Corrigendum: Measuring the Output Responses to Fiscal Policy

By Alan J. Auerbach and Yuriy Gorodnichenko

American Economic Journal: Economic Policy, August 2013

The published version of our paper had an accounting mistake in the construction of one time series. This note describes the mistake and presents results based on corrected data. The revised results are very similar to those originally reported.

The Effects of Population Aging on the Relationship among Aggregate Consumption, Saving, and Income

By Karen E. Dynan, Wendy Edelberg, and Michael G. Palumbo

American Economic Review, May 2009

Incomplete Contracts and Ownership: Some New thoughts

By Oliver Hart and John Moore

American Economic Review, May 2007

Heuristics and Biases in Retirement Savings Behavior

[Symposium: The Adequacy of Retirement Saving]

By Shlomo Benartzi and Richard Thaler

Journal of Economic Perspectives, Summer 2007

Standard economic theories of saving implicitly assume that households have the cognitive ability to solve the relevant optimization problem and the willpower to execute the optimal plan. Both of the implicit assumptions are suspect. Even among economists...

Optimal Monetary Policy Rules in an Estimated Sticky-Information Model

By Ricardo Reis

American Economic Journal: Macroeconomics, July 2009

This paper uses a dynamic stochastic general equilibrium (DSGE) model with sticky information as a laboratory to study monetary policy. It characterizes the model's predictions for macro dynamics and optimal policy at prior parameters, and then uses da...

Immigration and Poverty in the United States

By Steven Raphael and Eugene Smolensky

American Economic Review, May 2009

Seniority, Wages and Productivity: A Turbulent Decade

[Symposium: Seniority and Wages]

By Robert M. Hutchens

Journal of Economic Perspectives, Fall 1989

Why does a worker's wage tend to grow with seniority in the firm, and what does this have to do with productivity? Two decades ago, neoclassical labor economists thought that the theory of human capital provided a good answer to this question. The last de...

Treatment Effects and Informative Missingness with an Application to Bank Recapitalization Programs

By Angela Vossmeyer

American Economic Review, May 2014

This article develops a Bayesian framework for estimating multivariate treatment effect models in the presence of sample selection. The methodology is applied to a banking study that evaluates the effectiveness of lender of last resort (LOLR) policies and...

Antitrust and Merger Policy: A Review and Critique

[Symposium: Horizontal Mergers and Antitrust]

By Lawrence J. White

Journal of Economic Perspectives, Fall 1987

This review will consider the Department of Justice Merger Guidelines of the 1980s, discussing market definition, market share concentration and entry conditions, consideration of other market characteristics, and cost efficiencies. It will also assess th...

Optimal Learning Patterns for Creativity Generation in a Field

By Jonathan S. Feinstein

American Economic Review, May 2011

I present a model of optimal learning for creativity generation in a field. The field is defined as a knowledge structure. A creative contribution is based on combining two previously unconnected elements, generating a new element. Individuals may possess...

Some Evolutionary Economics of Family Partnerships

By Theodore C. Bergstrom

American Economic Review, May 2007

The Geography of Conflicts and Regional Trade Agreements

By Philippe Martin, Thierry Mayer, and Mathias Thoenig

American Economic Journal: Macroeconomics, October 2012

In addition to standard trade gains, regional trade agreements (RTAs) can promote peaceful relations by increasing the opportunity cost of conflicts. Country pairs with large trade gains from RTAs and a high probability of conflict should be more likely t...

Symposium on Health Care Reform

[Symposium: Health Care Reform]

By Joseph P. Newhouse

Journal of Economic Perspectives, Summer 1994

The papers in this symposium focus on two major issues of health economics in the context of President Clinton's Health Security Act: cost containment and labor market effects of financing insurance. The act proposes to limit public and private spending; ...

Matching and Price Competition: Comment

By Fuhito Kojima

American Economic Review, June 2007

A Guide to Health Care Reform

[Symposium: Health Care Reform]

By David M. Cutler

Journal of Economic Perspectives, Summer 1994

There are four rationales for health care reform: increasing the efficiency of health delivery; reforming the market for health insurance; providing universal coverage; and reducing the federal deficit. These goals are reflected in most reform proposals. ...

Cost-Benefit Analysis and the Classical Creed

By Joseph Persky

Journal of Economic Perspectives, Fall 2001

Strotz Meets Allais: Diminishing Impatience and the Certainty Effect: Comment

By Kota Saito

American Economic Review, August 2011

Halevy (2008) states the equivalence between diminishing impatience (i.e., quasi-hyperbolic discounting) and the common ratio effect. The present paper shows that one way of the equivalence is false and shows the correct and general relationships: diminis...

Demand and Defective Growth Patterns: The Role of the Tradable and Non-tradable Sectors in an Open Economy

By Sandile Hlatshwayo and Michael Spence

American Economic Review, May 2014

This paper examines the underlying structural elements of US growth patterns, pre- and post-crisis. Prior to the recession, the US economy exhibited a defective growth pattern driven by outsized domestic demand. As domestic aggregate demand retreats to mo...

Growth: With or Without Scale Effects?

By Charles I. Jones

American Economic Review, May 1999

Toward a Macroeconomics of the Medium Run

[Symposium: Forecasts for the Future of Economics]

By Robert M. Solow

Journal of Economic Perspectives, Winter 2000

My main goal in this essay is to say something about leftover open questions in macroeconomics, as well as new phenomena that need to be accommodated in early 21st century macroeconomics, and the sorts of ideas that might make progress possible. The essay...