Frequentist and Subjectivist Perspectives on the Problems of Model Building in Economics

By Dale J. Poirier

Journal of Economic Perspectives, Winter 1988

I plan to discuss, in as simple and nontechnical a fashion as possible, the subjectivist-Bayesian attitude toward model building in econometrics and to contrast it with the standard frequentist attitude. To convey what I believe is the principle distingui...

NAIRU Uncertainty and Nonlinear Policy Rules

By Laurence H. Meyer, Eric T. Swanson, and Volker W. Wieland

American Economic Review, May 2001

Currency Choice and Exchange Rate Pass-Through

By Gita Gopinath, Oleg Itskhoki, and Roberto Rigobon

American Economic Review, March 2010

We show, using novel data on currency and prices for US imports, that even conditional on a price change, there is a large difference in the exchange rate pass-through of the average good priced in dollars (25 percent) versus nondollars (95 percent). ...

Economists and White House Decisions

[Symposium: Economists as Policy Advocates]

By Stuart E. Eizenstat

Journal of Economic Perspectives, Summer 1992

While I served in the White House, [as Assistant to the President for Domestic Affairs and Policy and Executive Director of the White House Domestic Policy Staff from 1977-81], Ph.D. economists occupied the positions of Secretary of Labor, Secretary of Co...

Health, Height, Height Shrinkage, and SES at Older Ages: Evidence from China

By Wei Huang, Xiaoyan Lei, Geert Ridder, John Strauss, and Yaohui Zhao

American Economic Journal: Applied Economics, April 2013

In this paper, we build on the literature that examines associations between height and health outcomes of the elderly. We investigate the associations of height shrinkage at older ages with socioeconomic status, finding that height shrinkage for both men...

Medicare Reform: Obstacles and Options

By Joseph R. Antos and Linda Bilheimer

American Economic Review, May 1999

Asset Management Fees and the Growth of Finance

[Symposium: The Growth of the Financial Sector]

By Burton G. Malkiel

Journal of Economic Perspectives, Spring 2013

From 1980 to 2006, the financial services sector of the US economy grew from 4.9 percent to 8.3 percent of GDP. A substantial share of that increase was comprised of increases in the fees paid for asset management. This paper examines the significant incr...

International Prices, Costs, and Markup Differences

By Gita Gopinath, Pierre-Olivier Gourinchas, Chang-Tai Hsieh, and Nicholas Li

American Economic Review, October 2011

Relative cross-border retail prices, in a common currency, comove closely with the nominal exchange rate. Using product-level prices and wholesale costs from a grocery chain operating in the United States and Canada, we decompose this variation into relat...

Tax Policy Issues in Designing a Carbon Tax

By Donald B. Marron and Eric J. Toder

American Economic Review, May 2014

A carbon tax is a promising tool for discouraging the greenhouse gas emissions that cause climate change. In principle, a well-designed tax could reduce the risk of climate change, minimize the cost of emissions reductions, encourage innovation in low-car...

The Principles of Macroeconomics at the Millennium

By Michael Parkin

American Economic Review, May 2000

Involving Undergraduates in Research To Encourage Them To Undertake Ph.D. Study in Economics

By Ronald G. Ehrenberg

American Economic Review, May 2005

Who Are China's Entrepreneurs?

By Simeon Djankov, Yingyi Qian, Gérard Roland, and Ekaterina Zhuravskaya

American Economic Review, May 2006

The Costs of Carbon Sequestration: A Revealed-Preference Approach

By Robert N. Stavins

American Economic Review, September 1999

Theory, General Equilibrium, and Political Economy in Development Economics

[Symposium: The Agenda for Development Economics]

By Daron Acemoglu

Journal of Economic Perspectives, Summer 2010

I discuss the role of economic theory in empirical work in development economics with special emphasis on general equilibrium and political economy considerations. I argue that economic theory plays (should play) a central role in formulating models, esti...

Evolution of Impatience: The Example of the Farmer-Sheriff Game

By David K. Levine, Salvatore Modica, Federico Weinschelbaum, and Felipe Zurita

American Economic Journal: Microeconomics, August 2015

The literature on the evolution of impatience, focusing on one-person decision problems, often finds that evolutionary forces favor the more patient individuals. This paper shows that in games where equilibrium involves threat of punishment there are forc...

Pricing, Profits, and Technological Progress in the Pharmaceutical Industry

By F. M. Scherer

Journal of Economic Perspectives, Summer 1993

The decades-old debate over pharmaceutical industry prices, profits, and innovation has again intensified. A number of events coalesced to refocus public interest on pharmaceuticals. Contributing to public concern were Bureau of Labor Statistics price ind...

Time Use during the Great Recession

By Mark Aguiar, Erik Hurst, and Loukas Karabarbounis

American Economic Review, August 2013

Using data from the American Time Use Survey between 2003 and 2010, we document that home production absorbs roughly 30 percent of foregone market work hours at business cycle frequencies. Leisure absorbs roughly 50 percent of foregone market work ho...

Intermediation and Economic Integration

By Pol Antrás and Arnaud Costinot

American Economic Review, May 2010

Dynamic Revenue Maximization with Heterogeneous Objects: A Mechanism Design Approach

By Alex Gershkov and Benny Moldovanu

American Economic Journal: Microeconomics, August 2009

We study the revenue-maximizing allocation of several heterogeneous, commonly ranked objects to impatient agents with privately known characteristics who arrive sequentially. There is a deadline after which no more objects can be allocated. We first ch...

The Liability Insurance Market

[Symposium: The Economics of Liability]

By Ralph A. Winter

Journal of Economic Perspectives, Summer 1991

This paper offers an overview of the U.S. liability insurance market and the link between its performance and developments in tort law. Over the last few decades, the dominant feature of the insurance market has been the insurance cycle: intermittent peri...