Implementation of a New Architecture for the US National Accounts

By Dale W. Jorgenson and J. Steven Landefeld

American Economic Review, May 2009

Barriers to Household Risk Management: Evidence from India

By Shawn Cole, Xavier Giné, Jeremy Tobacman, Petia Topalova, Robert Townsend, and James Vickery

American Economic Journal: Applied Economics, January 2013

Why do many households remain exposed to large exogenous sources of nonsystematic income risk? We use a series of randomized field experiments in rural India to test the importance of price and nonprice factors in the adoption of an innovative rainfall...

Understanding the Gains from Wage Flexibility: The Exchange Rate Connection

By Jordi Galí and Tommaso Monacelli

American Economic Review, December 2016

We study the gains from increased wage flexibility using a small open economy model with staggered price and wage setting. Two results stand out: (i) the effectiveness of labor cost reductions as a means to stimulate employment is much smaller in a curren...

Negative Returns to Seniority and Job Mobility across the Program Quality Distribution: Are Top Public PhD-Granting Programs Different?

By Michael J. Hilmer and Christiana E. Hilmer

American Economic Review, May 2011

We analyze a unique data set containing annual salary and detailed job and publication histories for a sample of 1,009 faculty members drawn from 53 public Ph.D.-granting economics departments. Empirical results suggest that all else equal: (1) statistica...

Is China Socialist?

[Symposium: China]

By Barry Naughton

Journal of Economic Perspectives, Winter 2017

It has been 40 years since Deng Xiaoping broke dramatically with Maoist ideology and the Maoist variant of socialism. Since then, China has been transformed. Forty years ago, in 1978, China was unquestionably a socialist economy of the familiar and well-s...

Estimating the Knowledge-Capital Model of the Multinational Enterprise

By David L. Carr, James R. Markusen, and Keith E. Maskus

American Economic Review, June 2001

Secular Stagnation? The Effect of Aging on Economic Growth in the Age of Automation

By Daron Acemoglu and Pascual Restrepo

American Economic Review, May 2017

Several recent theories emphasize the negative effects of an aging population on economic growth, either because of the lower labor force participation and productivity of older workers or because aging will create an excess of savings over desired invest...

Investment Behavior, Observable Expectations, and Internal Funds

By Jason G. Cummins, Kevin A. Hassett, and Stephen D. Oliner

American Economic Review, June 2006

We use earnings forecasts from securities analysts to construct a new measure of the neoclassical fundamentals that drive investment spending. We find that investment responds significantly to our new measure of fundamentals but is insensitive to cash fl...

Financial Innovation and Portfolio Risks

By Alp Simsek

American Economic Review, May 2013

I illustrate the effect of financial innovation on portfolio risks by using an example with risk-sharing needs and belief disagreements. I consider two types of innovation: product innovation, formalized as an expansion of new financial assets; and proces...

Learning about a New Technology: Pineapple in Ghana

By Timothy G. Conley and Christopher R. Udry

American Economic Review, March 2010

This paper investigates the role of social learning in the diffusion of a new agricultural technology in Ghana. We use unique data on farmers' communication patterns to define each individual's information neighborhood. Conditional on many potentially ...

Dynamic Assignment of Objects to Queuing Agents

By Francis Bloch and David Cantala

American Economic Journal: Microeconomics, February 2017

We analyze the dynamic assignment of objects to agents organized in a constant size waiting list. Applications include the assignment of social housing and organs for transplants. We analyze the optimal design of probabilistic queuing disciplines, punishm...

Recommendations for Further Reading

By Bernard Saffran

Journal of Economic Perspectives, Winter 2000

When Safe Proved Risky: Commercial Paper during the Financial Crisis of 2007-2009

[Symposium: Financial Plumbing]

By Marcin Kacperczyk and Philipp Schnabl

Journal of Economic Perspectives, Winter 2010

Commercial paper is a short-term debt instrument issued by large corporations. The commercial paper market has long been viewed as a bastion of high liquidity and low risk. But twice during the financial crisis of 2007-2009, the commercial paper market ne...

Rethinking Global Environmental Governance to Deal with Climate Change: The Multiple Logics of Global Collective Action

By Daniel C. Esty

American Economic Review, May 2008

Worktime Regulations and Spousal Labor Supply

By Dominique Goux, Eric Maurin, and Barbara Petrongolo

American Economic Review, January 2014

We study interdependencies in spousal labor supply by exploiting the design of the French workweek reduction, which introduced exogenous variation in one's spouse's labor supply, at constant earnings. Treated employees work on average two hours less pe...

Civic Virtue and Labor Market Institutions

By Yann Algan and Pierre Cahuc

American Economic Journal: Macroeconomics, January 2009

We argue civic virtue plays a key role in explaining the design of public insurance against unemployment risks by solving moral hazard issues which hinder the efficiency of unemployment insurance. We show, in a simple model, that economies with stronge...

Shopping Cost and Brand Exploration in Online Grocery

By Andrea Pozzi

American Economic Journal: Microeconomics, August 2012

This paper compares consumers' brand exploration when shopping online versus in a brick-and-mortar store. I use a new scanner dataset to compare the behavior of households shopping online and in-store at the same chain, for identical items and prices. I f...

Influenza Vaccination Campaigns: Is an Ounce of Prevention Worth a Pound of Cure?

By Courtney J. Ward

American Economic Journal: Applied Economics, January 2014

This paper estimates the overall impact and externality effects of an influenza vaccination program expanding coverage outside the typical target group. Using a triple-difference design, which exploits the introduction of a broad based vaccination prog...

Financing Experimentation

By Mikhail Drugov and Rocco Macchiavello

American Economic Journal: Microeconomics, February 2014

Entrepreneurs must experiment to learn how good they are at a new activity. What happens when the experimentation is financed by a lender? Under common scenarios, i.e., when there is the opportunity to learn by "starting small" or when "noncompete" claus...

The Young, the Old, and the Restless: Demographics and Business Cycle Volatility

By Nir Jaimovich and Henry E. Siu

American Economic Review, June 2009

We investigate the consequences of demographic change for business cycle analysis. We find that changes in the age composition of the labor force account for a significant fraction of the variation in cyclical volatility observed in the G7. Since World...