Tax Reform Unraveling

[Symposium: U.S. Tax Policy in International Perspective]

By Michael J. Graetz

Journal of Economic Perspectives, Winter 2007

The Tax Reform Act of 1986 was widely heralded as the most significant change in our nation's tax law since the income tax was extended to the masses during World War II. It was the crowning domestic policy achievement of President Ronald Reagan, who proc...

Report: Committee on the Status of Minority Groups in the Economics Profession (CSMGEP)

By Cecilia Rouse and Gary Hoover

American Economic Review, May 2016

Confidence Risk and Asset Prices

By Ravi Bansal and Ivan Shaliastovich

American Economic Review, May 2010

Deposit Insurance Around the Globe: Where Does It Work?

By Asli Demirgüç-Kunt and Edward J. Kane

Journal of Economic Perspectives, Spring 2002

Explicit deposit insurance has been spreading rapidly in recent years, even to countries with low levels of financial and institutional development. This paper documents the extent of cross-country differences in deposit insurance design and reviews empir...

Child Labor and the Labor Supply of Other Household Members: Evidence from 1920 America

By Marco Manacorda

American Economic Review, December 2006

This paper exploits the variation in the legal minimum working age across states in 1920 America in order to identify households' labor supply responses to exogenous changes in children's labor force participation. Using micro data on urban households fro...

The Cross Section of Foreign Currency Risk Premia and Consumption Growth Risk: Comment

By Craig Burnside

American Economic Review, December 2011

Lustig and Verdelhan (2007) argue that the excess returns to borrowing US dollars and lending in foreign currency "compensate US investors for taking on more US consumption growth risk," yet the stochastic discount factor corresponding to their benchmark ...

How Special Is the Special Relationship? Using the Impact of U.S. R&D Spillovers on U.K. Firms as a Test of Technology Sourcing

By Rachel Griffith, Rupert Harrison, and John Van Reenen

American Economic Review, December 2006

We examine the "technology sourcing" hypothesis that foreign research labs located in the U.S. tap into U.S. R&D spillovers and improve home country productivity. We show that U.K. firms that established a high proportion of inventors based in the U.S. by...

Can Tax Rebates Stimulate Consumption Spending in a Life-Cycle Model?

By Jonathan Huntley and Valentina Michelangeli

American Economic Journal: Macroeconomics, January 2014

We build a life-cycle model with earnings risk, liquidity constraints, and portfolio choice over tax-deferred and taxable assets to evaluate how household consumption changes in response to shocks to transitory anticipated income, such as the 2001 inco...

Annotated Listing of New Books

Journal of Economic Literature, December 2015

Policy Gambles

By Sumon Majumdar and Sharun W. Mukand

American Economic Review, September 2004

The New Institutional Economics: Taking Stock, Looking Ahead

By Oliver E. Williamson

Journal of Economic Literature, September 2000

This paper examines the progressive development of the new institutional economics over the past quarter century. It begins by distinguishing four levels of social analysis, with special emphasis on the institutional environment and the institutions of go...

Wage Posting and Business Cycles

By Giuseppe Moscarini and Fabien Postel-Vinay

American Economic Review, May 2016

The canonical model of job search and wage posting (Burdett and Mortensen, 1998) establishes a natural connection between the average wage growth in the economy and the pace of Employer-to-Employer (EE) transitions, predicting wage growth to be positively...

Plants and Imported Inputs: New Facts and an Interpretation

By Maurice Kugler and Eric Verhoogen

American Economic Review, May 2009

JEL Classification System

Journal of Economic Literature, September 2002

Cross-Country Differences in Intergenerational Earnings Mobility

[Symposium: Intergenerational Mobility]

By Gary Solon

Journal of Economic Perspectives, Summer 2002

International studies of the extent to which economic status is passed from one generation to the next are important for at least two reasons. First, each study of a particular country characterizes an important feature of that country's income inequality...

Political Parties and Labor-Market Outcomes: Evidence from US States

By Louis-Philippe Beland

American Economic Journal: Applied Economics, October 2015

This paper estimates the causal impact of the party allegiance (Republican or Democratic) of US governors on labor-market outcomes. I match gubernatorial elections with March Current Population Survey (CPS) data for income years 1977 to 2008. Using a regr...

Natural Gas: From Shortages to Abundance in the United States

By Paul L. Joskow

American Economic Review, May 2013

The history of natural gas wellhead and pipeline regulation, deregulation and regulatory reforms are discussed. These reforms brought natural gas shortages and pipeline inefficiencies to an end. They also created an economic platform that could support un...

Empathy or Antipathy? The Impact of Diversity

By Johanne Boisjoly, Greg J. Duncan, Michael Kremer, Dan M. Levy, and Jacque Eccles

American Economic Review, December 2006

Mixing across racial and ethnic lines could spur understanding or inflame tensions between groups. We find that white students at a large state university randomly assigned African American roommates in their first year were more likely to endorse affirma...

Relative Goods' Prices, Pure Inflation, and the Phillips Correlation

By Ricardo Reis and Mark W. Watson

American Economic Journal: Macroeconomics, July 2010

This paper uses a dynamic factor model for the quarterly changes in consumption goods' prices in the United States since 1959 to separate them into three independent components: idiosyncratic relative-price changes, a low-dimensional index of aggregate re...

Does the Market Value CEO Styles?

By Antoinette Schoar and Luo Zuo

American Economic Review, May 2016

We study how investors perceive the skill set that different types of CEOs bring into their companies. We compare CEOs who started their careers during a recession with other CEOs. We show that the announcement return around the appointment of a recession...