroup.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/container-inline.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/clearfix.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/details.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/hidden.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/item-list.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/js.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/nowrap.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/position-container.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/reset-appearance.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/resize.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/system-status-counter.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/system-status-report-counters.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/system-status-report-general-info.css?su5ozi" /> <link rel="stylesheet" media="all" href="/core/modules/system/css/components/tablesort.module.css?su5ozi" /> <link rel="stylesheet" media="all" href="/modules/contrib/paragraphs/css/paragraphs.unpublished.css?su5ozi" /> <link rel="stylesheet" media="all" href="/modules/contrib/sitewide_alert/css/sitewide_alert.css?su5ozi" /> <link rel="stylesheet" media="all" href="/themes/custom/nber/assets/build/css/nber-generated.css?su5ozi" />  <link rel='preconnect' href='https://fonts.gstatic.com' crossorigin> <link rel="preload" as="font" type="font/woff2" href="/themes/custom/nber/assets/fonts/arimo-v17-latin_greek-regular.woff2" crossorigin="anonymous"> <link rel="preload" as="font" type="font/woff2" href="/themes/custom/nber/assets/fonts/arimo-v17-latin_greek-700.woff2" crossorigin="anonymous"> <link rel="preload" as="font" type="font/woff2" href="/themes/custom/nber/assets/fonts/arimo-v17-latin_greek-italic.woff2" crossorigin="anonymous"> <link rel="preload" as="font" type="font/woff2" href="/themes/custom/nber/assets/fonts/arimo-v17-latin_greek-700italic.woff2" crossorigin="anonymous"> <link rel="preload" as="font" type="font/woff2" href="/themes/custom/nber/assets/fonts/TiemposHeadlineWeb-Bold.woff2" crossorigin="anonymous"> <link rel="preload" as="font" type="font/woff2" href="/themes/custom/nber/assets/fonts/TiemposHeadlineWeb-Bold.woff2" crossorigin="anonymous"> <link rel="preload" as="font" type="font/woff2" href="/themes/custom/nber/assets/fonts/TiemposHeadlineWeb-Regular.woff2" crossorigin="anonymous"> <link rel="preload" as="font" type="font/woff2" href="/themes/custom/nber/assets/fonts/TiemposHeadlineWeb-Medium.woff2" crossorigin="anonymous"> </head> <body class="has-vertical-gradient has-vertical-gradient--blue-periwinkle has-light-text"> <a href="#main-content" class="visually-hidden focusable"> Skip to main content </a> <noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-MVRPF7C" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div data-sitewide-alert></div> <div class="dialog-off-canvas-main-canvas" data-off-canvas-main-canvas> <header class="header"> <div class="content-wrap"> <div class="header__grid header__branding-utility-user"> <div class="header__branding"> <a href="/" aria-label="NBER: National Bureau of Economic Research"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 292.75 31.24"><title>NBER: National Bureau of Economic Research</title><path d="M149.44,8.91a8.1,8.1,0,0,1,.77,1.23h.06s-.05-.77-.05-1.94V4.49h2.11v9.15h-1.92l-3.23-4.35a9.3,9.3,0,0,1-.87-1.35h-.07a17.08,17.08,0,0,1,.1,2.06v3.64h-2.11V4.49h2Z"></path><path d="M160,11.73h-3.46l-.65,1.91h-2.21L157,4.49h2.61l3.34,9.15h-2.27ZM157.13,10h2.25L159,9a18,18,0,0,1-.72-2.61h-.06a23.42,23.42,0,0,1-.74,2.59Z"></path><path d="M165,13.64V6.32h-2.5V4.49h7.13V6.32h-2.55v7.32Z"></path><path d="M173.06,4.49v9.15H171V4.49Z"></path><path d="M174.89,9.07c0-3.08,1.63-4.77,4.34-4.77s4.35,1.69,4.35,4.77-1.65,4.75-4.35,4.75S174.89,12.13,174.89,9.07Zm2.19,0c0,1.8.7,2.91,2.15,2.91s2.15-1.11,2.15-2.91-.71-2.92-2.15-2.92S177.08,7.28,177.08,9.1Z"></path><path d="M190.62,8.91a8.47,8.47,0,0,1,.76,1.23h.07s0-.77,0-1.94V4.49h2.11v9.15h-1.93l-3.23-4.35a9.3,9.3,0,0,1-.87-1.35h-.06a17.08,17.08,0,0,1,.1,2.06v3.64H185.4V4.49h2Z"></path><path d="M201.18,11.73h-3.46l-.65,1.91h-2.21l3.31-9.15h2.61l3.34,9.15h-2.27ZM198.31,10h2.25l-.37-1a18,18,0,0,1-.72-2.61h-.06a22.38,22.38,0,0,1-.75,2.59Z"></path><path d="M207.58,4.49V11.8h3.57v1.84h-5.69V4.49Z"></path><path d="M221.16,9a2.08,2.08,0,0,1,2,2.16c0,1.5-1,2.5-3.23,2.5h-3.74V4.49H220c1.85,0,2.84.85,2.84,2.3a2,2,0,0,1-1.65,2.12Zm-1.63-.67c.72,0,1.18-.28,1.18-1s-.45-1-1.22-1h-1.17v2Zm-1.21,3.54h1.49c.8,0,1.25-.25,1.25-1s-.42-1-1.25-1h-1.49Z"></path><path d="M232.38,4.49v6.09c0,2.47-1.74,3.24-3.78,3.24s-3.77-.77-3.77-3.24V4.49h2.11V10c0,1.3.34,2.08,1.66,2.08s1.68-.78,1.68-2.1V4.49Z"></path><path d="M239.6,13.64a1.64,1.64,0,0,1-.49-1l-.34-1.37c-.18-.77-.54-.91-1.24-.91h-.9v3.23h-2.11V4.49h3.6c2,0,3.32.74,3.32,2.79a2.1,2.1,0,0,1-2,2.3v0A1.65,1.65,0,0,1,241,11l.47,1.71a2.06,2.06,0,0,0,.51,1Zm-3-5H238c.84,0,1.31-.33,1.31-1.2s-.44-1.2-1.31-1.2h-1.35Z"></path><path d="M249.69,13.64h-6.14V4.49h6.14V6.32h-4V8.14h3.55V9.89h-3.55V11.8h4Z"></path><path d="M256.94,11.73h-3.46l-.66,1.91h-2.2l3.31-9.15h2.61l3.33,9.15h-2.26ZM254.07,10h2.25L256,9a18,18,0,0,1-.72-2.61h-.06a22.38,22.38,0,0,1-.75,2.59Z"></path><path d="M268.37,4.49v6.09c0,2.47-1.74,3.24-3.78,3.24s-3.77-.77-3.77-3.24V4.49h2.11V10c0,1.3.34,2.08,1.66,2.08s1.68-.78,1.68-2.1V4.49Z"></path><path d="M277.87,5.39a3,3,0,0,1,3.29,3.12,4.76,4.76,0,0,1-4.68,4.83,3,3,0,0,1-3.29-3.11A4.79,4.79,0,0,1,277.87,5.39Zm0,.29c-.91,0-1.67,1.31-2.16,3a10.89,10.89,0,0,0-.42,2.54c0,1,.25,1.86,1.12,1.86s1.68-1.32,2.15-3A9.8,9.8,0,0,0,279,7.53C279,6.52,278.78,5.68,277.91,5.68Z"></path><path d="M285.69,5.54h1.85l-.17.41h-1.76l-1.69,6.91c-.68,2.76-2,3.79-4.09,3.85v0c1-.44,1.53-2,2.16-4.8L283.36,6h-1l.05-.16,1-.33.17-.6c.72-2.3,2-3.4,3.95-3.4,1.25,0,2.11.51,2.11,1.38a1.32,1.32,0,0,1-1.46,1.24,1.17,1.17,0,0,1-.95-.36,1.16,1.16,0,0,0,1-1.22c0-.5-.23-.8-.7-.8-.79,0-1.21.74-1.64,2.85Z"></path><path d="M150.36,28.89h-6.13V19.74h6.13v1.84h-4V23.4h3.54v1.75h-3.54v1.91h4Z"></path><path d="M159.9,27a4,4,0,0,1-3.93,2.1c-2.49,0-4.2-1.72-4.2-4.77s1.68-4.75,4.47-4.75A3.75,3.75,0,0,1,160,21.87l-2,1a1.74,1.74,0,0,0-1.77-1.45c-1.38,0-2.22,1.1-2.22,2.94s.74,2.86,2.25,2.86a2,2,0,0,0,1.91-1.31Z"></path><path d="M160.87,24.33c0-3.08,1.63-4.77,4.33-4.77s4.35,1.69,4.35,4.77-1.64,4.75-4.35,4.75S160.87,27.39,160.87,24.33Zm2.19,0c0,1.8.7,2.9,2.14,2.9s2.16-1.1,2.16-2.9-.71-2.92-2.16-2.92S163.06,22.54,163.06,24.36Z"></path><path d="M176.6,24.17a8.47,8.47,0,0,1,.76,1.23h.06s0-.78,0-1.94V19.74h2.11v9.15h-1.93l-3.23-4.35a8.71,8.71,0,0,1-.87-1.35h-.06a19.29,19.29,0,0,1,.09,2.07v3.63h-2.11V19.74h2Z"></path><path d="M181.32,24.33c0-3.08,1.63-4.77,4.33-4.77S190,21.25,190,24.33s-1.64,4.75-4.35,4.75S181.32,27.39,181.32,24.33Zm2.19,0c0,1.8.7,2.9,2.14,2.9s2.16-1.1,2.16-2.9-.71-2.92-2.16-2.92S183.51,22.54,183.51,24.36Z"></path><path d="M195.87,26.78l-1.26-2.1a7.59,7.59,0,0,1-.7-1.39h-.06a10,10,0,0,1,.09,1.55v4.05h-2.11V19.74H194l1.72,3.1a6.54,6.54,0,0,1,.65,1.33h.06a8.13,8.13,0,0,1,.66-1.33l1.74-3.1h2.11v9.15h-2.1V24.84a11.22,11.22,0,0,1,.08-1.55h-.06a7.9,7.9,0,0,1-.69,1.39l-1.27,2.1Z"></path><path d="M205.42,19.74v9.15h-2.11V19.74Z"></path><path d="M215.37,27a4,4,0,0,1-3.93,2.1c-2.48,0-4.19-1.72-4.19-4.77s1.68-4.75,4.47-4.75a3.76,3.76,0,0,1,3.73,2.31l-2,1a1.74,1.74,0,0,0-1.77-1.45c-1.39,0-2.23,1.1-2.23,2.94s.75,2.86,2.26,2.86a2,2,0,0,0,1.91-1.31Z"></path><path d="M225.42,28.89a1.55,1.55,0,0,1-.48-.94l-.34-1.37c-.19-.78-.55-.92-1.25-.92h-.9v3.23h-2.11V19.74h3.6c2.05,0,3.33.75,3.33,2.8a2.11,2.11,0,0,1-2,2.3v0a1.67,1.67,0,0,1,1.53,1.34l.46,1.7a2.16,2.16,0,0,0,.51,1Zm-3-5h1.35c.84,0,1.31-.32,1.31-1.19s-.44-1.2-1.31-1.2h-1.35Z"></path><path