The Polish Zloty, 1990-1999: Success and Underperformance

By Domenico Mario Nuti

American Economic Review, May 2000

Moral Hazard and Customer Loyalty Programs

By Leonardo J. Basso, Matthew T. Clements, and Thomas W. Ross

American Economic Journal: Microeconomics, February 2009

Frequent-flier plans (FFPs) may be the most famous of customer loyalty programs, and there are similar schemes in other industries. We present a theory that models FFPs as efforts to exploit the agency relationship between employers (who pay for ticket...

Corrigendum: The Price Effects of a Large Merger of Manufacturers: A Case Study of Maytag Whirlpool

By Orley C. Ashenfelter, Daniel S. Hosken, and Matthew C. Weinberg

American Economic Journal: Economic Policy, February 2014

Money, Liquidity, and Monetary Policy

By Tobias Adrian and Hyun Song Shin

American Economic Review, May 2009

Front Matter

American Economic Journal: Applied Economics, July 2017

Real and Money Wage Rates

By John T. Dunlop

Journal of Economic Perspectives, Spring 1998

In the General Theory, John Maynard Keynes held money and real wage rates move in opposite directions. In expansion, prices increase faster because of increasing costs and a rise in the proportion of product going to profits. Neoclassical economists held ...

Evolution of Time Preference by Natural Selection: Comment

By Arthur J. Robson and Balazs Szentes

American Economic Review, June 2008

We reexamine Alan R. Rogers' (1994) analysis of the biological basis of the rate of time preference. Although his basic insight concerning the derivation of the utility function holds up, the functional form he uses does not generate equilibrium evolution...

Salience in Experimental Tests of the Endowment Effect

By Pedro Bordalo, Nicola Gennaioli, and Andrei Shleifer

American Economic Review, May 2012

We provide a novel account of experimental evidence for the endowment effect using the salience mechanism (Bordalo, Gennaioli, and Shleifer, 2011). The two-stage procedure implemented in experiments implies that the endowed good and other goods are evalua...

Credit Default Swaps and the Credit Crisis

[Symposium: Financial Plumbing]

By Rene M. Stulz

Journal of Economic Perspectives, Winter 2010

Many observers have argued that credit default swaps contributed significantly to the credit crisis. Of particular concern to these observers are that credit default swaps trade in the largely unregulated over-the-counter market as bilateral contracts inv...

Job Displacement Risk and the Cost of Business Cycles

By Tom Krebs

American Economic Review, June 2007

This paper analyzes the welfare costs of business cycles when workers face uninsurable job displacement risk. The paper uses a simple macroeconomic model with incomplete markets to show that cyclical variations in the long-term earnings losses of displ...

The Superiority of Economists

By Marion Fourcade, Etienne Ollion, and Yann Algan

Journal of Economic Perspectives, Winter 2015

In this essay, we analyze the dominant position of economics within the network of the social sciences in the United States. We begin by documenting the relative insularity of economics, using bibliometric data. Next we analyze the tight management of t...

The Impact of Year-Round Schooling on Academic Achievement: Evidence from Mandatory School Calendar Conversions

By Steven C. McMullen and Kathryn E. Rouse

American Economic Journal: Economic Policy, November 2012

In 2007, 22 Wake County, North Carolina traditional calendar schools were switched to year-round calendars, spreading the 180 instructional days evenly across the year. This paper presents a human capital model to illustrate the conditions under which the...

The Economics of Child Labor: Comment

By Kenneth A. Swinnerton and Carol Ann Rogers

American Economic Review, December 1999

Crisis and Responses: The Federal Reserve in the Early Stages of the Financial Crisis

[Symposium: Early Stages of the Credit Crunch]

By Stephen G. Cecchetti

Journal of Economic Perspectives, Winter 2009

Realizing that their traditional instruments were inadequate for responding to the crisis that began on August 9, 2007, Federal Reserve officials improvised. Beginning in mid-December 2007, they implemented a series of changes directed at ensuring that li...

Efficient Kidney Exchange: Coincidence of Wants in Markets with Compatibility-Based Preferences

By Alvin E. Roth, Tayfun Sönmez, and M. Utku Ünver

American Economic Review, June 2007

Patients needing kidney transplants may have donors who cannot donate to them because of blood or tissue incompatibility. Incompatible patient-donor pairs can exchange donor kidneys with other pairs only when there is a "double coincidence of wants." D...

When the Saints Go Marching Out: Long-Term Outcomes for Student Evacuees from Hurricanes Katrina and Rita

By Bruce Sacerdote

American Economic Journal: Applied Economics, January 2012

I examine long-term academic performance and college going for students affected by Hurricanes Katrina and Rita. Students who are forced to switch schools due to the hurricanes experience sharp declines in test scores in the first year following the hurr...

Wiring the Labor Market

[Symposium: E-Commerce]

By David H. Autor

Journal of Economic Perspectives, Winter 2001

Workers and jobs are naturally heterogeneous and the quality of their interaction when paired is difficult to forecast. The Internet promises to open new channels for worker-firm communications. What are the consequences of this opening? I discuss three l...

Assessing Affirmative Action

By Harry Holzer and David Neumark

Journal of Economic Literature, September 2000

Economic research provides extensive evidence regarding discrimination against women and minorities, and some evidence on the redistributive effects of affirmative action. However, it provides much less evidence on affirmative action's impact on efficienc...

Equilibrium Selection in the Repeated Prisoner's Dilemma: Axiomatic Approach and Experimental Evidence

By Matthias Blonski, Peter Ockenfels, and Giancarlo Spagnolo

American Economic Journal: Microeconomics, August 2011

We propose an axiomatic approach for equilibrium selection in the discounted, infinitely repeated symmetric Prisoner's Dilemma. Our axioms characterize a unique selection criterion that is also useful as a tool for applied comparative statics exercises a...

Business-to-Business Electronic Commerce

[Symposium: E-Commerce]

By David Lucking-Reiley and Daniel F. Spulber

Journal of Economic Perspectives, Winter 2001

Just as the industrial revolution mechanized the manufacturing functions of firms, the information revolution is automating their merchant functions. Four types of potential productivity gains are expected from business-to-business (B2B) electronic commer...