International Shock Transmission after the Lehman Brothers Collapse: Evidence from Syndicated Lending

By Ralph De Haas and Neeltje Van Horen

American Economic Review, May 2012

After Lehman Brothers filed for bankruptcy in September 2008, cross-border bank lending contracted sharply. To explain the severity and variation in this contraction, we analyze detailed data on cross-border syndicated lending by 75 banks to 59 countries....

Interest Elasticity in a Life-Cycle Model with Precautionary Savings

By Marco Cagetti

American Economic Review, May 2001

Inequality at Work: The Effect of Peer Salaries on Job Satisfaction

By David Card, Alexandre Mas, Enrico Moretti, and Emmanuel Saez

American Economic Review, October 2012

We study the effect of disclosing information on peers' salaries on workers' job satisfaction and job search intentions. A randomly chosen subset of University of California employees was informed about a new website listing the pay of University employee...

A Comment on the Economics of Labor Adjustment: Mind the Gap: Evidence from a Monte Carlo Experiment: Reply

By Russell Cooper and Jonathan L. Willis

American Economic Review, December 2009

This note responds to Christian Bayer (2009). Cooper and Willis (2004), hereafter CW, find the aggregate nonlinearities reported in Ricardo Caballero and Eduardo Engel (1993) and Caballero, Engel, and John Haltiwanger (1997) reflect mismeasurement of the ...

Analysis of Democratic Institutions: Structure, Conduct and Performance

[Symposium: Economics of Voting]

By Roger B. Myerson

Journal of Economic Perspectives, Winter 1995

This paper develops an economic perspective on political theory as a guide to some problems and directions of current research. The electoral system and the allocation of powers to elected offices together define the game that politicians play. So democra...

Vignettes and Self-Reports of Work Disability in the United States and the Netherlands

By Arie Kapteyn, James P. Smith, and Arthur van Soest

American Economic Review, March 2007

In contrast to the believed similarity in their health outcomes, workers in different Western countries report very different rates of work disability. Using new data from the United States and the Netherlands, we offer a partial resolution to this parado...

The Importance of Noncognitive Skills: Lessons from the GED Testing Program

By James J. Heckman and Yona Rubinstein

American Economic Review, May 2001

When the Floodgates Open: "Northern" Firms' Response to Removal of Trade Quotas on Chinese Goods

By Hale Utar

American Economic Journal: Applied Economics, October 2014

Using the dismantling of the Multi-fibre Arrangement quotas on Chinese textile products in conjunction with China's accession to the World Trade Organization (WTO), within firms adjustments to intensified low-wage competition is analyzed. Employing Dan...

Endogenous Liquidity and the Business Cycle

By Saki Bigio

American Economic Review, June 2015

I study an economy where asymmetric information about the quality of capital endogenously determines liquidity. Liquid funds are key to relaxing financial constraints on investment and employment. These funds are obtained by selling capital or using it as...

Public Economics and History: A Review of Fiscal Regimes and the Political Economy of Premodern States, Edited by Andrew Monson and Walter Scheidel

By Philip T. Hoffman

Journal of Economic Literature, December 2017

Fiscal Regimes and the Political Economy of Premodern States greatly expands our knowledge of the history of premodern fiscal systems and raises important questions about the political economy of premodern states. Answering those questions can help...

The Regulatory Record of the Greenspan Fed

By Charles W. Calomiris

American Economic Review, May 2006

Popular Attitudes toward Markets and Democracy: Russia and United States Compared 25 Years Later

By Maxim Boycko and Robert J. Shiller

American Economic Review, May 2016

We repeat a survey we did in the waning days of the Soviet Union (Shiller, Boycko and Korobov, AER 1991) comparing attitudes towards free markets between Moscow and New York. Additional survey questions, from Gibson Duch and Tedin (J. Politics 1992) are a...

Obviously Strategy-Proof Mechanisms

By Shengwu Li

American Economic Review, November 2017

A strategy is obviously dominant if, for any deviation, at any information set where both strategies first diverge, the best outcome under the deviation is no better than the worst outcome under the dominant strategy. A mechanism is obviously strategy-p...

Canada: Life beyond the Looking Glass

[Symposium: The North American Economy]

By John F. Helliwell

Journal of Economic Perspectives, Winter 2001

Canada's population, a tenth that of the United States, is perched close to the U.S. northern border, tightly but asymmetrically tied to U.S. information networks. However, trade, capital and population mobility remains an order of magnitude tighter among...

The Effect of Education on Adult Mortality and Health: Evidence from Britain

By Damon Clark and Heather Royer

American Economic Review, October 2013

There is a strong, positive, and well-documented correlation between education and health outcomes. In this paper, we attempt to understand to what extent this relationship is causal. Our approach exploits two changes to British compulsory schooling la...

Theory versus Empiricism in Academic Economics: Update and Comparisons

By Theodore Morgan

Journal of Economic Perspectives, Fall 1988

Six years ago, Wassily Leontief, a past president of the American Economic Association and Nobel Laureate, analyzed the kinds of articles published in the American Economic Review. He focused on the proportion of articles devoted to theory as compared to ...

Democracy and Foreign Education

By Antonio Spilimbergo

American Economic Review, March 2009

Despite the large amount of private and public resources spent on foreign education, there is no systematic evidence that foreign-educated individuals foster democracy in their home countries. Using a unique panel dataset on foreign students starting in t...

Equilibrium Incentives in Oligopoly: Corrigendum

By Chaim Fershtman and Kenneth L. Judd

American Economic Review, September 2006

Are Long-Run Inflation Expectations Anchored More Firmly in the Euro Area Than in the United States?

By Meredith J. Beechey, Benjamin K. Johannsen, and Andrew T. Levin

American Economic Journal: Macroeconomics, April 2011

This paper compares the evolution of long-run inflation expectations in the euro area and the United States, using evidence from financial markets and surveys of professional forecasters. Survey data indicate that long-run inflation expectations are reaso...

Conversations among Competitors

By Jeremy C. Stein

American Economic Review, December 2008

I develop a model of bilateral conversations in which players honestly exchange ideas with their competitors. The key to incentive compatibility is complementarity in the information structure: a player can generate a new insight only if he has access to ...