d="M235.51,28.89h-6.13V19.74h6.13v1.84h-4V23.4H235v1.75h-3.54v1.91h4Z"></path><path d="M238.55,26a1.71,1.71,0,0,0,1.71,1.48c.7,0,1.21-.29,1.21-.91s-.32-.87-1.52-1.24c-2.1-.67-3-1.46-3-3,0-2.06,1.62-2.75,3.22-2.75,1.88,0,3.28.64,3.46,2.38l-2.09.53a1.25,1.25,0,0,0-1.32-1.17c-.59,0-1.06.27-1.06.86s.5.88,1.57,1.21c1.92.6,2.9,1.26,2.9,3,0,2-1.61,2.72-3.55,2.72s-3-.59-3.48-2.24Z"></path><path d="M251.61,28.89h-6.13V19.74h6.13v1.84h-4V23.4h3.54v1.75h-3.54v1.91h4Z"></path><path d="M258.86,27H255.4l-.65,1.91h-2.21l3.31-9.15h2.61l3.34,9.15h-2.27ZM256,25.23h2.25l-.37-1a16.75,16.75,0,0,1-.71-2.61h-.07a23.19,23.19,0,0,1-.74,2.6Z"></path><path d="M268.23,28.89a1.55,1.55,0,0,1-.48-.94l-.35-1.37c-.18-.78-.54-.92-1.24-.92h-.9v3.23h-2.11V19.74h3.6c2.05,0,3.33.75,3.33,2.8a2.11,2.11,0,0,1-2,2.3v0a1.65,1.65,0,0,1,1.52,1.34l.47,1.7a2.06,2.06,0,0,0,.51,1Zm-3-5h1.35c.84,0,1.31-.32,1.31-1.19s-.44-1.2-1.31-1.2h-1.35Z"></path><path d="M279.59,27a4,4,0,0,1-3.93,2.1c-2.48,0-4.19-1.72-4.19-4.77s1.68-4.75,4.47-4.75a3.76,3.76,0,0,1,3.73,2.31l-2,1a1.74,1.74,0,0,0-1.77-1.45c-1.39,0-2.23,1.1-2.23,2.94s.75,2.86,2.26,2.86a2,2,0,0,0,1.91-1.31Z"></path><path d="M281.13,28.89V19.74h2.11v3.59h3.51V19.74h2.11v9.15h-2.11V25.17h-3.51v3.72Z"></path><path d="M49.51,15.57V15.5C56.93,15.57,60,12.67,60,9.88c0-3.11-2.63-5.53-9.74-5.53h-28c-.83,0-1.59.76,0,1.07,2.34.63,4.48,4.49,4.48,12.94v3.28h-.07L20.2,8.91c-2-4-.45-3.07-.45-4.07,0-.49-.59-.49-.79-.49H5.25c-.41,0-1.44,0-1.44.52s.65.49,1.07.49A3.49,3.49,0,0,1,7.33,7V18.57c0,3.52-.66,8.84-4.11,9.49-.24.07-.52.1-.52.48s.38.49.73.49h10.8c1,0,1.07-.87-.14-1-3-.42-5.76-3.66-5.76-13.53v-6l.1-.07L18.89,27.92c.51.93.89,2.42,1.2,2.42a2.77,2.77,0,0,0,1.25-.69A16,16,0,0,1,29.14,26c.34,0,1.41-.07,1.41-.56,0-.93-1.9-.07-2.8-1.79v-5.9c0-9.91,2.73-12,4.35-12.36l.15,0c1.58.22,1.66,1.53,1.66,8.94v4.72c0,8.49-.1,9-2.45,9-.34,0-1,0-1,.55s.59.45.9.45H50.72c6.83,0,9.93-3.18,9.93-7.22C60.65,18.33,58.31,15.09,49.51,15.57Zm-5.42-5.52c0-4.49.31-4.69,2.62-4.69s2.73.58,2.73,3.52v3.38c0,1.93-.59,2.86-3.66,2.86H44.09Zm5.35,9v5.18c0,3.38-.65,3.8-2.69,3.8-2.55,0-2.66-.18-2.66-4.8V16.12h1.62C49.06,16.12,49.47,16.81,49.44,19.05Z"></path><path d="M87.38,19.64l-.76,1.11C84.86,23.47,81.27,28,77.72,28c-1.76,0-2.49-.49-2.49-4V16h1c2.42,0,4.35,1.14,4.42,4.66,0,1.76,1,1.52,1,.41V10.36c0-.9-.83-1.24-1,.24-.41,3.49-2,4.42-4.42,4.42h-1V9.32c.14-3.41.62-4,2.52-4,3.69,0,7.08,4.52,8.39,7.59.1.27.45,1.24.86,1.24s.45-.42.28-1.59L85.45,3.08c-.14-1.14-.56-1.14-1.07-.52-.83.93-1.93,1.66-6.25,1.79H62.5c-.31,0-.9,0-.9.45s.66.56,1,.56c2.35,0,2.45.48,2.45,9v4.72c0,8.49-.1,9-2.45,9-.34,0-1,0-1,.55s.59.45.9.45H78.13c5.94,0,6.35,1,7.08,1.93.31.41.79.48,1-.59l2.24-11.11C88.45,18.88,87.9,18.43,87.38,19.64Z"></path><path d="M120.69,28c-2.24,0-5.69-6.66-5.79-9.63,0-.86-.11-.79-1.35-.59a11,11,0,0,1-8.66-1.14v-.06c4.73-.32,12.59.31,12.59-6.42,0-6.15-6.72-5.84-11.11-5.84H88.81c-.28,0-.86,0-.86.52s.48.49.82.49c2.18,0,2.35.62,2.35,9v4.72c0,8.36-.17,9-2.35,9-.34,0-.82.07-.82.48s.58.52.86.52h14.8c.28,0,.87,0,.87-.52S104,28,103.65,28c-2.18,0-2.35-.62-2.35-9V16.92h2.38L107.86,28c.2.72.31,1,1.1,1h11.66c.32,0,.76,0,.76-.45S121,28,120.69,28ZM101.3,15.91v-5c0-5.46.59-5.52,2.8-5.52S107,5.53,107,9.91c0,5.35-.76,6-3,6Z"></path><rect x="130.19" y="4.35" width="2.2" height="24.6"></rect></svg> </a> </div> <div class="header__utility header__utility--desktop"> <nav class="utility-nav js-utility-nav" aria-label="Utility Navigation"> <ul class="utility-nav__list"> <li class="utility-nav__item"><a href="/subscribe">Subscribe</a></li> <li class="utility-nav__item"><a href="/media">Media</a></li> <li class="utility-nav__item"><a href="/calls-papers-and-proposals">Open Calls</a></li> <li class="utility-nav__item"><a href="https://www.nber.org/conferences/summer-institute-2025">Summer Institute 2025</a></li> </ul> </nav> </div> <div class="header__user header__user--desktop"></div> <div class="header__mobile js-header__mobile"> <button type="button" class="btn btn--icon js-hamburger" aria-haspopup="true" aria-expanded="false" aria-controls="nav-search-pane" aria-label="Search" data-target="nav-search-pane" data-focus="search-bar__field--mobile"> <span class="icon-search"> <svg aria-hidden="true" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="26" height="26" viewBox="0 0 23 23"> <path d="M9.516 14.016q1.875 0 3.188-1.313t1.313-3.188-1.313-3.188-3.188-1.313-3.188 1.313-1.313 3.188 1.313 3.188 3.188 1.313zM15.516 14.016l4.969 4.969-1.5 1.5-4.969-4.969v-0.797l-0.281-0.281q-1.781 1.547-4.219 1.547-2.719 0-4.617-1.875t-1.898-4.594 1.898-4.617 4.617-1.898 4.594 1.898 1.875 4.617q0 2.438-1.547 4.219l0.281 0.281h0.797z"></path> </svg> </span> </button> <button type="button" class="btn btn--icon trigger-hamburger js-hamburger" aria-haspopup="true" aria-expanded="false" aria-controls="nav-search-pane" aria-label="Menu" data-target="nav-search-pane"><span class="icon-hamburger"></span></button> </div> </div> <div class="header__grid header__nav-search" id="nav-search-pane" aria-hidden="false"> <div class="header__user-close"> <div class="header__user header__user--mobile"></div> <button type="button" class="btn btn--link trigger-hamburger-close js-hamburger-close"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24"><path d="M23 20.168l-8.185-8.187 8.185-8.174-2.832-2.807-8.182 8.179-8.176-8.179-2.81 2.81 8.186 8.196-8.186 8.184 2.81 2.81 8.203-8.192 8.18 8.192z"/></svg> </button> </div> <div class="header__search header__search--mobile"> <form action="/search" class="form search-bar" role="search"> <div class="form__field form__field--search js-label form__field--placeholder"> <label for="search-bar__field--mobile">Search</label> <input name="q" type="text" id="search-bar__field--mobile" class="search-bar__field--mobile"> <button class="btn btn--no-style" aria-label="Search"> <svg aria-hidden="true" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="24" height="24" viewBox="0 0 24 24"> <path d="M9.516 14.016q1.875 0 3.188-1.313t1.313-3.188-1.313-3.188-3.188-1.313-3.188 1.313-1.313 3.188 1.313 3.188 3.188 1.313zM15.516 14.016l4.969 4.969-1.5 1.5-4.969-4.969v-0.797l-0.281-0.281q-1.781 1.547-4.219 1.547-2.719 0-4.617-1.875t-1.898-4.594 1.898-4.617 4.617-1.898 4.594 1.898 1.875 4.617q0 2.438-1.547 4.219l0.281 0.281h0.797z"></path> </svg> </button> </div> </form> </div> <div class="header__nav js-header__nav"> <nav class="primary-nav js-primary-nav" aria-label="Main Navigation" role="navigation"> <ul class="primary-nav__list "> <li class="primary-nav__item primary-nav__item--has-children primary-nav__item--has-megadropdown"> <button type="button" class="primary-nav__action js-primary-nav__action" aria-haspopup="true" aria-expanded="false">Research</button> <div class="primary-nav__dropdown"> <div class="primary-nav__dropdown-heading"></div> <div class="primary-nav__dropdown-body"> <a href="/research" data-is-megamenu="1" title="This is a link to the research page" class="primary-nav__dropdown-link link link--arrow" data-drupal-link-system-path="node/7206">EXPLORE Research</a> <ul class="primary-nav__sublist "> <li class="primary-nav__sublist-column"> <span data-is-column="1" class="link primary-nav__sublist-heading primary-nav__sublist-heading--has-link">Findings</span> <ul class=" primary-nav__tertiary"> <li class="primary-nav__subitem"> <a href="/papers" class="link" data-drupal-link-system-path="node/43401">Working Papers</a> </li> <li class="primary-nav__subitem"> <a href="/books-and-chapters" class="link" data-drupal-link-system-path="node/43406">Books & Chapters</a> </li> <li