On the Need for an International Lender of Last Resort

By Stanley Fischer

Journal of Economic Perspectives, Fall 1999

Is there a useful function for an international lender of last resort (ILLR)--defined as crisis lender and crisis manager? Yes for international capital flows are excessively volatile and contagious, and because an ILLR can help mitigate the effects of th...

Can Asia Overcome the IMF Stigma?

By Takatoshi Ito

American Economic Review, May 2012

Asian countries still have the IMF stigma, which originates from the experiences of the Asian crisis of 1997-98. The feeling of being unfairly treated grew even stronger afterward. The Asian countries built large foreign reserves, carried out structural r...

The Case for a New Fiscal Constitution

[Symposium: Bias in the Budget]

By William A. Niskanen

Journal of Economic Perspectives, Spring 1992

For the first 140 years of U.S. history, the federal budget was effectively constrained by two fiscal rules: the formal limits within the Constitution on the enumerated spending powers and an informal rule that the government could borrow only during rece...

Systemic Illiquidity in the Federal Funds Market

By Adam B. Ashcraft and Darrell Duffie

American Economic Review, May 2007

Individual Risk in an Investment-Based Social Security System

By Martin Feldstein and Elena Ranguelova

American Economic Review, September 2001

War, Inflation, and Social Capital

By Sergei Guriev and Nikita Melnikov

American Economic Review, May 2016

We use weekly data from 79 Russian regions to measure the impact of economic shocks and proximity to war in Ukraine on social capital in Russian regions. We proxy social capital by the relative intensity of internet searches for the most salient dimension...

The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s

By Raghuram Rajan and Rodney Ramcharan

American Economic Review, April 2015

Does credit availability exacerbate asset price inflation? Are there long run consequences? During the farm land price boom and bust before the Great Depression, we find that credit availability directly inflated land prices. Credit also amplified the rel...

The Shaping of Higher Education: The Formative Years in the United States, 1890 to 1940

[Symposium: The Economics of Higher Education]

By Claudia Goldin and Lawrence F. Katz

Journal of Economic Perspectives, Winter 1999

The authors trace the origins of the key features of U.S. higher education today--the coexistence of small liberal arts colleges and large research universities; the substantial share of enrollment in the public sector; and varying levels of support provi...

Community Size and Network Closure

By Hunt Allcott, Dean Karlan, Markus M. Möbius, Tanya S. Rosenblat, and Adam Szeidl

American Economic Review, May 2007

Does Teaching Enhance Research in Economics?

By William E. Becker and Peter E. Kennedy

American Economic Review, May 2005

Crises and the Development of Economic Institutions: Some Microeconomic Evidence

By Raghuram Rajan and Rodney Ramcharan

American Economic Review, May 2016

This paper studies the long run effects of financial crises using new bank and town level data from around the Great Depression. We find evidence that banking markets became much more concentrated in areas that experienced a greater initial collapse in th...

Exclusive Contracts and Market Dominance

By Giacomo Calzolari and Vincenzo Denicolò

American Economic Review, November 2015

We propose a new theory of exclusive dealing. The theory is based on the assumption that a dominant firm has a competitive advantage over its rivals, and that the buyers' willingness to pay for the product is private information. In this setting, the domi...

New Estimates of the Impact of Child Disability on Maternal Employment

By Elizabeth T. Powers

American Economic Review, May 2001

The Economics of Privacy

By Alessandro Acquisti, Curtis Taylor, and Liad Wagman

Journal of Economic Literature, June 2016

This article summarizes and draws connections among diverse streams of theoretical and empirical research on the economics of privacy. We focus on the economic value and consequences of protecting and disclosing personal information, and on consumers' und...

School Desegregation and Urban Change: Evidence from City Boundaries

By Leah Platt Boustan

American Economic Journal: Applied Economics, January 2012

I examine changes in the city-suburban housing price gap in metropolitan areas with and without court-ordered desegregation plans over the 1970s, narrowing my comparison to housing units on opposite sides of district boundaries. Desegregation of public sc...

Welfare without Happiness

By Faruk Gul and Wolfgang Pesendorfer

American Economic Review, May 2007

Minutes of the Annual Business Meeting: Chicago, IL: January 7, 2012

By John J. Siegfried

American Economic Review, May 2012

Bidding with Securities: Comment

By Yeon-Koo Che and Jinwoo Kim

American Economic Review, September 2010

Peter DeMarzo, Ilan Kremer, and Andrzej Skrzypacz (2005) analyzed auctions in which bidders compete in securities. They show that a steeper security leads to a higher expected revenue for the seller, and also use this to establish the revenue ranking betw...

Credit Ratings and Security Prices in the Subprime MBS Market

By Adam Ashcraft, Paul Goldsmith-Pinkham, Peter Hull, and James Vickery

American Economic Review, May 2011

We present and discuss preliminary evidence suggesting that credit ratings significantly influenced prices for subprime mortgage-backed securities issued in the period leading up to the recent financial crisis. Ratings are closely correlated with prices e...

Aggregate Impacts of a Gift of Time

By Jungmin Lee, Daiji Kawaguchi, and Daniel S. Hamermesh

American Economic Review, May 2012

How would people spend additional time if confronted by permanent declines in market work? We examine the impacts of cuts in legislated standard hours which raised employers' overtime costs in Japan around 1990 and in Korea in the early 2000s. Using time-...