A Model of Trading in the Art Market

By Stefano Lovo and Christophe Spaenjers

American Economic Review, March 2018

We present an infinite-horizon model of endogenous trading in the art auction market. Agents make purchase and sale decisions based on the relative magnitude of their private use value in each period. Our model generates endogenous cross-sectional and tim...

Report of the Editor: American Economic Review

By Esther Duflo

AEA Papers and Proceedings, May 2018

Property Rights and Gender Bias: Evidence from Land Reform in West Bengal

By Sonia Bhalotra, Abhishek Chakravarty, Dilip Mookherjee, and Francisco J. Pino

American Economic Journal: Applied Economics, April 2019

We examine intra-household gender-differentiated effects of property rights securitisation following West Bengal's tenancy registration program, using two independently gathered datasets. In both samples, higher program implementation increased male child...

Supporting Community College Students from Start to Degree Completion: Long-Term Evidence from a Randomized Trial of CUNY's ASAP

By Michael J. Weiss, Alyssa Ratledge, Colleen Sommo, and Himani Gupta

American Economic Journal: Applied Economics, July 2019

Nationwide, graduation rates at community colleges are discouragingly low. This randomized experiment provides evidence that graduation rates can be increased dramatically. The City University of New York's (CUNY) Accelerated Study in Associate Programs (...

Expecting the Unexpected: Emissions Uncertainty and Environmental Market Design

By Severin Borenstein, James Bushnell, Frank A. Wolak, and Matthew Zaragoza-Watkins

American Economic Review, November 2019

We study potential equilibria in California's cap-and-trade market for greenhouse gases (GHGs) based on information available before the market started. We find large ex ante uncertainty in business-as-usual emissions and in the abatement that might resul...

Reconsidering the Consequences of Worker Displacements: Firm versus Worker Perspective

By Aaron Flaaen, Matthew D. Shapiro, and Isaac Sorkin

American Economic Journal: Macroeconomics, April 2019

Prior literature has established that displaced workers suffer persistent earnings losses by following workers in administrative data after mass layoffs. This literature assumes that these are involuntary separations owing to economic distress. This paper...

The Sound of Silence: A Review Essay of Nancy MacLean's Democracy in Chains: The Deep History of the Radical Right's Stealth Plan for America

By Jean-Baptiste Fleury and Alain Marciano

Journal of Economic Literature, December 2018

This essay reviews Nancy MacLean's Democracy in Chains: The Deep History of the Radical Right's Stealth Plan for America, which triggered a huge controversy that virally spread on the internet and in various journals. We will evaluate MacLean's...

Does Managed Care Widen Infant Health Disparities? Evidence from Texas Medicaid

By Ilyana Kuziemko, Katherine Meckel, and Maya Rossin-Slater

American Economic Journal: Economic Policy, August 2018

Medicaid programs increasingly finance competing, capitated managed care plans rather than administering fee-for-service (FFS) programs. We study how the transition from FFS to managed care affects high- and low-cost infants (blacks and Hispanics, respect...

Front Matter

American Economic Journal: Applied Economics, April 2019

Monetary Policy Strategies for a Low-Rate Environment

By Ben S. Bernanke, Michael T. Kiley, and John M. Roberts

AEA Papers and Proceedings, May 2019

In low-rate environments, policy strategies that involve holding rates "lower for longer" (L4L) may mitigate the effects of the effective lower bound (ELB). However, these strategies work in part by managing the public's expectations, which is not always ...

Pass-Through as a Test for Market Power: An Application to Solar Subsidies

By Jacquelyn Pless and Arthur A. van Benthem

American Economic Journal: Applied Economics, October 2019

We formalize pass-through over-shifting as a simple yet underutilized test for market power. We apply this test in the market for solar energy. Specifically, we estimate the pass-through of solar subsidies to solar system prices using rich micro-level tra...

Book Reviews

Journal of Economic Literature, December 2014

Does Helping John Help Sue? Evidence of Spillovers in Education

By Isaac M. Opper

American Economic Review, March 2019

Does the impact of teachers extend beyond the students in their classroom? Using the natural transitions of students from multiple elementary schools into a single middle school, this paper provides a new method for isolating and quantifying peer spillove...

New Perspectives on the Decline of US Manufacturing Employment

[Symposium: Does the US Really Gain From Trade?]

By Teresa C. Fort, Justin R. Pierce, and Peter K. Schott

Journal of Economic Perspectives, Spring 2018

We use relatively unexplored dimensions of US microdata to examine how US manufacturing employment has evolved across industries, firms, establishments, and regions. These data provide support for both trade- and technology-based explanations of the overa...

Cadet-Branch Matching in a Kelso-Crawford Economy

By Ravi Jagadeesan

American Economic Journal: Microeconomics, August 2019

Sonmez (2013) and Sonmez and Switzer (2013) used matching theory with unilaterally substitutable priorities to propose mechanisms to match cadets to military branches. This paper shows that, alternatively, the Sonmez and Sonmez-Switzer mechanisms can be c...

Leverage and Deepening Business-Cycle Skewness

By Henrik Jensen, Ivan Petrella, Søren Hove Ravn, and Emiliano Santoro

American Economic Journal: Macroeconomics, January 2020

We document that the United States and other G7 economies have been characterized by an increasingly negative business-cycle asymmetry over the last three decades. This finding can be explained by the concurrent increase in the financial leverage of house...

Annotated Listing of New Books

Journal of Economic Literature, March 2018

Targeting with In-Kind Transfers: Evidence from Medicaid Home Care

By Ethan M. J. Lieber and Lee M. Lockwood

American Economic Review, April 2019

Making a transfer in kind reduces its value to recipients but can improve targeting. We develop an approach to quantifying this trade-off and apply it to home care. Using randomized experiments by Medicaid, we find that in-kind provision significantly red...

Front Matter

Journal of Economic Literature, March 2012

Copyright and Generic Entry in Book Publishing

By Imke Reimers

American Economic Journal: Microeconomics, August 2019

Taking works off copyright promotes their availability, but it also allows generic entry to dissipate producer surplus. This paper examines the effect of a copyright on the availability and price of books when incentives to create new works are not affect...