class="primary-nav__subitem"> <a href="/research/videos" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/758387">Videos</a> </li> </ul> </li> <li class="primary-nav__sublist-column"> <span data-is-column="1" class="link primary-nav__sublist-heading primary-nav__sublist-heading--has-link">Periodicals</span> <ul class=" primary-nav__tertiary"> <li class="primary-nav__subitem"> <a href="/digest" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/803540">The Digest</a> </li> <li class="primary-nav__subitem"> <a href="/reporter" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/803541">The Reporter</a> </li> <li class="primary-nav__subitem"> <a href="/brd" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/803542">The Bulletin on Retirement and Disability</a> </li> <li class="primary-nav__subitem"> <a href="/bh" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/803543">The Bulletin on Health</a> </li> <li class="primary-nav__subitem"> <a href="/be" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/803544">The Bulletin on Entrepreneurship</a> </li> <li class="primary-nav__subitem"> <a href="/bah" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/803545">The Bulletin on Aging & Health Archives</a> </li> </ul> </li> <li class="primary-nav__sublist-column"> <span data-is-megamenu="1" data-is-column="1" class="link primary-nav__sublist-heading primary-nav__sublist-heading--has-link">Data & Business Cycles</span> <ul class=" primary-nav__tertiary"> <li class="primary-nav__subitem"> <a href="/research/boston-research-data-center" class="link" data-drupal-link-system-path="node/155940">Boston Research Data Center</a> </li> <li class="primary-nav__subitem"> <a href="/research/business-cycle-dating" class="link" data-drupal-link-system-path="node/98388">Business Cycle Dating</a> </li> <li class="primary-nav__subitem"> <a href="/research/data" class="link" data-drupal-link-system-path="node/93388">Public Use Data Archive</a> </li> </ul> </li> <li class="primary-nav__sublist-column"> <a href="/research/topics" data-is-megamenu="0" data-is-column="1" data-invisible="0" class="link link--arrow primary-nav__sublist-heading primary-nav__sublist-heading--has-link" data-drupal-link-system-path="node/43411">All Topics</a> <ul class=" primary-nav__tertiary"> <li class="primary-nav__subitem"> <a href="/topics/taxation" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="taxonomy/term/4720">Taxation</a> </li> <li class="primary-nav__subitem"> <a href="/themes/immigration/immigrationsummary.shtml?page=1&perPage=50" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-query="{"page":"1","perPage":"50"}" data-drupal-link-system-path="taxonomy/term/591">Unemployment and Immigration</a> </li> <li class="primary-nav__subitem"> <a href="/taxonomy/term/681" class="link" data-drupal-link-system-path="taxonomy/term/681">Energy</a> </li> <li class="primary-nav__subitem"> <a href="/topics/entrepreneurship" class="link" data-drupal-link-system-path="taxonomy/term/4701">Entrepreneurship</a> </li> <li class="primary-nav__subitem"> <a href="/taxonomy/term/481" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="taxonomy/term/481">Trade</a> </li> </ul> </li> </ul> </div> </div> </li> <li class="primary-nav__item primary-nav__item--has-children primary-nav__item--has-megadropdown"> <button type="button" class="primary-nav__action js-primary-nav__action" aria-haspopup="true" aria-expanded="false">Programs & Projects</button> <div class="primary-nav__dropdown"> <div class="primary-nav__dropdown-heading"></div> <div class="primary-nav__dropdown-body"> <a href="/programs-projects" data-is-megamenu="1" class="primary-nav__dropdown-link link link--arrow" data-drupal-link-system-path="node/7211">EXPLORE Programs & Projects</a> <ul class="primary-nav__sublist "> <li class="primary-nav__sublist-column"> <a href="/programs-projects/programs-working-groups" data-is-column="1" class="link link--arrow primary-nav__sublist-heading primary-nav__sublist-heading--has-link" data-drupal-link-system-path="node/43416">Programs</a> <ul class=" primary-nav__tertiary"> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/economics-aging" class="link" data-drupal-link-system-path="node/11541">Economics of Aging</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/asset-pricing" class="link" data-drupal-link-system-path="node/11546">Asset Pricing</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/children-and-families" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/11551">Children and Families</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/corporate-finance" class="link" data-drupal-link-system-path="node/11556">Corporate Finance</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/development-economics" class="link" data-drupal-link-system-path="node/11641">Development Economics</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/development-american-economy" class="link" data-drupal-link-system-path="node/11561">Development of the American Economy</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/economic-fluctuations-and-growth" class="link" data-drupal-link-system-path="node/11571">Economic Fluctuations and Growth</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/economics-education" class="link" data-drupal-link-system-path="node/11566">Economics of Education</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/economics-health" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/679497">Economics of Health</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/environment-and-energy-economics" class="link" data-drupal-link-system-path="node/11636">Environment and Energy Economics</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/industrial-organization" class="link" data-drupal-link-system-path="node/11586">Industrial Organization</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/international-finance-and-macroeconomics" class="link" data-drupal-link-system-path="node/11591">International Finance and Macroeconomics</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/international-trade-and-investment" class="link" data-drupal-link-system-path="node/11596">International Trade and Investment</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/labor-studies" class="link" data-drupal-link-system-path="node/11601">Labor Studies</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/law-and-economics" class="link" data-drupal-link-system-path="node/11606">Law and Economics</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/monetary-economics" class="link" data-drupal-link-system-path="node/11611">Monetary Economics</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/political-economy" class="link" data-drupal-link-system-path="node/11631">Political Economy</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/productivity-innovation-and-entrepreneurship" class="link" data-drupal-link-system-path="node/11616">Productivity, Innovation, and Entrepreneurship</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups/public-economics" class="link" data-drupal-link-system-path="node/11621">Public Economics</a> </li> </ul> </li> <li class="primary-nav__sublist-column"> <a href="/programs-projects/programs-working-groups#Groups" data-is-column="1" class="link link--arrow primary-nav__sublist-heading primary-nav__sublist-heading--has-link" data-drupal-link-system-path="node/43416">Working Groups</a> <ul class=" primary-nav__tertiary"> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/behavioral-finance" class="link" data-drupal-link-system-path="node/11686">Behavioral