Comments: Robert Solow, Murray Wiedenbaum, V. V. Chari, and Patrick J. Kehoe

Journal of Economic Perspectives, Winter 2008

The Changing Incidence of Geography

By James E. Anderson and Yoto V. Yotov

American Economic Review, December 2010

The incidence of bilateral trade costs is calculated here using neglected properties of the structural gravity model, disaggregated by commodity and region, and re-aggregated into forms useful for economic geography. For Canada's provinces, 1992-2003, sel...

A Nobel Prize for Game Theorists: The Contributions of Harsanyi, Nash and Selten

By Faruk Gul

Journal of Economic Perspectives, Summer 1997

The purpose of this essay is to celebrate the contributions of John C. Harsanyi, John F. Nash, and Reinhard Selten to economics. The emphasis is on tracing the influence of their work on economic analysis rather than giving a detailed account of each of t...

Policy Watch: The Food Stamp Program and Welfare Reform

By Betsey A. Kuhn, Pamela Allen Dunn, David Smallwood, Kenneth Hanson, Jim Blaylock, and Stephen Vogel

Journal of Economic Perspectives, Spring 1996

Major changes have been proposed for the Food Stamp Program, including replacing the program with block grants to the states, cashing out the benefits, and reducing program funding from baseline levels. This paper will explore the impacts of food stamp re...

Dynamic Inefficiencies in an Employment-Based Health Insurance System: Theory and Evidence

By Hanming Fang and Alessandro Gavazza

American Economic Review, December 2011

We investigate the effects of the institutional settings of the US health care system on individuals' life-cycle medical expenditures. Health is a form of general human capital; labor turnover and labor-market frictions prevent an employer-employee pair ...

The Effects of Rural Electrification on Employment: New Evidence from South Africa

By Taryn Dinkelman

American Economic Review, December 2011

This paper estimates the impact of electrification on employment growth by analyzing South Africa's mass roll-out of electricity to rural households. Using several new data sources and two different identification strategies (an instrumental variables str...

Happiness and Time Preference: The Effect of Positive Affect in a Random-Assignment Experiment

By John Ifcher and Homa Zarghamee

American Economic Review, December 2011

We conduct a random-assignment experiment to investigate whether positive affect impacts time preference, where time preference denotes a preference for present over future utility. Our result indicates that, compared to neutral affect, mild positive affe...

Who Thinks about the Competition? Managerial Ability and Strategic Entry in US Local Telephone Markets

By Avi Goldfarb and Mo Xiao

American Economic Review, December 2011

We examine US local telephone markets shortly after the Telecommunications Act of 1996. The data suggest that more experienced, better-educated managers tend to enter markets with fewer competitors. This motivates a structural econometric model based on ...

Buffalo Hunt: International Trade and the Virtual Extinction of the North American Bison

By M. Scott Taylor

American Economic Review, December 2011

In the sixteenth century, North America contained 25 to 30 million buffalo; by the late nineteenth century fewer than 100 remained. While removing the buffalo east of the Mississippi took over 100 years, the remaining 10 to 15 million buffalo on the Great...

Extreme Walrasian Dynamics: The Gale Example in the Lab

By Sean Crockett, Ryan Oprea, and Charles Plott

American Economic Review, December 2011

We study David Gale's (1963) economy using laboratory markets. Tatonnement theory predicts prices will diverge from an equitable interior equilibrium toward infinity or zero depending only on initial prices. The inequitable equilibria determined by the...

Front Matter

American Economic Journal: Microeconomics, May 2012

To Review or Not to Review? Limited Strategic Thinking at the Movie Box Office

By Alexander L. Brown, Colin F. Camerer, and Dan Lovallo

American Economic Journal: Microeconomics, May 2012

Film studios occasionally withhold movies from critics before their release. These cold openings provide a natural setting to apply laboratory-developed models of limited strategic thinking to the field. In a set of 1,303 widely released movies, cold op...

Fiscal Consolidation in an Open Economy

By Christopher J. Erceg and Jesper Lindé

American Economic Review, May 2012

his paper uses a New Keynesian DSGE model of a small open economy to compare how the effects of fiscal consolidation differ depending on whether monetary policy is constrained by currency union membership or by the zero lower bound on policy rates. We sho...

Financial Advice

By Roman Inderst and Marco Ottaviani

Journal of Economic Literature, June 2012

Financial advice could play an essential role in well-functioning markets for retail financial products, given that many consumers find it difficult to evaluate the complex products on offer. However, conflicts of interest, which are pervasive in some pa...

Comment on McKinnons's Monetary Rule

By John Williamson

Journal of Economic Perspectives, Winter 1988

[This paper responds to "Monetary and Exchange Rate Policies for International Financial Stability: A Proposal," by Ronald I. McKinnon, in this same issue.] While McKinnon's criticisms of the regime of floating exchange rates are almost entirely justified...

Notes

Journal of Economic Perspectives, Spring 1988

Front Matter

Journal of Economic Perspectives, Spring 1988

The Task Force Report: The Reasoning behind the Recommendations

[Symposium: Brady Commission Report on the October 1987 Stock Market Crash]

By Bruce C. Greenwald and Jeremy Stein

Journal of Economic Perspectives, Summer 1988

This paper was prepared for the Symposium on the [October 1987] Stock Market Crash, held February 8, 1988, at Princeton University. The article provides a framework for thinking about the recommendations made by the Presidential Task Force on Market Mecha...

Trading Activity and Price Behavior in the Stock and Stock Index Futures Markets in October 1987

[Symposium: Brady Commission Report on the October 1987 Stock Market Crash]

By James F. Gammill and Terry A. Marsh

Journal of Economic Perspectives, Summer 1988

This paper discusses what actually happened during the October 1987 market break and the days immediately before. It attempts to lay out a set of stylized facts that describe differing categories of traders and how they behaved and reacted to each other d...

Comments on the Market Crash: Six Months After

[Symposium: Brady Commission Report on the October 1987 Stock Market Crash]

By Hayne Leland and Mark Rubinstein

Journal of Economic Perspectives, Summer 1988

Six months after the market crash of October 1987, we are still sifting through the debris searching for its cause. Two theories of the crash sound plausible -- one based on a market panic and the other based on large trader transactions -- though there i...