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National Bureau of Economic Research (NBER)

A not-for-profit organization that aims to produce high-quality and objective economic research for policymakers, businesses, and academia

Written by

CFI Team

Published June 24, 2023

Updated July 7, 2023

What is the National Bureau of Economic Research (NBER)?

The National Bureau of Economic Research (NBER) is a not-for-profit organization established in 1920. It aims to produce high-quality and objective economic research for policymakers, businesses, and academia.

Some of the most prominent economists are members of the NBER and contribute to its research database. Some well-known names, such as Robert Merton of the Black-Scholes-Merton Model, quantitative macroeconomist Thomas Sargent, and development economist William Easterly, are all associated with the organization.

Alongside providing high-quality research, the National Bureau of Economic Research also serves as a source of important data. It is best known for its business cycle data that records the dates of recessions and expansions in the U.S. and global economy. It offers data across many categories, such as demographics, healthcare, trade, macroeconomic indicators, finance, and trade.

The NBER conducts its research through twenty research programs and thirteen working groups that research different areas of economics. Some of the programs are discussed in detail below.

NBER Research Programs

The NBER’s research programs are divided according to major branches of economics. They are more generic, and most researchers fall into one or more of the twenty research programs.

Asset Pricing

The asset pricing program studies the fluctuation of the prices of financial assets, such as stocks, bonds, and currencies. The program develops and tests theories around fluctuations in asset prices, as well as documents empirical facts about markets for different financial assets.

Corporate Finance

The corporate finance program focuses on the study of capital structure used by corporations. They study organizational behavior, as well as the relationship between the corporate sector and the financial sector of the economy. The program also conducts a comparative study of corporations across the world.

Development Economics

The development economics program is highly empirical and tries to answer important policy questions using statistical tools like randomized control trials. The outcomes of the studies can be translated into policy prescriptions that governments can use to design and implement welfare programs.

Labor Studies

The labor studies program studies the labor market in terms of employment level, compensation, and the factors that affect the labor supply and demand, e.g., immigration. It also studies organizational behavior like the impact of labor unions, compensation structures, etc.

Law and Economics

The law and economics program studies the interplay between the legal system and the economy. It focuses on the impact of legal regulation on the economy, as well as contract and tort law, which are essential to the functioning of modern economies.

Monetary Economics

The monetary economics program studies the conduct of monetary policy by central banks. It studies the effects of monetary policy, the economy, and key economic variables like unemployment and inflation.

Economic Fluctuations and Growth

The economic fluctuations and growth program studies the causes of economic growth and what triggers changes in economic growth. It is a multifaceted program that studies both micro and macroeconomic challenges to economic growth. It aims to provide a basis for policymaking that promotes and sustains economic growth.

Political Economy

The political economy program studies the interaction between economic policy and polity. The field is concerned with the limits of economic policy alone to determine economic outcomes. It studies the impact of political institutions on the outcomes of economic policies.

The other programs are Aging, Children, Development of American Economy, Economics of Education, Environmental and Energy Economics, Healthcare, Health Economics, Industrial Organization, International Finance and Macroeconomics, International Trade and Investment, Productivity Innovation and Entrepreneurship Programs, and Public Economics.

NBER Working Groups

The working groups are more specialized and produce interdisciplinary research on a specific topic. They involve researchers from different research groups and are more thematic based on current trends. The thirteen working groups are:

Behavioral Finance

The behavioral finance program focuses on the application of psychology and cognitive science theories in finance. It tries to explain certain behaviors in financial markets through the lens of human psychology. They study the financial decisions of both households and corporations.

Entrepreneurship Market Design

The market design group looks at the structure of different markets. They study market mechanisms for things like telecom spectrum, electricity, treasuries, etc. They focus on optimal auction processes and points of failure in the market.

Risks of Financial Institutions

The other working groups are Chinese Economy, Cohort Studies, Economics of Crime, Household Finance, Innovation Policy, Insurance, Organizational Economics, Personnel Economics, and Urban Economics.