Finance</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/chinese-economy" class="link" data-drupal-link-system-path="node/11676">Chinese Economy </a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/cohort-studies" class="link" data-drupal-link-system-path="node/11646">Cohort Studies </a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/economics-crime" class="link" data-drupal-link-system-path="node/11681">Economics of Crime</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/entrepreneurship" class="link" data-drupal-link-system-path="node/11651">Entrepreneurship</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/gender-economy" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/715312">Gender in the Economy</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/household-finance" class="link" data-drupal-link-system-path="node/11706">Household Finance</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/innovation-policy" class="link" data-drupal-link-system-path="node/11691">Innovation Policy</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/insurance" class="link" data-drupal-link-system-path="node/11656">Insurance</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/market-design" class="link" data-drupal-link-system-path="node/11696">Market Design</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/organizational-economics" class="link" data-drupal-link-system-path="node/11671">Organizational Economics</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/personnel-economics" class="link" data-drupal-link-system-path="node/11661">Personnel Economics</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/race-and-stratification-economy" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/281780">Race and Stratification in the Economy</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/programs-working-groups%23Groups/urban-economics" class="link" data-drupal-link-system-path="node/11666">Urban Economics</a> </li> </ul> </li> <li class="primary-nav__sublist-column"> <a href="/programs-projects/projects-and-centers" data-is-megamenu="0" data-is-column="1" data-invisible="0" class="link link--arrow primary-nav__sublist-heading primary-nav__sublist-heading--has-link" data-drupal-link-system-path="node/43421">All Projects & Centers</a> <ul class=" primary-nav__tertiary"> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/boosting-grant-applications-faculty-msis" class="link" data-drupal-link-system-path="node/360310">Boosting Grant Applications from Faculty at MSIs</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/center-aging-and-health-research" class="link" data-drupal-link-system-path="node/93444">Center for Aging and Health Research</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/ADRD" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/915763">Center on Economics of Alzheimer's Disease</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/conference-research-income-and-wealth" class="link" data-drupal-link-system-path="node/44210">Conference on Research in Income and Wealth</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/economics-digitization" class="link" data-drupal-link-system-path="node/137721">Economics of Digitization</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/rise-global-supply-chains-networks-and-rise-interruptions-looking-forward-past-covid-19?page=1&perPage=50" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-query="{"page":"1","perPage":"50"}" data-drupal-link-system-path="node/217326">Economics of Supply Chains</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/financial-frictions-and-systemic-risk" class="link" data-drupal-link-system-path="node/772597">Financial Frictions and Systemic Risk</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/new-developments-long-term-asset-management" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/469747">New Developments in Long-Term Asset Management</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/healthcare-decision-making-and-outcomes-people-living-alzheimers-disease" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/99656">Healthcare Decision-Making and Outcomes for People Living with Alzheimer's Disease</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/annual-conference-macroeconomics" class="link" data-drupal-link-system-path="node/98834">Macroeconomics Annual</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/measuring-clinical-and-economic-outcomes-associated-delivery-systems" class="link" data-drupal-link-system-path="node/99655">Measuring the Clinical and Economic Outcomes Associated with Delivery Systems</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/nber-roybal-center-behavior-change-health" class="link" data-drupal-link-system-path="node/93452">The Roybal Center for Behavior Change in Health</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/economics-science" class="link" data-drupal-link-system-path="node/93447">Science of Science Funding</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/training-program-aging-and-health-economics" class="link" data-drupal-link-system-path="node/94634">Training Program in Aging and Health Economics</a> </li> <li class="primary-nav__subitem"> <a href="/programs-projects/projects-and-centers/transportation-economics-21st-century" class="link" data-drupal-link-system-path="node/105595">Transportation Economics in the 21st Century</a> </li> </ul> </li> </ul> </div> </div> </li> <li class="primary-nav__item primary-nav__item--has-children active-trail primary-nav__item--is-active"> <button type="button" class="primary-nav__action js-primary-nav__action" aria-haspopup="true" aria-expanded="false">Conferences</button> <div class="primary-nav__dropdown"> <div class="primary-nav__dropdown-heading"></div> <div class="primary-nav__dropdown-body"> <a href="/conferences" class="primary-nav__dropdown-link link link--arrow" data-drupal-link-system-path="node/43386">EXPLORE Conferences</a> <ul class="primary-nav__sublist "> <li class="primary-nav__subitem active-trail primary-nav__subitem--is-active"> <a href="/summer-institute" class="link is-active" data-drupal-link-system-path="node/96979" aria-current="page">Summer Institute</a> </li> <li class="primary-nav__subitem"> <a href="https://www.nber.org/conferences/reimbursements" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link">Reimbursements</a> </li> </ul> </div> </div> </li> <li class="primary-nav__item"> <a href="/affiliated-scholars" class="primary-nav__action" data-drupal-link-system-path="node/7221">Affiliated Scholars</a> </li> <li class="primary-nav__item primary-nav__item--has-children"> <button type="button" class="primary-nav__action js-primary-nav__action" aria-haspopup="true" aria-expanded="false">NBER News</button> <div class="primary-nav__dropdown"> <div class="primary-nav__dropdown-heading"></div> <div class="primary-nav__dropdown-body"> <a href="/nber-news" class="primary-nav__dropdown-link link link--arrow" data-drupal-link-system-path="node/94726">EXPLORE NBER News</a> <ul class="primary-nav__sublist "> <li class="primary-nav__subitem"> <a href="/nber-research-news" class="link" data-drupal-link-system-path="node/93183">Research in the News</a> </li> <li class="primary-nav__subitem"> <a href="/nber-news/nobel-laureates" class="link" data-drupal-link-system-path="node/94670">Nobel Laureates</a> </li> <li class="primary-nav__subitem"> <a href="/nber-news/featured-working-papers-archive" class="link" data-drupal-link-system-path="node/98916">Featured Working Papers Archive</a> </li> </ul> </div> </div> </li> <li class="primary-nav__item primary-nav__item--has-children"> <button