NBER Working Papers This link opens in a new windowResearch from the National Bureau of Economic Research (NBER), founded in 1920, a private, nonprofit, nonpartisan research organization dedicated to promoting a greater understanding of how the economy works. New research by NBER affiliates, circulated prior to peer review for discussion and comment. NBER Working Papers may not offer policy recommendations or normative judgments about policies, but may report analytic results on the effects of policies.