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Monetary Policy without Commitment

By Hassan Afrouzi, Marina Halac, Kenneth Rogoff, and Pierre Yared

American Economic Review

This paper studies the implications of central bank credibility for long-run inflation and inflation dynamics. We introduce central bank lack of commitment into a standard non-linear New Keynesian economy with sticky-price monopolistically competitive ...

Wealth, Marriage, and Sex Selection

By Girija Borker, Jan Eeckhout, Nancy Luke, Shantidani Minz, Kaivan Munshi, and Soumya Swaminathan

American Economic Journal: Applied Economics, April 2026

Two mechanisms have been proposed to explain sex selection in India: son preference, in which parents desire a male heir, and daughter aversion, in which dowry payments make parents worse off with girls. Our model incorporates both mechanisms, providing m...

The Effects of Racial Segregation on Intergenerational Mobility: Evidence from Historical Railroad Placement

By Eric Chyn, Kareem Haggag, and Bryan A. Stuart

American Economic Journal: Applied Economics, April 2026

This paper provides new evidence on the causal impacts of citywide racial segregation on intergenerational mobility. We use an instrumental variable approach that relies on plausibly exogenous variation in segregation due to the arrangement of railroad tr...