Ann Mckee Elected To The National Academy Of Medicine

Ann McKee Elected to the National Academy of Medicine BU neurologist studying concussions in athletes and soldiers

Photo by Asia Kepka

The National Academy of Medicine (NAM) is made up of more than 2,000 international members, elected by their peers, for outstanding achievements in medicine. Ann McKee, a School of Medicine professor of neurology and pathology, director of the Chronic Traumatic Encephalopathy Center, and chief of neuropathology at the Boston VA Healthcare System, has been elected in recognition of the huge impact that her research on brain injuries in football players and military servicepeople has had on public health.

BU Today: Your work on concussions has been nothing short of groundbreaking. Can you recall the moment when you realized this was a defining issue that you wanted to pour your research into?

McKee: I had become very interested in the deterioration found in boxers’ brains, and when I saw the brain of John Grimsley, a 45-year-old football player in 2008, I was stunned to see the same pattern of pathology that I found in the boxers. I knew immediately that this was very important. I was a lifelong football fan; I knew that football players damaged their knees and hips, but it was a shock to find that they were damaging their brains as well. And with each additional case that came into the lab, the evidence grew stronger and the importance of the findings to public health became more evident.

We hear so much talk about head trauma from football. Can you talk about how prevalent head trauma is in the military and why that became a second focus of your work?

I’ve worked at the Veterans Affairs (VA) hospital for 25 years. Over 360,000 military service members were exposed to traumatic brain injury from blast and impact injury in the Iraq and Afghanistan conflicts. Although there are similarities between blast injury and athletic injury, we know far less about military-related injuries. We are hoping to raise the number of brain donations from veterans in order to solve this knowledge gap.

I read that you love to paint. Does art help your work in medicine in any way?

Medicine is an observational science, and being a visual person, with a strong visual memory, tends to increase your powers of observation. I also think that creativity, which is a central component of painting and visual arts, is absolutely essential to science.

If you were to look ahead one generation, say in 20 years, do you think football, as we know it today, will be the same game, with the same popularity?

What would you tell a young mother today with a 10-year-old begging to play football? And what might you tell the child?

I would encourage the mother and son to play another sport with less head contact. The truth is inconvenient and unwelcome, but football damages brains, and young brains especially.

You have faced a lot of criticism with your findings. But I read that your nieces refer to you as “Auntie Badass.” Where did that come from?

In this case, it is a term of endearment. My nieces are proud of me, not just because I had the right cognitive skills at the right time, but because I’ve had to face dismissiveness and sexism, people trying to claim credit for my work, and people and organizations trying to derail me. I’ve had to fight for where I am with persistence and determination and my eyes focused straight ahead.

You’ve received so many honors and accolades; can you put this one from the National Academy of Medicine in perspective for us?

It is recognition of professional achievement and commitment to service; I am very honored to be recognized for my work to improve public health.

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Vita Paladino Named Director Of Gotlieb Archival Research Center

Vita Paladino named director of Gotlieb Archival Research Center Vibrant personality plans to fulfill the legacy of her charismatic mentor

Vita Paladino

Boston University’s Gotlieb Archival Research Center is famous for being home to the famous — or at least home to their collections. That home-making started in the 1960s, when founding director Howard Gotlieb pioneered the practice of gathering personal papers from contemporary figures while they were still living, an accomplishment that required charm and subtlety, two qualities Gotlieb had in abundance. Instituted in 1963 as Special Collections, the center, which was renamed for its founder in 2003 on the occasion of its 40th anniversary, now holds the papers of more than 2,000 people, from the Founding Fathers to Fred Astaire and from Theodore Roosevelt to Mary Louise Parker.

Gotlieb died on December 1, 2005, and Vita Paladino, who last week was appointed director after having been managing director since 2004, hopes to fulfill and expand on his legacy. Paladino worked with Gotlieb for 30 years and likes to evoke the vitality and closeness of their friendship by saying that they were “joined at the hip.”

