Long-Term Orientation and Educational Performance

By David Figlio, Paola Giuliano, Umut Özek, and Paola Sapienza

American Economic Journal: Economic Policy, November 2019

We study the role of Long-Term Orientation on the educational attainment of immigrant students. Controlling for the quality of schools and socioeconomic characteristics, students from long-term oriented cultures perform better in third grade reading and m...

How Do Tax Incentives Affect Investment and Productivity? Firm-Level Evidence from China

By Yongzheng Liu and Jie Mao

American Economic Journal: Economic Policy, August 2019

China initiated a major reform for capital taxation in 2004. Completed in 2009, it introduced permanent tax incentives for firms' investment in fixed assets. We explore a unique firm-level dataset from years 2005–2012 and utilize a quasi-experimental de...

New Evidence on Information Disclosure through Restaurant Hygiene Grading: Reply

By Ginger Zhe Jin and Phillip Leslie

American Economic Journal: Economic Policy, November 2019

Ho, Ashwood, and Handan-Nader (forthcoming) replicates table VI of Jin and Leslie (2003) but questions its research design. Robustness checks support our original conclusion—foodborne hospitalizations, as defined in JL, declined in Los Angeles County (L...

Where Does Multinational Investment Go with Territorial Taxation? Evidence from the United Kingdom

By Li Liu

American Economic Journal: Economic Policy, February 2020

In 2009, the United Kingdom changed from a worldwide to a territorial tax system, abolishing dividend taxes on foreign repatriation from many low-tax countries. This paper assesses the causal effect of territorial taxation on real investments, using a uni...

Wages, Human Capital, and Barriers to Structural Transformation

By Berthold Herrendorf and Todd Schoellman

American Economic Journal: Macroeconomics, April 2018

We document for 13 countries ranging from rich (Canada, United States) to poor (India, Indonesia) that average wages are considerably lower in agriculture than in the other sectors. Moreover, agriculture has less educated workers and lower Mincer returns....

Do You Use JEP Articles in Your Classroom? One More Chance to Share!

Journal of Economic Perspectives, Spring 2018

The Long-Run Dynamics of Electricity Demand: Evidence from Municipal Aggregation

By Tatyana Deryugina, Alexander MacKay, and Julian Reif

American Economic Journal: Applied Economics, January 2020

We study the dynamics of residential electricity demand by exploiting a natural experiment that produced large and long-lasting price changes in over 250 Illinois communities. Using a flexible difference-in-difference matching approach, we estimate that t...

Annotated Listing of New Books

Journal of Economic Literature, September 2019

The Firm Size Distribution across Countries and Skill-Biased Change in Entrepreneurial Technology

By Markus Poschke

American Economic Journal: Macroeconomics, July 2018

Development is associated with systematic changes in the firm size distribution. I document that the mean and dispersion of firm size are larger in rich countries, and increased over time for US firms. To analyze the firm size-development link, I construc...

Financial Regulation: Still Unsettled a Decade after the Crisis

[Symposium: Financial Stability Regulation]

By Daniel K. Tarullo

Journal of Economic Perspectives, Winter 2019

A decade after the darkest moments of the financial crisis, both the US financial system and the legal framework for its regulation are still in flux. The post-crisis regulatory framework has made systemically important banks much more resilient. They a...

The New Tools of Monetary Policy

By Ben S. Bernanke

American Economic Review, April 2020

To overcome the limits on traditional monetary policy imposed by the effective lower bound on short-term interest rates, in recent years the Federal Reserve and other advanced-economy central banks have deployed new policy tools. This lecture reviews wh...

Front Matter

American Economic Journal: Microeconomics, February 2019

A Theory of Experimenters: Robustness, Randomization, and Balance

By Abhijit V. Banerjee, Sylvain Chassang, Sergio Montero, and Erik Snowberg

American Economic Review, April 2020

This paper studies the problem of experiment design by an ambiguity-averse decision-maker who trades off subjective expected performance against robust performance guarantees. This framework accounts for real-world experimenters' preference for randomiz...

Book Reviews

Journal of Economic Literature, June 2019

Informational Autocrats

[Symposium: Modern Populism]

By Sergei Guriev and Daniel Treisman

Journal of Economic Perspectives, Fall 2019

In recent decades, dictatorships based on mass repression have largely given way to a new model based on the manipulation of information. Instead of terrorizing citizens into submission, "informational autocrats" artificially boost their popularity by c...

Recommendations for Further Reading

By Timothy Taylor

Journal of Economic Perspectives, Fall 2018

Unconventional Monetary Policies in the Euro Area, Japan, and the United Kingdom

[Symposium: Unconventional Monetary Policy]

By Giovanni Dell'Ariccia, Pau Rabanal, and Damiano Sandri

Journal of Economic Perspectives, Fall 2018

The global financial crisis hit hard in the euro area, the United Kingdom, and Japan. Real GDP from peak to trough contracted by about 6 percent in the euro area and the United Kingdom and by 9 percent in Japan. In all three cases, central banks cut int...

Are Local Tax Rates Strategic Complements or Strategic Substitutes?

By Raphaël Parchet

American Economic Journal: Economic Policy, May 2019

The identification of strategic interactions among local governments is typically plagued by endogeneity problems. I exploit the fact that local jurisdictions located close to a state border have some neighbors in another state and instrument the tax rate...

Trade, Migration, and Productivity: A Quantitative Analysis of China

By Trevor Tombe and Xiaodong Zhu

American Economic Review, May 2019

We study how goods- and labor-market frictions affect aggregate labor productivity in China. Combining unique data with a general equilibrium model of internal and international trade, and migration across regions and sectors, we quantify the magnitude an...

How Do Individuals Repay Their Debt? The Balance-Matching Heuristic

By John Gathergood, Neale Mahoney, Neil Stewart, and Jörg Weber

American Economic Review, March 2019

We study how individuals repay their debt using linked data on multiple credit cards. Repayments are not allocated to the higher interest rate card, which would minimize the cost of borrowing. Moreover, the degree of misallocation is invariant to the econ...