type="button" class="primary-nav__action js-primary-nav__action" aria-haspopup="true" aria-expanded="false">Career Resources</button> <div class="primary-nav__dropdown"> <div class="primary-nav__dropdown-heading"></div> <div class="primary-nav__dropdown-body"> <a href="/career-resources" class="primary-nav__dropdown-link link link--arrow" data-drupal-link-system-path="node/120606">EXPLORE Career Resources</a> <ul class="primary-nav__sublist "> <li class="primary-nav__subitem"> <a href="/career-resources/research-assistant-positions-nber" class="link" data-drupal-link-system-path="node/217004">RA Positions – at NBER</a> </li> <li class="primary-nav__subitem"> <a href="/career-resources/research-assistant-positions-not-nber" class="link" data-drupal-link-system-path="node/120216">RA Positions – not at the NBER</a> </li> <li class="primary-nav__subitem"> <a href="/career-resources/staff-positions-nber" class="link" data-drupal-link-system-path="node/217005">Staff Positions at NBER</a> </li> <li class="primary-nav__subitem"> <a href="/career-resources/calls-fellowship-applications" class="link" data-drupal-link-system-path="node/120607">Calls for Fellowship Applications</a> </li> <li class="primary-nav__subitem"> <a href="/career-resources/postdoctoral-and-graduate-fellows-academic-year-2024-25" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/831005">Current Fellowship Recipients</a> </li> </ul> </div> </div> </li> <li class="primary-nav__item primary-nav__item--has-children"> <button type="button" class="primary-nav__action js-primary-nav__action" aria-haspopup="true" aria-expanded="false">About</button> <div class="primary-nav__dropdown"> <div class="primary-nav__dropdown-heading"></div> <div class="primary-nav__dropdown-body"> <a href="/about-nber" class="primary-nav__dropdown-link link link--arrow" data-drupal-link-system-path="node/93182">EXPLORE About</a> <ul class="primary-nav__sublist "> <li class="primary-nav__subitem"> <a href="/about-nber/leadership-governance" class="link" data-drupal-link-system-path="node/44127">Leadership & Governance</a> </li> <li class="primary-nav__subitem"> <a href="/about-nber/support-funding" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/98501">Support & Funding</a> </li> <li class="primary-nav__subitem"> <a href="/about-nber/history" class="link" data-drupal-link-system-path="node/44128">History</a> </li> <li class="primary-nav__subitem"> <a href="/about-nber/standards-conduct" class="link" data-drupal-link-system-path="node/93846">Standards of Conduct</a> </li> <li class="primary-nav__subitem"> <a href="/about-nber/nber-staff" data-is-megamenu="0" data-is-column="0" data-invisible="0" class="link" data-drupal-link-system-path="node/93848">Staff</a> </li> </ul> </div> </div> </li> </ul> </nav> <div class="header__utility header__utility--mobile"> <nav class="utility-nav js-utility-nav" aria-label="Utility Navigation"> <ul class="utility-nav__list"> <li class="utility-nav__item"><a href="/subscribe">Subscribe</a></li> <li class="utility-nav__item"><a href="/media">Media</a></li> <li class="utility-nav__item"><a href="/calls-papers-and-proposals">Open Calls</a></li> <li class="utility-nav__item"><a href="https://www.nber.org/conferences/summer-institute-2025">Summer Institute 2025</a></li> </ul> </nav> </div> </div> <div class="header__search header__search--desktop js-search-menu" aria-label="Search"> <button type="button" class="btn btn--icon header__search-button js-search-button" id="menu2" aria-haspopup="true" aria-controls="menu1" aria-expanded="false"> <span class="icon-search"><svg version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="24" height="24" viewBox="0 0 24 24"> <path d="M9.516 14.016q1.875 0 3.188-1.313t1.313-3.188-1.313-3.188-3.188-1.313-3.188 1.313-1.313 3.188 1.313 3.188 3.188 1.313zM15.516 14.016l4.969 4.969-1.5 1.5-4.969-4.969v-0.797l-0.281-0.281q-1.781 1.547-4.219 1.547-2.719 0-4.617-1.875t-1.898-4.594 1.898-4.617 4.617-1.898 4.594 1.898 1.875 4.617q0 2.438-1.547 4.219l0.281 0.281h0.797z"></path> </svg> </span> </button> <div class="header__search-drop-down js-search-content" id="menu1"> <div class="header__search-inner-container"> <form action="/search" class="form search-bar" role="search"> <div class="form__field form__field--search js-label form__field--placeholder"> <label for="search-bar__field--desktop">Search</label> <input name="q" type="text" id="search-bar__field--desktop"> <button class="btn btn--no-style" aria-label="Search"> <svg aria-hidden="true" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="24" height="24" viewBox="0 0 24 24"> <path d="M9.516 14.016q1.875 0 3.188-1.313t1.313-3.188-1.313-3.188-3.188-1.313-3.188 1.313-1.313 3.188 1.313 3.188 3.188 1.313zM15.516 14.016l4.969 4.969-1.5 1.5-4.969-4.969v-0.797l-0.281-0.281q-1.781 1.547-4.219 1.547-2.719 0-4.617-1.875t-1.898-4.594 1.898-4.617 4.617-1.898 4.594 1.898 1.875 4.617q0 2.438-1.547 4.219l0.281 0.281h0.797z"></path> </svg> </button> </div> </form> </div> </div> </div> </div> </div> </header> <main> <a id="main-content" tabindex="-1"></a> <div id="block-nber-breadcrumbs"> <nav class="breadcrumbs" aria-label="You are here:"> <ul class="breadcrumbs__list "> <li class="breadcrumbs__item"> <a href="/" class="breadcrumbs__link">Home</a> </li> <li class="breadcrumbs__item"> <a href="/conferences" class="breadcrumbs__link">Conferences</a> </li> <li class="breadcrumbs__item"> Summer Institute </li> </ul> </nav> </div> <div class="page-hero"> <div class="page-hero__gradient-placeholder"></div> <div class="page-hero__title-page"> <h1 class="page-hero__title"> <span>Summer Institute</span> </h1> <div class="page-hero__subtitle"> The NBER Summer Institute is an annual three-week conference held in Cambridge, MA. </div> <div class="page-hero__image" style="background-image: url(/sites/default/files/2024-11/Summer%20Institute.JPG)"></div> </div> <div class="page-hero__intro page-hero__intro--centered"> <div class="page-hero__intro-inner"> <p>The 48th Annual NBER Summer Institute will be held in Cambridge, MA from July 7 to July 25, 2025. The meetings will be held in person with many streamed live on <a href="https://www.youtube.com/c/NBERvideos">YouTube</a>. All meetings are by invitation only. <a href="/conferences/summer-institute-2025" data-entity-type="node" data-entity-uuid="2d33c7b0-70b7-4663-89b4-9a15d28d6fc4" data-entity-substitution="canonical" title="Summer Institute 2025">View the schedule of meetings</a>. </p> </div> </div> </div> <div class="page-subtitle page-subtitle--centered"> <h2 class="page-subtitle__title"> Explore Summer Institute </h2> </div> <section class="promo-grid promo-grid--3-up"> <div class="promo-grid__promos"> <div class="today-promo js-clickable-card is-clickable today_promo_video" data-href="/research/videos/2024-16th-annual-feldstein-lecture-cecilia-e-rouse-lessons-economists-pandemic"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2024-07/SI%202024%20Martin%20Feldstein.png?itok=iMIwiSar" width="800" height="450" alt="2024, 16th Annual Feldstein Lecture, Cecilia E. Rouse," Lessons for Economists from the Pandemic" cover slide" typeof="foaf:Image" class="today-promo__image" /> </div> <div class="today-promo__title"><a href="/research/videos/2024-16th-annual-feldstein-lecture-cecilia-e-rouse-lessons-economists-pandemic"> <span>2024, 16th Annual Feldstein Lecture, Cecilia E. Rouse," Lessons for Economists from the Pandemic"</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Feldstein Lecture</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Presenter: <span class="page-header__author-item"> <a href="/people/cecilia_rouse">Cecilia E. Rouse</a> </span> </li> </ul> <div class="today-promo__desc">Cecilia Rouse, president of the Brookings Institution and a professor at Princeton University, who chaired the Council...