Serial Entrepreneurship in China

By Loren Brandt, Ruochen Dai, Gueorgui Kambourov, Kjetil Storesletten, and Xiaobo Zhang

American Economic Journal: Macroeconomics

This paper studies entrepreneurship and firm creation through the lens of serial entrepreneurs – entrepreneurs who establish more than one firm. Using data covering the universe of Chinese firms, we document key facts about serial and non-serial entre...

Deciphering Federal Reserve Communication via Text Analysis of Alternative FOMC Statements

By Taeyoung Doh, Dongho Song, and Shu-Kuei Yang

American Economic Journal: Macroeconomics

We propose a text-based measure of monetary policy stance that models FOMC statements as convex combinations of dovish and hawkish alternatives, providing a tractable representation of the Committee’s position along the policy spectrum. Leveraging sta...

Shock Values: Prices and Inflation in American Democracy by Carola Binder

By Michael D. Bordo

Journal of Economic Literature

Front Matter

American Economic Review: Insights, March 2026

Disemployment Effects of Unemployment Insurance: A Meta-analysis

By Jonathan P. Cohen and Peter Ganong

American Economic Review: Insights, March 2026

We systematically review studies of how unemployment benefits affect unemployment duration. Statistically significant findings are eight times more likely to be published. Correcting for publication bias cuts the average elasticity by a third. Meta-analys...

Rational Inattention during a Randomized Controlled Trial

By Bartosz Maćkowiak and Mirko Wiederholt

American Economic Review: Insights, March 2026

We introduce an information provision experiment into a standard dynamic rational inattention model. We derive analytical results about how the treatment effect varies with characteristics of the environment and the individual. We use these results to dis...

Organizational Design and Technology Choice under Intrafirm Bargaining: Comment

By Catherine C. de Fontenay and Joshua S. Gans

American Economic Review, March 2003

Nonbinary and Transgender Identities and Earnings: Evidence from a National Census

By Christopher S. Carpenter, Donn Feir, Krishna Pendakur, and Casey Warman

American Economic Review: Insights, March 2026

We provide the first evidence from a large population census on earnings disparities experienced by nonbinary people—individuals who do not exclusively identify as men or women—and transgender people—individuals whose gender differs from their sex a...

Breadwinner's Burden: The Effect of Financial Concerns on Sleeplessness

By Claire Duquennois and Maulik Jagnani

American Economic Review: Insights, March 2026

Using a regression discontinuity design, we find that eligible household heads surveyed just after an unconditional cash transfer in Indonesia report a 0.4 standard deviation improvement in sleep quality compared to those surveyed just before, and they pe...

Exploiting or Augmenting Labor?

By Michael Rubens, Yingjie Wu, and Mingzhi (Jimmy) Xu

American Economic Review: Insights, March 2026

We show that existing "production approaches" to markdown estimation do not separately identify factor price markdowns from factor-augmenting productivity levels. We propose a method to overcome this challenge and apply it to study the effects of ownershi...

Minority Salience and Criminal Justice Decisions

By Kyra Hanemaaijer, Nadine Ketel, and Olivier Marie

American Economic Review: Insights, March 2026

Decision-makers can exhibit biases when they overemphasize particularly salient features under limited attention. We exploit a sudden salience shock involving individuals of Moroccan descent to examine biases within the Dutch criminal justice system. The ...

Substitution Bias and Fixed-Weight Price Indices in Time-Dependent Pricing Models

By Lawrence J. Christiano, Martin Eichenbaum, and Benjamin K. Johannsen

American Economic Review: Insights, March 2026

This paper compares measured inflation in true and fixed-weight price indices. We construct model-based inflation measures in time-dependent pricing models that are analogous to measures of inflation in the data—for example, the consumer price index. In...

On the Programmability and Uniformity of Digital Currencies

By Jonathan Chiu and Cyril Monnet

American Economic Review: Insights, March 2026

Central bankers argue that programmable digital currencies may compromise the uniformity or singleness of money. We explore this view in a stylized model where programmable money arises endogenously, and differently programmed monies have varying liquidit...

A Welfare Analysis of Policies Impacting Climate Change

By Robert W. Hahn, Nathaniel Hendren, Robert D. Metcalfe, and Ben Sprung-Keyser

American Economic Review

We study the welfare impacts of 96 climate-related tax and spending policies. We extend and apply the marginal value of public funds (MVPF) framework, most notably providing a new method for incorporating learning-by-doing spillovers. We find subsidies ...

The Gender Pay Gap: Micro Sources and Macro Consequences

By Iacopo Morchio and Christian Moser

American Economic Review

Using linked employer-employee data from Brazil, we document a significant gender pay gap, which is largely attributed to women working at lower-paying employers. To interpret this fact, we develop an equilibrium search model with endogenous firm pay, ...

Internal Versus Institutional Barriers to Gender Equality: Evidence From British Politics

By Noor Kumar, Uyseok Lee, Matt Lowe, and Olaitan Ogunnote

American Economic Review

Weekly lotteries determine which politicians ask the UK Prime Minister a question in front of a male-dominated, noisy chamber. Lottery winners receive 4% higher vote margin in the next election, but women are 12% less likely to submit questions than sa...

Madness and Enterprise: Psychiatry, Economic Reason, and the Emergence of Pathological Value by Nima Bassiri

By Matthew Basilico

Journal of Economic Literature

Organizational Design and Technology Choice under Intrafirm Bargaining: Reply

By Lars A. Stole and Jeffrey Zwiebel

American Economic Review, March 2003

Front Matter

Journal of Economic Literature, March 2026

Artificial Intelligence–Powered (Finance) Scholarship

By Robert Novy-Marx and Mihail Velikov

Journal of Economic Literature, March 2026

This paper describes a process for generating academic papers using large language models (LLMs) and demonstrates this process's efficacy by producing hundreds of complete papers on stock return predictability, a topic well-suited for our illustration. Af...