Using the Retail Distribution of Sellers to Impute Expenditure Shares

By Alexis Antoniades, Robert C. Feenstra, and Mingzhi (Jimmy) Xu

American Economic Review, July 2022

Many price indices must be constructed without quantity data at the elementary level. The paper shows that for some consumer goods in the United States and other countries, one can approximate expenditure shares using weights derived from the retail distr...

Monopsony in the US Labor Market

By Chen Yeh, Claudia Macaluso, and Brad Hershbein

American Economic Review, July 2022

This paper quantifies employer market power in US manufacturing and how it has changed over time. Using administrative data, we estimate plant-level markdowns—the ratio between a plant's marginal revenue product of labor and its wage. We find most manuf...

When Choices Are Mistakes

By Kirby Nielsen and John Rehbeck

American Economic Review, July 2022

Using a laboratory experiment, we identify whether decision-makers consider it a mistake to violate canonical choice axioms. To do this, we incentivize subjects to report axioms they want their decisions to satisfy. Then, subjects make lottery choices whi...

Belief Distortions and Macroeconomic Fluctuations

By Francesco Bianchi, Sydney C. Ludvigson, and Sai Ma

American Economic Review, July 2022

This paper combines a data-rich environment with a machine learning algorithm to provide new estimates of time-varying systematic expectational errors ("belief distortions") embedded in survey responses. We find sizable distortions even for professional f...

Factor Market Failures and the Adoption of Irrigation in Rwanda

By Maria Jones, Florence Kondylis, John Loeser, and Jeremy Magruder

American Economic Review, July 2022

Factor market failures can limit adoption of profitable technologies. We leverage a plot-level spatial regression discontinuity design in the context of irrigation use by farmers provided free access to water. Using irrigation boosts profits by 43–62 pe...

Monetary Policy with Opinionated Markets

By Ricardo J. Caballero and Alp Simsek

American Economic Review, July 2022

We build a model in which the Fed and the market disagree about future aggregate demand. The market anticipates monetary policy "mistakes," which affect current demand and induce the Fed to partially accommodate the market's view. The Fed expects to imple...

Estimating Spillovers from Publicly Funded R&D: Evidence from the US Department of Energy

By Kyle R. Myers and Lauren Lanahan

American Economic Review, July 2022

We quantify the magnitude of R&D spillovers created by grants to small firms from the US Department of Energy. Our empirical strategy leverages variation due to state-specific matching policies, and we develop a new approach to measuring both geographic a...

Digital Addiction

By Hunt Allcott, Matthew Gentzkow, and Lena Song

American Economic Review, July 2022

Many have argued that digital technologies such as smartphones and social media are addictive. We develop an economic model of digital addiction and estimate it using a randomized experiment. Temporary incentives to reduce social media use have persistent...

Front Matter

American Economic Review, December 2008

The front matter for the December 2008 issue contains the table of contents as well as information on Oliver E. Williamson, Distinguished Fellow, 2007.

Front Matter

American Economic Review, May 2010

List of Online Reports

By Peter L. Rousseau

AEA Papers and Proceedings, May 2022

Editors' Introduction

By William R. Johnson and Kelly Markel

American Economic Review, May 2016

Minutes of the Annual Business Meeting: San Francisco, CA, January 3, 2016

By Peter L. Rousseau

American Economic Review, May 2016

List of Online Reports

By Peter L. Rousseau

American Economic Review, May 2016

Front Matter

American Economic Journal: Macroeconomics, July 2022

Radical and Incremental Innovation: The Roles of Firms, Managers, and Innovators

By Daron Acemoglu, Ufuk Akcigit, and Murat Alp Celik

American Economic Journal: Macroeconomics, July 2022

We investigate the determinants of radical ("creative") innovations that break new ground in knowledge creation. We develop a model focusing on the choice between incremental and radical innovation and on how managers of different ages and human capital a...

The Term Structure of Growth-at-Risk

By Tobias Adrian, Federico Grinberg, Nellie Liang, Sheheryar Malik, and Jie Yu

American Economic Journal: Macroeconomics, July 2022

We show that the conditional distribution of forecasted GDP growth depends on financial conditions in a panel of 11 advanced economies. Financial conditions have a larger effect on the lower fifth percentile of conditional growth—which we call growth-at...

Public Education Inequality and Intergenerational Mobility

By Angela Zheng and James Graham

American Economic Journal: Macroeconomics, July 2022

Public school funding depends heavily on local property tax revenue. Consequently, low-income households have limited access to quality education in neighborhoods with high house prices. In a dynamic life-cycle model with neighborhood choice and endogenou...

Reputation, Bailouts, and Interest Rate Spread Dynamics

By Alessandro Dovis and Rishabh Kirpalani

American Economic Journal: Macroeconomics, July 2022

We propose a joint theory for interest rate dynamics and bailout decisions. Interest rate spreads are driven by time-varying fundamentals and expectations of future bailouts. Private agents are uncertain about the government's willingness to bail out and ...

Flexibility and Frictions in Multisector Models

By Jorge Miranda-Pinto and Eric R. Young

American Economic Journal: Macroeconomics, July 2022

We show that during the Great Recession, more-flexible sectors paid lower sectoral bond spreads. We rationalize this fact with a model with input-output linkages, heterogeneous elasticities, and binding working capital constraints in the use of intermedia...