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The Triumph of Monetarism?

[Symposium: Looking Backward at Economics and the Economy]

By J. Bradford De Long

Journal of Economic Perspectives, Winter 2000

The story of 20th century macroeconomics begins with Irving Fisher. In his books Appreciation and Interest (1896), The Rate of Interest (1907), and The Purchasing Power of Money (1911), Fisher fueled the intellectual fire that became known as monetarism. ...

Quality Disclosure Programs and Internal Organizational Practices: Evidence from Airline Flight Delays

By Silke J. Forbes, Mara Lederman, and Trevor Tombe

American Economic Journal: Microeconomics, May 2015

Disclosure programs exist in many industries in which consumers are poorly informed about product quality. We study a disclosure program for airline on-time performance, which ranks airlines based on the fraction of their flights that arrive less than 15 ...

Gamma Discounting

By Martin L. Weitzman

American Economic Review, March 2001

By incorporating the probability distribution directly into the analysis, this paper proposes a new theoretical approach to resolving the perennial dilemma of being uncertain about what discount rate to use in cost-benefit analysis. A numerical example is...

Getting at Systemic Risk via an Agent-Based Model of the Housing Market

By John Geanakoplos, Robert Axtell, J. Doyne Farmer, Peter Howitt, Benjamin Conlee, Jonathan Goldstein, Matthew Hendrey, Nathan M. Palmer, and Chun-Yi Yang

American Economic Review, May 2012

Systemic risk must include the housing market, though economists have not generally focused on it. We begin construction of an agent-based model of the housing market with individual data from Washington, DC. Twenty years of success with agent-based mod...

How Trade Hurt Unskilled Workers

[Symposium: Income Inequality and Trade]

By Adrian Wood

Journal of Economic Perspectives, Summer 1995

This paper argues that the main cause of the deteriorating economic position of unskilled workers in the United States and other developed countries has been expansion of trade with developing countries. In the framework of a Heckscher-Ohlin model, it out...

Term Premia and Inflation Uncertainty: Empirical Evidence from an International Panel Dataset: Comment

By Michael D. Bauer, Glenn D. Rudebusch, and Jing Cynthia Wu

American Economic Review, January 2014

Term premia implied by maximum likelihood estimates of affine term structure models are misleading because of small-sample bias. We show that accounting for this bias alters the conclusions about the trend, cycle, and macroeconomic determinants of the ...