</div> </div> <div class="today-promo js-clickable-card is-clickable today_promo_video" data-href="/research/videos/2024-methods-lecture-susan-athey-analysis-and-design-multi-armed-bandit-experiments-and-policy"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2024-08/SI%202024%20Methods%20Lectures%20Susan.png?itok=iTgJuRt6" width="800" height="450" alt=" 2024 Methods Lecture, Susan Athey, "Analysis and Design of Multi-Armed Bandit Experiments and Policy Learning"" typeof="foaf:Image" class="today-promo__image" /> </div> <div class="today-promo__title"><a href="/research/videos/2024-methods-lecture-susan-athey-analysis-and-design-multi-armed-bandit-experiments-and-policy"> <span>2024 Methods Lecture, Susan Athey, "Analysis and Design of Multi-Armed Bandit Experiments and Policy Learning"</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Methods Lectures</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Presenter: <span class="page-header__author-item"> <a href="/people/susan_athey">Susan Athey</a> </span> </li> </ul> <div class="today-promo__desc">Background Materials:backgroundAthey, Susan, Undral Byambadalai, Vitor Hadad, Sanath Kumar Krishnamurthy, Weiwen Leung...</div> </div> <div class="today-promo js-clickable-card is-clickable today_promo_video" data-href="/research/videos/2024-economics-social-security-panel-earnings-inequality-and-payroll-tax-revenues"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2024-07/SI%202024%20Economics%20of%20Social%20Security%20%282%29.png?itok=hhVwHDbp" width="800" height="450" alt="2024, Economics of Social Security Panel, "Earnings Inequality and Payroll Tax Revenues"" typeof="foaf:Image" class="today-promo__image" /> </div> <div class="today-promo__title"><a href="/research/videos/2024-economics-social-security-panel-earnings-inequality-and-payroll-tax-revenues"> <span>2024, Economics of Social Security Panel, "Earnings Inequality and Payroll Tax Revenues"</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Panel Discussion</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Presenters: <span class="page-header__author-item"> <a href="/people/karen_dynan">Karen Dynan</a>, </span> <span class="page-header__author-item"> Karen Glenn, </span> <span class="page-header__author-item"> Stephen Goss, </span> <span class="page-header__author-item"> <a href="/people/fatih_guvenen">Fatih Guvenen</a> </span> <span class="page-header__author-item"> & <a href="/people/james_pearce">James Pearce</a> </span> </li> </ul> <div class="today-promo__desc"></div> </div> </div> </section> <div class="page-subtitle page-subtitle--centered"> <h2 class="page-subtitle__title">Summer Institute Schedules</h2> <div class="page-subtitle__summary"></div> </div> <div class="promo-grid promo-grid--2-up"> <div class="promo-grid__promos"> <div class="digest-card js-clickable-card is-clickable digest-card--top-image" data-href="/conferences/summer-institute-2025"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2025"> <span>Summer Institute 2025</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable digest-card--top-image" data-href="/conferences/summer-institute-2024"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2024"> <span>Summer Institute 2024</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2023"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2023"> <span>Summer Institute 2023</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2022"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2022"> <span>Summer Institute 2022</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2021"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2021"> <span>Summer Institute 2021</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2020"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2020"> <span>Summer Institute 2020</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2019"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2019"> <span>Summer Institute 2019</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2018"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2018"> <span>Summer Institute 2018</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2017"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2017"> <span>Summer Institute 2017</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2016"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2016"> <span>Summer Institute 2016</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2015"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2015"> <span>Summer Institute 2015</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2014"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2014"> <span>Summer Institute 2014</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2013"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2013"> <span>Summer Institute 2013</span> </a> </div> <div class="digest-card__items">Conference</div> </div> <div class="digest-card js-clickable-card is-clickable " data-href="/conferences/summer-institute-2012"> <div class="digest-card__title"> <a href="/conferences/summer-institute-2012"> <span>Summer Institute 2012</span> </a> </div> <div class="digest-card__items">Conference</div> </div> </div> </div> <div class="page-subtitle page-subtitle--centered"> <h2 class="page-subtitle__title"> Feldstein Lectures </h2> </div> <section class="promo-grid promo-grid--3-up"> <div class="promo-grid__promos"> <div class="today-promo js-clickable-card is-clickable today_promo_video" data-href="/research/videos/2024-16th-annual-feldstein-lecture-cecilia-e-rouse-lessons-economists-pandemic"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2024-07/SI%202024%20Martin%20Feldstein.png?itok=iMIwiSar" width="800" height="450" alt="2024, 16th Annual Feldstein Lecture, Cecilia E. Rouse," Lessons for Economists from the Pandemic" cover slide" typeof="foaf:Image" class="today-promo__image" /> </div> <div class="today-promo__title"><a href="/research/videos/2024-16th-annual-feldstein-lecture-cecilia-e-rouse-lessons-economists-pandemic"> <span>2024, 16th Annual Feldstein Lecture, Cecilia E. Rouse," Lessons for Economists from the Pandemic"</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Feldstein Lecture</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Presenter: <span class="page-header__author-item"> <a href="/people/cecilia_rouse">Cecilia E. Rouse</a> </span> </li> </ul> <div class="today-promo__desc">Cecilia Rouse, president of the Brookings Institution and a professor at Princeton University, who chaired the Council...</div> </div> <div class="today-promo js-clickable-card is-clickable today_promo_video" data-href="/research/videos/2023-15th-annual-feldstein-lecture-mario-draghi-next-flight-bumblebee-path-common-fiscal-policy"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2023-07/Darghi-MFL-Cover-slide.jpg?itok=Vdnd6Eyd" width="800" height="450" alt="15th Annual Feldstein Lecture, Mario Draghi, "The Next Flight of the Bumblebee: The Path to Common Fiscal Policy in the Eurozone cover slide" typeof="foaf:Image" class="today-promo__image" /> </div> <div class="today-promo__title"><a href="/research/videos/2023-15th-annual-feldstein-lecture-mario-draghi-next-flight-bumblebee-path-common-fiscal-policy"> <span>2023, 15th Annual Feldstein Lecture, Mario Draghi, "The Next Flight of the Bumblebee: The Path to Common Fiscal Policy in the Eurozone"</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Feldstein Lecture</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Presenter: <span class="page-header__author-item"> <a href="/people/mario_draghi">Mario Draghi</a> </span> </li> </ul> <div class="today-promo__desc">Dr. Mario Draghi, who served as President of the European Central Bank and Prime Minister of Italy, presented the 2023...