National Bureau of Economic Research (NBER)

The National Bureau of Economic Research (NBER) is a private, nonprofit, nonpartisan organization that advances understanding of how the economy works. It disseminates empirical research to academics, policymakers, business leaders, and the public through working papers, conferences, and policy analysis.

What the NBER does

The NBER focuses on empirical economic research in four main areas:
* Developing new statistical measurements.
* Estimating quantitative models of economic behavior.
* Assessing the effects of public policies on the U.S. economy.
* Projecting the consequences of alternative policy proposals.

Researchers and structure

• The research network includes more than 1,600 economists who are leading scholars in their fields.
• Affiliates typically hold titles as Faculty Research Fellows (often junior scholars) or Research Associates (senior scholars, often tenured and appointed by the NBER Board).
• The organization convenes researchers across universities and institutions rather than operating as a large centralized institute.

Outputs and influence

• The NBER publishes hundreds of working papers each year that circulate quickly among economists for comment and critique. These working papers are a primary channel for sharing new findings before formal journal publication.
• It also organizes numerous conferences and seminars to facilitate discussion of current research.
• Many NBER-affiliated economists are highly influential in their fields; a significant number of past and current affiliates have been recognized with major awards in economics.

Business cycle dating

The NBER’s Business Cycle Dating Committee is widely cited as the authority for determining the official dates of U.S. economic expansions and recessions. The committee analyzes a range of indicators (employment, production, income, etc.) to identify peaks and troughs in economic activity.

Funding

The NBER is funded by a mix of research grants from government agencies and foundations, investment income, and contributions from individuals and corporations. In recent years it has reported annual revenues on the order of tens of millions of dollars.

Key takeaways

• NBER is a leading source of empirical economic research and a central forum for scholarly exchange.
• Its working papers and conferences accelerate the dissemination and critique of new research.
• The Business Cycle Dating Committee plays an important role in identifying U.S. recessions and expansions.
• The organization’s network of affiliates contributes substantially to academic and policy discussions in economics.