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Changing Income Risk across the US Skill Distribution: Evidence from a Generalized Kalman Filter

By J. Carter Braxton, Kyle Herkenhoff, Jonathan Rothbaum, and Lawrence Schmidt

American Economic Review, December 2025

For whom has earnings risk changed, and why? We answer these questions by combining the Kalman filter and EM algorithm to estimate persistent and temporary earnings for every individual at every point in time. We apply our method to administrative earning...

www.aeaweb.org/articles?id=10.1257/aer.20231656

An Equilibrium Analysis of the Effects of Neighborhood-Based Interventions on Children

By Eric Chyn and Diego Daruich

American Economic Review, December 2025

This paper studies housing vouchers and urban redevelopment programs by incorporating neighborhood effects into a general equilibrium overlapping-generations model with endogenous location choice and child development. We calibrate the model using US data...

www.aeaweb.org/articles?id=10.1257/aer.20231679

Allocation Mechanisms with Mixture-Averse Preferences

By David Dillenberger and Uzi Segal

American Economic Review, December 2025

Consider an economy with equal amounts of N types of goods, to be allocated to agents with strict quasi-convex preferences over lotteries. We show that ex ante, all Pareto-efficient allocations give almost all agents lotteries over at most two outcomes. O...

www.aeaweb.org/articles?id=10.1257/aer.20240339

The effects of unemployment benefit duration

[Page]

What happened to the US labor market when the Emergency Unemployment Compensation Act expired after the Great Recession?

www.aeaweb.org/research/chart/unemployment-benefit-extensions-2014

Liquidity Traps: A Unified Theory of the Great Depression and the Great Recession

By Gauti B. Eggertsson and Sergei K. Egiev

Journal of Economic Literature, December 2025

This review of liquidity traps unifies three landmark economic downturns—the US Great Depression, the Great Recession, and Japan's Long Recession—into a single analytical framework. We examine various forces that drive natural interest rates negative:...

www.aeaweb.org/articles?id=10.1257/jel.20241306

Imperfect Competition in Financial Markets: Recent Developments

By Marzena Rostek and Ji Hee Yoon

Journal of Economic Literature, December 2025

This article reviews the theory of imperfectly competitive financial markets, with special attention to recent contributions and rapidly growing areas of research. We highlight the methodological advances that have led to a unified analytic framework for ...

www.aeaweb.org/articles?id=10.1257/jel.20241340

The Beautiful Dataset

By Ignacio Palacios-Huerta

Journal of Economic Literature, December 2025

Natural experiments, high stakes, expert subjects, knowledge of the precise objectives and exact rules, clean measurement, observability of strategies, incentives, actions and consequences, large datasets, exogenous rule changes, distinct social effects, ...

www.aeaweb.org/articles?id=10.1257/jel.20241616

The Economics of Infectious Diseases

By M. Christopher Auld, Eli P. Fenichel, and Flavio Toxvaerd

Journal of Economic Literature, December 2025

We synthesize the literature on economic epidemiology, the interdisciplinary field that draws on the ideas and methods of economics to analyze individual behavior, aggregate disease dynamics, and public policy during infectious disease epidemics. We cover...

www.aeaweb.org/articles?id=10.1257/jel.20241649

China's Macroeconomic Development: The Role of Gradualist Reforms

By Kaiji Chen and Tao Zha

Journal of Economic Literature, December 2025

This paper provides analytic guides to recent literature on China's macroeconomic development, emphasizing the critical role of the gradualist reform approach. Our analysis suggests that from 1978 to 1997, the gradualist approach contributed to China's ag...

www.aeaweb.org/articles?id=10.1257/jel.20251631