</div> </div> <div class="today-promo js-clickable-card is-clickable today_promo_video" data-href="/research/videos/2022-14th-annual-feldstein-lecture-gita-gopinath-managing-turn-global-financial-cycle"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2022-07/Gitapromoimage.JPG?itok=DBeT3pX_" width="800" height="450" alt="Gita Gopinath The 2022 Martin Feldstein Lecture: Managing a Turn in the Global Financial Cycle Primary tabs" typeof="foaf:Image" class="today-promo__image" /> </div> <div class="today-promo__title"><a href="/research/videos/2022-14th-annual-feldstein-lecture-gita-gopinath-managing-turn-global-financial-cycle"> <span>2022, 14th Annual Feldstein Lecture, Gita Gopinath, "Managing a Turn in the Global Financial Cycle"</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Feldstein Lecture</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Presenter: <span class="page-header__author-item"> <a href="/people/gita_gopinath">Gita Gopinath</a> </span> </li> </ul> <div class="today-promo__desc">Gita Gopinath, the first deputy managing director of the International Monetary Fund, delivered the 2022 Martin...</div> </div> </div> </section> <div class="page-subtitle page-subtitle--centered"> <h2 class="page-subtitle__title"> Methods Lectures </h2> </div> <section class="promo-grid promo-grid--3-up"> <div class="promo-grid__promos"> <div class="today-promo js-clickable-card is-clickable today_promo_video" data-href="/research/videos/2024-methods-lecture-susan-athey-analysis-and-design-multi-armed-bandit-experiments-and-policy"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2024-08/SI%202024%20Methods%20Lectures%20Susan.png?itok=iTgJuRt6" width="800" height="450" alt=" 2024 Methods Lecture, Susan Athey, "Analysis and Design of Multi-Armed Bandit Experiments and Policy Learning"" typeof="foaf:Image" class="today-promo__image" /> </div> <div class="today-promo__title"><a href="/research/videos/2024-methods-lecture-susan-athey-analysis-and-design-multi-armed-bandit-experiments-and-policy"> <span>2024 Methods Lecture, Susan Athey, "Analysis and Design of Multi-Armed Bandit Experiments and Policy Learning"</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Methods Lectures</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Presenter: <span class="page-header__author-item"> <a href="/people/susan_athey">Susan Athey</a> </span> </li> </ul> <div class="today-promo__desc">Background Materials:backgroundAthey, Susan, Undral Byambadalai, Vitor Hadad, Sanath Kumar Krishnamurthy, Weiwen Leung...</div> </div> <div class="today-promo js-clickable-card is-clickable today_promo_video" data-href="/research/videos/2023-methods-lectures-jesse-shapiro-and-liyang-sophie-sun-linear-panel-event-studies"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2023-08/Methods%20Lecture%20final_0.png?itok=eTjAC_W-" width="800" height="450" alt="2023 Methods Lectures, Jesse Shapiro and Liyang (Sophie) Sun, "Linear Panel Event Studies" Primary tabs" typeof="foaf:Image" class="today-promo__image" /> </div> <div class="today-promo__title"><a href="/research/videos/2023-methods-lectures-jesse-shapiro-and-liyang-sophie-sun-linear-panel-event-studies"> <span>2023 Methods Lectures, Jesse Shapiro and Liyang (Sophie) Sun, "Linear Panel Event Studies"</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Methods Lectures</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Presenters: <span class="page-header__author-item"> <a href="/people/jesse_shapiro">Jesse M. Shapiro</a> </span> <span class="page-header__author-item"> & <a href="/people/sophie_sun">Liyang Sun</a> </span> </li> </ul> <div class="today-promo__desc">Overview: Linear panel event studies are increasingly used to estimate and plot causal effects of changes in policies...</div> </div> <div class="today-promo js-clickable-card is-clickable today_promo_video" data-href="/research/videos/2022-summer-institute-methods-lectures-empirical-bayes-methods-theory-and-application"> <div class="today-highlight-image horizontal"> <img loading="lazy" src="/sites/default/files/styles/promo/public/2022-08/2022%20Summer%20Institute%20Methods%20Lecture.jpg?itok=61K2x6Y0" width="800" height="450" alt=" 2022 Summer Institute Methods Lectures: Empirical Bayes Methods, Theory and Application image" typeof="foaf:Image" class="today-promo__image" /> </div> <div class="today-promo__title"><a href="/research/videos/2022-summer-institute-methods-lectures-empirical-bayes-methods-theory-and-application"> <span>2022 Summer Institute Methods Lectures: Empirical Bayes Methods, Theory and Application</span> </a></div> <ul class="today-promo__tags"> <li class="today-promo__tag">Methods Lectures</li> </ul> <ul class="today-promo__tags"> <li class="today-promo__tag"> Presenters: <span class="page-header__author-item"> <a href="/people/christopher_walters">Christopher R. Walters</a> </span> <span class="page-header__author-item"> & <a href="/people/jiaying_gu">Jiaying Gu</a> </span> </li> </ul> <div class="today-promo__desc">Large data sets that include observations on many workers at a given firm, multiple decisions by individual judges,...</div> </div> </div> </section> <section class="promo-grid promo-grid--2-up"> <div class="promo-grid__promos"><div class="card-promo has-gradient--blue-periwinkle"> <div class="card-promo__title">Explore Programs & Working Groups</div> <div class="card-promo__link"> <a href="/programs-and-working-groups" class="link link--arrow">Programs & Working Groups</a> </div> </div><div class="card-promo has-gradient--blue-periwinkle"> <div class="card-promo__title">Explore All NBER Lectures</div> <div class="card-promo__link"> <a href="/conferences/lectures-series" class="link link--arrow">NBER Lectures</a> </div> </div></div> </section> </main> <nav class="back-to-top"> <span aria-label="Return to top of page" class="back-to-top__link"></span> </nav> <footer class="footer"> <div id="block-footercontact" class="footer__contact"> <div class="footer__contact-name">National Bureau of Economic Research</div> <div class="footer__contact-address"> <p><a href="/contact-nber">Contact Us</a><br>1050 Massachusetts Avenue<br>Cambridge, MA 02138<br><a href="tel:+16178683900">617-868-3900</a><br><a href="mailto:info@nber.org">info@nber.org</a><br><a href="mailto:webaccessibility@nber.org">webaccessibility@nber.org</a></p> </div> </div> <div id="block-footerlinks" class="footer__accessibility"> <nav class="footer-quick-links" aria-label="Footer Quick Links"> <ul class="footer__links"> <li class="footer__link"><a href="/">Homepage</a></li> </ul> </nav> </div> <div id="block-footerlegal" class="footer__legal"> <nav class="footer-legal" aria-label="Footer Legal Links"> <ul> <li> <a href="/about-nber/website-accessibility-policy" data-is-megamenu="0" data-is-column="0" data-invisible="0">Accessibility Policy</a> </li> <li> <a href="/nber-diversity-policy-statement" data-is-megamenu="0" data-is-column="0" data-invisible="0" data-drupal-link-system-path="node/638293">Diversity Policy</a> </li> <li> <a href="/about-nber/nber-website-privacy-policy" data-is-megamenu="0" data-is-column="0" data-invisible="0">Privacy Policy</a> </li> </ul> </nav> </div> <div id="block-footerfollow" class="footer__follow"> <div class="footer__follow-label">Follow</div> <nav