Paladino, who came from New York to BU in 1973, first met Gotlieb in 1976 when she answered an ad reading, “Must be willing to work with authors and famous people.” “I thought that it was absolutely for me,” Paladino recalls. “It had my name written on it. He wanted me to start the next day.”

“Howard and I enhanced each other’s ideas and dreams and made them a reality,” she says. “I certainly learned all the secret recipes to the archival industry and most certainly the dealings and family business that are involved with collecting contemporary individuals. Today we are one of the top five repositories in America specializing in contemporary public figures.”

Paladino (MET’79, SSW’93) has a bachelor’s in sociology and a master’s in social work, both from the University, and she says her clinical social work degree comes in handy when negotiating the acquisition of new collections.

“One can be trained in archival practices very easily,” she says. “But when you are dealing with the major rainmakers of our time and their families, one has to be equipped with compassion, sensitivity, loyalty, intuition, and common sense in order to be successful in obtaining and retaining individual archives. Within these archives are the documents that reveal the facts and secrets of people’s lives, the true person behind the public persona. Thus it is not much different in a sense from being a therapist and listening to those facts and secrets. Howard used to say, ‘You have your therapist and your curator.’ Sometimes we are both.”

The Gotlieb Center, under Paladino’s directorship, will continue its efforts to reach out to and be a resource for BU students and the community surrounding the University. “My mission as director will be to create more educational outreach events which provide a source of enrichment to our students, faculty, researchers, and local community,” Paladino says. “After all, those who we collect serve as role models and mentors to our students.”

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Indian National Movement � � Extremist Period

Introduction

A very new class of Indian national leaders emerged at the very beginning of the 20th century. This class of leaders were different from the existing ones in their individual and unique thoughts. The main reason behind the emergence of extremists was several limitations of moderate leaders. Approaches of the moderate leaders toward the British ruler were found non-effective.

Causes of Rising Extremists

There are certain causes that lead the Indians to accept an aggressive approach against the British rulers.

The first reason was all moderate leaders’ failure in getting fruitful results from the existing British rulers.

Limitations of the moderate leaders in proposing the necessary requirement led the then-young leaders to take an aggressive approach (Tiwari, 2023).

In 1905, the decisions regarding the partition of Bengal influenced directly the emotions of Indians. This incident brings the true colour of the British in front of the common people.

Indians got angry because of Lord Carson’s disdain regarding any Indian things. This is a huge cause of resentment among Indians.

Some leaders believed that moderate leaders’ main intention was to create an India in a westernised way.

At that specific time, the revival of national pride was concerning among all leaders.

Spiritual nationalism was growing at that time and this influenced the extremist leaders to take a step against British rule.

In 1903, the Delhi Durbar was held and the Indians had not recovered then from famine.

The external world’s political disruption and the emergence of war-like situations have also created a sense of change among extremist leaders.

Successful repulsion of Abyssinia in 1896 influences Indians leaders.

Some other national movements such as those of Turkey, Persia and Egypt have also motivated Indian leaders to take aggressive actions against the British.

Surat Split

The surat split was a great concern of that time in the Indian political field and in social changes as well. The main aspect of this incident was the emerging differences between extremists and moderates regarding the approaches toward the British. INC’s surat session in 1907 was the most important one in this regard. This meeting was proposed to be held in Nagpur.

A conflict between the moderates and the extremists was raised about the leaders. Bal Gangadhar Tilak or Lala Lajpat Rai was the choice of extremists whereas; the moderates’ choice was Rash Behari Ghosh. There was a certain rule about the selection of the precedent. No president of INC can be from any home province. This aspect creates difficulties for Tilak, as his home province was Bombay. The resolution of swadeshi, national education and boycott movements were dropped by the moderates (Bhat, 2023). In the Surat session, Rash Behari Ghosh was selected as the president. Both these two different parties were enraged and the core intention of holding this meeting was fully destroyed.

