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The Global Financial Resource Curse

By Gianluca Benigno, Luca Fornaro, and Martin Wolf

American Economic Review, January 2025

We provide a model connecting the global saving glut to productivity growth. The key feature is that the tradable sector is the engine of growth of the economy. Capital flows from developing countries to the United States boost demand for US nontradable g...

Universalism: Global Evidence

By Alexander W. Cappelen, Benjamin Enke, and Bertil Tungodden

American Economic Review, January 2025

This paper leverages nationally representative surveys across 60 countries and 64,000 respondents to present novel stylized facts about the relationship-specific nature of altruism. Across individuals, universalist preferences systematically vary with dem...

Changes in Nutrient Intake at Retirement

By Melvin Stephens Jr. and Desmond Toohey

American Economic Journal: Applied Economics, January 2025

Prior research finds food expenditure decreases at retirement, which suggests households are inadequately saving. In contrast, other evidence shows that direct measures of food intake are unaffected by exiting the labor force. Using a wide array of data s...

Rising Import Tariffs, Falling Exports: When Modern Supply Chains Meet Old-Style Protectionism

By Kyle Handley, Fariha Kamal, and Ryan Monarch

American Economic Journal: Applied Economics, January 2025

We examine the impacts of the 2018–2019 US import tariff increases on US exports through the lens of supply chain linkages. Using 2016 confidential firm-trade linked data, we identify exporters who were importing products that eventually faced tariff in...