class="footer-follow" aria-label="Social media links"> <ul class="social__links footer__follow-links"> <li class="social__link footer__follow-link x"> <a href="https://twitter.com/nberpubs" title="Follow us on X" aria-label="Follow us on X"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="24" height="19" viewBox="0 0 24 19"><g transform="scale(0.075,0.075) translate(10,0)"><path d="m236 0h46l-101 115 118 156h-92.6l-72.5-94.8-83 94.8h-46l107-123-113-148h94.9l65.5 86.6zm-16.1 244h25.5l-165-218h-27.4z"></path></g></svg> </a> </li> <li class="social__link footer__follow-link linkedin"> <a href="https://www.linkedin.com/company/national-bureau-of-economic-research" title="Connect with us on LinkedIn" aria-label="Connect with us on LinkedIn"> <svg aria-hidden="true" height="23" viewBox="0 0 24 23" width="24" xlink="http://www.w3.org/1999/xlink" xmlns="http://www.w3.org/2000/svg"><g transform="translate(-1101 -3501)"><path d="M1113.97 3510.57c2.1-3.76 11.03-4.04 11.03 3.6v9.83h-5v-8.15c0-4.9-6.03-4.53-6.03 0v8.15H1109v-15.52h4.97zM1106 3524h-5v-16h5zm0-20.5a2.5 2.5 0 1 1-5 0 2.5 2.5 0 0 1 5 0z"></path></g></svg> </a> </li> <li class="social__link footer__follow-link bluesky"> <a href="https://bsky.app/profile/did:plc:v7wvtabl4o6u5f426wqncxcu" title="Follow us on Bluesky" aria-label="Follow us on Bluesky"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="24" height="24" viewBox="0 0 24 24"><g transform="scale(0.04,0.04) translate(10,50)"><path d="m135.72 44.03c66.496 49.921 138.02 151.14 164.28 205.46 26.262-54.316 97.782-155.54 164.28-205.46 47.98-36.021 125.72-63.892 125.72 24.795 0 17.712-10.155 148.79-16.111 170.07-20.703 73.984-96.144 92.854-163.25 81.433 117.3 19.964 147.14 86.092 82.697 152.22-122.39 125.59-175.91-31.511-189.63-71.766-2.514-7.3797-3.6904-10.832-3.7077-7.8964-0.0174-2.9357-1.1937 0.51669-3.7077 7.8964-13.714 40.255-67.233 197.36-189.63 71.766-64.444-66.128-34.605-132.26 82.697-152.22-67.108 11.421-142.55-7.4491-163.25-81.433-5.9562-21.282-16.111-152.36-16.111-170.07 0-88.687 77.742-60.816 125.72-24.795z"></path></g></svg> </a> </li> <li class="social__link footer__follow-link threads"> <a href="https://www.threads.net/@nber_pubs" title="Follow us on Threads" aria-label="Follow us on Threads"> <svg aria-hidden="true" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="24" height="24" viewBox="0 0 24 24"><g transform="scale(0.12,0.12)"><path d="M141.537 88.9883C140.71 88.5919 139.87 88.2104 139.019 87.8451C137.537 60.5382 122.616 44.905 97.5619 44.745C97.4484 44.7443 97.3355 44.7443 97.222 44.7443C82.2364 44.7443 69.7731 51.1409 62.102 62.7807L75.881 72.2328C81.6116 63.5383 90.6052 61.6848 97.2286 61.6848C97.3051 61.6848 97.3819 61.6848 97.4576 61.6855C105.707 61.7381 111.932 64.1366 115.961 68.814C118.893 72.2193 120.854 76.925 121.825 82.8638C114.511 81.6207 106.601 81.2385 98.145 81.7233C74.3247 83.0954 59.0111 96.9879 60.0396 116.292C60.5615 126.084 65.4397 134.508 73.775 140.011C80.8224 144.663 89.899 146.938 99.3323 146.423C111.79 145.74 121.563 140.987 128.381 132.296C133.559 125.696 136.834 117.143 138.28 106.366C144.217 109.949 148.617 114.664 151.047 120.332C155.179 129.967 155.42 145.8 142.501 158.708C131.182 170.016 117.576 174.908 97.0135 175.059C74.2042 174.89 56.9538 167.575 45.7381 153.317C35.2355 139.966 29.8077 120.682 29.6052 96C29.8077 71.3178 35.2355 52.0336 45.7381 38.6827C56.9538 24.4249 74.2039 17.11 97.0132 16.9405C119.988 17.1113 137.539 24.4614 149.184 38.788C154.894 45.8136 159.199 54.6488 162.037 64.9503L178.184 60.6422C174.744 47.9622 169.331 37.0357 161.965 27.974C147.036 9.60668 125.202 0.195148 97.0695 0H96.9569C68.8816 0.19447 47.2921 9.6418 32.7883 28.0793C19.8819 44.4864 13.2244 67.3157 13.0007 95.9325L13 96L13.0007 96.0675C13.2244 124.684 19.8819 147.514 32.7883 163.921C47.2921 182.358 68.8816 191.806 96.9569 192H97.0695C122.03 191.827 139.624 185.292 154.118 170.811C173.081 151.866 172.51 128.119 166.26 113.541C161.776 103.087 153.227 94.5962 141.537 88.9883ZM98.4405 129.507C88.0005 130.095 77.1544 125.409 76.6196 115.372C76.2232 107.93 81.9158 99.626 99.0812 98.6368C101.047 98.5234 102.976 98.468 104.871 98.468C111.106 98.468 116.939 99.0737 122.242 100.233C120.264 124.935 108.662 128.946 98.4405 129.507Z"></path></g></svg> </a> </li> <li class="social__link footer__follow-link facebook"> <a href="https://www.facebook.com/pages/National-Bureau-of-Economic-Research/115165771829285" title="Like us on Facebook" aria-label="Like us on Facebook"> <svg aria-hidden="true" height="24" viewBox="0 0 12 24" width="12" xlink="http://www.w3.org/1999/xlink" xmlns="http://www.w3.org/2000/svg"><g transform="translate(-817 -3503)"><path d="M820 3511h-3v4h3v12h5v-12h3.64l.36-4h-4v-1.67c0-.95.2-1.33 1.11-1.33H829v-5h-3.8c-3.6 0-5.2 1.58-5.2 4.62z"></path></g></svg> </a> </li> <li class="social__link footer__follow-link youtube"> <a href="https://www.youtube.com/nbervideos" title="Follow us on Youtube" aria-label="Follow us on Youtube"> <svg aria-hidden="true" height="24" space="preserve" viewBox="0 0 96.875 96.875" width="24" x="0px" xlink="http://www.w3.org/1999/xlink" xmlns="http://www.w3.org/2000/svg" y="0px"><g><path d="M95.201,25.538c-1.186-5.152-5.4-8.953-10.473-9.52c-12.013-1.341-24.172-1.348-36.275-1.341 c-12.105-0.007-24.266,0-36.279,1.341c-5.07,0.567-9.281,4.368-10.467,9.52C0.019,32.875,0,40.884,0,48.438 C0,55.992,0,64,1.688,71.336c1.184,5.151,5.396,8.952,10.469,9.52c12.012,1.342,24.172,1.349,36.277,1.342 c12.107,0.007,24.264,0,36.275-1.342c5.07-0.567,9.285-4.368,10.471-9.52c1.689-7.337,1.695-15.345,1.695-22.898 C96.875,40.884,96.889,32.875,95.201,25.538z M35.936,63.474c0-10.716,0-21.32,0-32.037c10.267,5.357,20.466,10.678,30.798,16.068 C56.434,52.847,46.23,58.136,35.936,63.474z"></path></g></svg> </a> </li> </ul> </nav> </div> <div class="footer__front-page-disclaimer"> </div> <div class="footer__copyright"> <div class="footer__copyright-content">© 2025 National Bureau of Economic Research. All Rights Reserved.</div> </div> </footer> </div> <script type="application/json" data-drupal-selector="drupal-settings-json">{"path":{"baseUrl":"\/","pathPrefix":"","currentPath":"node\/96979","currentPathIsAdmin":false,"isFront":false,"currentLanguage":"en"},"pluralDelimiter":"\u0003","suppressDeprecationErrors":true,"lazy":{"lazysizes":{"lazyClass":"lazyload","loadedClass":"lazyloaded","loadingClass":"lazyloading","preloadClass":"lazypreload","errorClass":"lazyerror","autosizesClass":"lazyautosizes","srcAttr":"data-src","srcsetAttr":"data-srcset","sizesAttr":"data-sizes","minSize":40,"customMedia":[],"init":true,"expFactor":1.5,"hFac":0.8,"loadMode":2,"loadHidden":true,"ricTimeout":0,"throttleDelay":125,"plugins":[]},"placeholderSrc":"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==","preferNative":false,"minified":true,"libraryPath":"\/libraries\/lazysizes"},"sitewideAlert":{"refreshInterval":15000,"automaticRefresh":false},"user":{"uid":0,"permissionsHash":"d81460115e44832d5a6bbc84ecc4866ebcbc477d185c47d1ef51c0402e5ff5a6"}}</script> <script src="/core/assets/vendor/once/once.min.js?v=1.0.1"></script> <script src="/core/misc/drupalSettingsLoader.js?v=10.3.14"></script> <script src="/core/misc/drupal.js?v=10.3.14"></script> <script src="/core/misc/drupal.init.js?v=10.3.14"></script> <script src="/modules/contrib/lazy/js/lazy.js?v=10.3.14"></script> <script src="/themes/custom/nber/assets/build/js/libraries-generated.js?su5ozi"></script> <script src="/themes/custom/nber/assets/build/js/index-generated.js?su5ozi"></script> <script src="/modules/contrib/sitewide_alert/js/init.js?v=10.3.14"></script> </body> </html>

CINXE.COM

Summer Institute | NBER