Word: nber
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...fact, the NBER strives to remain research-oriented and discount a project's lack of immediate application. The federal government funds many of the bureau's projects through the National Science Foundation and through individual agencies for which NBER does work. But NBER's charter states, "the bureau makes no recommendations on legislation or policy, only determines economic factors with impartiality...
Research associates may apply for grants through the bureau, or use the unrestricted contributions that companies and individuals give the NBER--"untied funds that we are able to move into an area without waiting for the gestation of a project," Charles E. McLure Jr., vice president of the NBER, explains. NBER publishes about 100 research papers a year. The bureau faced deficits in fiscal years 1975 and 1976 but, McLure adds, its endowment covered the loss. Feldstein has closed out fiscal '77 and '78 with surplusses...
...more emphasis on economic theory rather than statistics (since Feldstein became president)," Rees comments. "He has areas he wants to stress and he invites people to join the bureau who are doing research in those areas." The New York Times, on May 20, 1979, suggested Feldstein is using the NBER as "his own private vehicle." But people inside the bureau don't see it that way, though they say they clearly feel Feldstein's influence...
Joel B. Slemrode, a research analyst working on his dissertation, says Feldstein was his adviser before, he adds jolingly, the "Marty Feldstein incarnation of the NBER was created." He says Feldstein "probably could be characterized as one who has faith in the ability of the market unfettered to operate efficiently...
Several people connected with the bureau say both Harvard and the NBER have benefitted from their close relationship. The bureau fosters a community spirit, provides an efficient and effective environment for study, as well as office space, resources and access to other economists. In addition, some say it may be easier to get grant money through the NBER than through an individual application. The bureau, in turn, has at its disposal young and outstanding economists. "Harvard has been very good in facilitating our operation," McLure says...