Popular Extremist Leaders

The three most popular extremist leaders were together known as “Lal-Bal-Pal”. They were Lala Lajpat Rai, Bal Gangadhar Tilak and Bipin Chandra Pal. In Punjab, Bengal and Bombay, extremist approaches were carried on by these three rulers (Tiwari, 2023). There were some other leaders as well, namely VOC Pillai, A K Dutt, Aurobindo Ghosh and some more.

Methods, Followed by Extremist Leaders

The goal of extremist leaders was to achieve swaraj. The extremist leaders integrally evolved a wider range of Indians. Each extremist leader possesses pride in Indian culture, history and own uniqueness. No such constitutional methods were adopted by these leaders in achieving theirs. All extremists believe in direct confrontation rather than persuasion. The almost-dead swadeshi movement regained and gathered the necessary momentum because of the active participation of extremists.

Government Reaction Towards Extremists

The then British government was angered by the approaches and direct attack of extremist leaders and therefore several laws were passed against them.

Seditious Meetings Act was possessed in 1907, Criminal Law Amendment Act in 1908 and the Indian Newspaper act are important as well. All these laws were introduced for resisting the emergence of extremists.

Importance of Extremist Period

No such tough impact was found by such approaches and the main intention of the rebellion was getting faded. This is the reason; the extremists take an aggressive approach against the British Empire. Certain slogans by these leaders influence common Indian and raise their awareness regarding the demand for freedom. The Indians boycotted national education and British goods, which impacts the British in a high range. The extremist period helped in bringing a major reform in the Indian education system, and as a result, some of the National universities became free from British control.

Conclusion

The persuasive approach of moderate leaders was fully avoided by extremists. This different and aggressive nature of extremists creates a sense of serious concern among British rulers. In the history of Indian independence, extremist leaders possess immense significance, as they believed in sacrificing their own life at certain times to bring freedom to their motherland. These leaders that influence directly on the Indian cultural and social condition did not acknowledge the loyalty of the British Crown.

FAQs

Q.1. Who had arranged some festivals for spreading the core message of boycotting and westernization of India?

Ans. Bal Gangadhar Tilak, one of the most promising extremists of INC had arranged Shivaji and Ganpati festivals. These two festivals were major steps toward social reforms and the entire Indian society was highly impacted by them.

Q.2. Which statement of Tilak is famous for understanding the range of extremists?

Ans. According to Tilak, no simpler and more generous step can make any impact on the British and Indian should be aware of their own rights. One of his famous statements is “Swaraj is my birthright and I shall have it.”

Q.3. What was the goal of extremist leaders?

Ans. The main aim of extremist leaders was to ensure that all Indians are self-reliant and enough aware of individual respect. The extremist leader’s approach was more radical than the moderates were.

The Best National Parks For Photographers

Tunnel view in Yosemite National Park Naris Visitsin via Getty Images

Capture iconic landscapes that look as if they were plucked from the set of Westworld this summer with a visit to a National Park. These fifteen destinations offer a variety of scenes for you to point your camera at.

Yellowstone

The Grand Prismatic in the spring time

Established in 1872, Yellowstone is the world’s oldest National Park and spans Wyoming, Montana and Idaho. The 3,500 square ft of wilderness features a variety of landscapes for photographers to capture, but its an underground supervolcano that creates some of the most well-known natural wonders of the park such as Old Faithful geyser and the Grand Prismatic Spring pictured above. At 370 feet wide it’s the third largest hot spring in the world. Its vibrant colors are a result of microbial mats which make the water appear orange and red in summer and dark green in winter.

Yosemite

Golden glow at Gates Of The Valley in Yosemite National Park

Yosemite National Park was the star of many of Ansel Adams’s famous black and white landscapes, so it’s no surprise that photographers continue to flock here. Photographers should check out iconic viewpoints such as Tunnel View (made famous by Adams) where you can see El Capitan, Half Dome and Bridalveil Fall. Gates of the Valley offers an alternative view to this landscape.

Grand Canyon

Sunset at Desert View Point, Grand Canyon

One of the most iconic (and crowded) National Parks, there are plenty of beautiful landscapes to capture here, although even the best pictures may fail to capture its splendor. Photographing at sunrise or sunset will give you a spectacular range of color. This image, which captures the Colorado River snaking through the canyon at sunset, was taken from Desert View Point, a quarter mile hike from the Desert View parking area.

Monument Valley

Hunts Mesa near Monument Valley, Arizona

Situated on the Arizona-Utah border, Monument Valley has been a popular filming location for a number of westerns. The park lies within the territory of the Navajo Nation and is known for its sandstone buttes—some of which reach up to 1,000 ft. Accessing areas such as Hunts Mesa, where this image was taken, requires a hike with a hired Navajo guide.

Arches

Double arch and milky way at Arches National Park, Utah

Home to the often-photographed Delicate Arch, this park in eastern Utah contains over 2,000 natural sandstone arches. It’s also the park where Edward Abbey wrote what would eventually become Desert Solitude. Capture it at night for a different take on the iconic Delicate Arch shot.

Joshua Tree

A desert road and joshua trees at night

Only designated as a National Park in 1994, Joshua Tree is one of our nation’s younger parks and includes portions of the Mojave Desert and the Colorado Desert. It’s naturally dark skies and twisting Joshua trees (from which the park gets its name) make it a favorite for photographers looking to capture the beauty of the night sky.

Bryce Canyon National Park

Thor’s Hammer point view with hoodoo formations, Utah

Despite its name this Southern Utah park is not actually a canyon—it’s a collection of giant amphitheaters. Geological structures called hoodoos are what make this landscape distinct. Thor’s Hammer, pictured above, is approximately 150 feet tall and one of the most well known in the area.

Redwood National and State Parks

Sunrays shining through foggy old growth redwood trees in Redwood National and State Parks

Photographers can find some of the world’s tallest trees in this sprawling park located alongside the northern California coastline. It’s not unusual for morning fog to linger between the trees, wait for the light to cut through and backlight the trees for spectacular and moody images of the forest.

Badlands

Scenic view of Badlands National Park

South Dakota’s Badlands isn’t as famous as locations like Yosemite or Yellowstone, but it’s also typically less crowded. The park features 240,000 acres of wilderness including buttes, spires and pinnacles. Take the 35-mile scenic loop through the area to see some of the park’s most impressive features—there are 15 overlooks and 8 hikes that you can explore along the way.

Capitol Reef

Temple of the Sun, Capitol Reef, Utah

Located in the heart of red rock country in southern Utah, Capitol Reef officially opened to the public in 1950. The park features the world’s oldest exposed monocline (a S shaped geological formation that shows off some of the oldest layers of the earth). Chimney Rock Pillar, Hickman Bridge Arch and Temple of the Sun (pictured above) are a few popular locations for capturing the area’s grandeur.

Glacier National Park

Hidden Lake Overlook at morning, Glacier National Park

Tucked within Montana’s Rocky Mountains, this massive park has over a million acres and more than 130 lakes within its borders. Hidden Lake Overlook, featured above, requires approximately a mile of hiking to reach, but is one of the easiest in the park. Start early to beat the crowds (and maybe capture sunrise).

Great Sand Dunes

Great Sand Dunes National Park, Mosca, Colorado

Established in 2004, Great Sand Dunes National Park in south-central Colorado, is another relatively young National Park. The area contains the largest sand dunes in North America, some of which rise to 750 feet tall, and has an otherworldly feel. When shooting the dunes consider adding a human element to the frame to show the scale.

Carlsbad Caverns

A long exposure of sunlight in Carlsbad Caverns in Carlsbad Cavern National Park

Although there are more than 100 caves in the region, Carlsbad Caverns is most famous for its limestone showcave, which can be accessed via elevator or hiked into from the natural entrance. The largest chamber of the showcave, “Big Room” is the fifth largest chamber in North America. Try a long exposure (like the one pictured above) to capture details within the various chambers of the cave.

Mesa Verde

A view of Cliff Palace, Mesa Verde National Park

Mesa Verde National Park in Colorado is home to some of the most well preserved Ancestral Puebloan cliff dwellings. The 52,485 acre park contains 5000 archaeological sites, many of which can be seen from overlooks and along park trails—but if you want an up close view of the dwelling you will need to take a ranger guided tour. Cliff Palace, one of the largest dwellings, can be seen and photographed from the driving loop in the park.

Grand Teton

A perfect mirror reflection in the still waters within Grand Teton National Park.

Inductive Vs. Deductive Research Approach

The main difference between inductive and deductive reasoning is that inductive reasoning aims at developing a theory while deductive reasoning aims at testing an existing theory.

In other words, inductive reasoning moves from specific observations to broad generalizations. Deductive reasoning works the other way around.

Both approaches are used in various types of research, and it’s not uncommon to combine them in your work.

Inductive research approach

When there is little to no existing literature on a topic, it is common to perform inductive research, because there is no theory to test. The inductive approach consists of three stages:

Observation

A low-cost airline flight is delayed

Dogs A and B have fleas

Elephants depend on water to exist

Seeking patterns

Another 20 flights from low-cost airlines are delayed

All observed dogs have fleas

All observed animals depend on water to exist

Developing a theory or general (preliminary) conclusion

Low cost airlines always have delays

All dogs have fleas

All biological life depends on water to exist

Limitations of an inductive approach

A conclusion drawn on the basis of an inductive method can never be fully proven. However, it can be invalidated.

ExampleYou observe 1000 flights from low-cost airlines. All of them experience a delay, which is in line with your theory. However, you can never prove that flight 1001 will also be delayed. Still, the larger your dataset, the more reliable your conclusions.

Deductive research approach

When conducting deductive research, you always start with a theory. This is usually the result of inductive research. Reasoning deductively means testing these theories. Remember that if there is no theory yet, you cannot conduct deductive research.

The deductive research approach consists of four stages:

Start with an existing theory and create a problem statement

Low cost airlines always have delays

All dogs have fleas

All biological life depends on water to exist

Formulate a falsifiable hypothesis, based on existing theory

If passengers fly with a low cost airline, then they will always experience delays

All pet dogs in my apartment building have fleas

All land mammals depend on water to exist

Collect data to test the hypothesis

Collect flight data of low-cost airlines

Test all dogs in the building for fleas

Study all land mammal species to see if they depend on water

Analyze and test the data

5 out of 100 flights of low-cost airlines are not delayed

10 out of 20 dogs didn’t have fleas

All land mammal species depend on water

Decide whether you can reject the null hypothesis

5 out of 100 flights of low-cost airlines are not delayed = reject hypothesis

10 out of 20 dogs didn’t have fleas = reject hypothesis

All land mammal species depend on water = support hypothesis

Limitations of a deductive approach

The conclusions of deductive reasoning can only be true if all the premises set in the inductive study are true and the terms are clear.

Example

All dogs have fleas (premise)

Benno is a dog (premise)

Benno has fleas (conclusion)

Based on the premises we have, the conclusion must be true. However, if the first premise turns out to be false, the conclusion that Benno has fleas cannot be relied upon.

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Combining inductive and deductive research

Many scientists conducting a larger research project begin with an inductive study. This helps them develop a relevant research topic and construct a strong working theory. The inductive study is followed up with deductive research to confirm or invalidate the conclusion. This can help you formulate a more structured project, and better mitigate the risk of research bias creeping into your work.

Remember that both inductive and deductive approaches are at risk for research biases, particularly confirmation bias and cognitive bias, so it’s important to be aware while you conduct your research.